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| Benjamin H. Silver |
MIAMI BEACH, FL June 8, 2015 – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, today announced the
sale of Pollo Tropical, a
4,423-square foot net-leased property located in Miami Beach, according to Ryan
Nee, regional manager of the firm’s Fort Lauderdale office.
The asset sold for
$4,925,000.
Douglas K. Mandel, a first vice president investments,
Benjamin H. Silver, an associate
vice president investments, and Richard
Niewiadomski, an associate, in Marcus & Millichap’s Fort Lauderdale
office, had the exclusive listing to market the property on behalf of the
seller, a family from Coral Gables, Fla.
The buyer was a foreign investor.
“The steep
price and cap rate below 2.3 percent are remarkable terms for a single-tenant
property. The buyer realized the opportunity to capture a prime corner location
in the heart of South Beach,” says Silver.
“While Pollo Tropical’s lease potentially extends another 18 years, there
will be significant upside by either bringing the rent to market or by
redeveloping the site at the end of that term.”
Located at
1454 Alton Road, the single-tenant restaurant sits on 15,702-square feet of
land at the intersection of Alton Road and 15th Street, one of South Beach’s
“Main & Main” intersections
For a complete copy of the company’s
news release, please contact:
Ryan Nee
Regional
Manager
Fort
Lauderdale, FL
(954)
245-3400
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