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| Drew A. Kristol |
MIAMI BEACH,
FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate
investment services firm with offices throughout the United States and Canada, announced
the sale of a vacant 7,000-square foot
commercial space in Miami Beach. The asset sold for $3,276,000.
Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus &
Millichap’s Miami office, represented the seller, a limited liability company
from Florida. The purchasers are
companies affiliated with Time Equities, Inc.
“1019 5th
Street is a rare retail property located on the busy 5th Street commercial
corridor of South Beach that is ideal for retail, showroom or other tenants
seeking visibility on busy 5th Street, the primary entry point into South Beach
from Interstate 395 and Downtown Miami,” said Kristol.
On behalf of
the purchaser, Max Pastor, Associate Director of Acquisitions and Senior
Counsel at Time Equities, Inc. said, "We see this transaction as a
value-add opportunity to acquire, re-tenant and reposition a quality asset in a
premier market."
The property
was recently renovated on the interior with new tile, drop ceilings and paint.
It features a roll-up door on the northwest side of the property accessible to
the alleyway which is very useful for moving equipment or merchandise in and
out of the rear of the building.
For a complete copy of the company’s
news release, please contact:
Kirk A.
Felici
First Vice
President/District Manager
Miami, FL
(786)
522-7000
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