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| Prohibition Restaurant & Speakeasy, 3404 North Miami Avenue, Midtown Miami, FL |
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| Scott C. Sandelin |
MIAMI, 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 Prohibition Restaurant & Speakeasy, a 4,900-square foot restaurant
building located in Midtown Miami. The asset sold for $3,250,000 representing
$663 per square foot.
Scott C. Sandelin, a vice president investments, and Jonathan De La Rosa, an associate, in Marcus & Millichap’s
Miami office represented the seller, local developer Alexander Karakhanian, and the buyer, a private investor from New
York City.
“The northeastern corridor
of Miami is coming alive with adaptive reuses and new development,” says
Sandelin. “The allure of this property is its prime location across from the
Midtown Mall and its proximity to the Wynwood and Design District submarkets,
where rents are skyrocketing.”
“Investor appetite for
Midtown retail properties continues to grow and Prohibition Restaurant is the
epitome of ‘urban retail’. At $1,000 per square foot for the land, the sale
sets a record selling price for the area,” adds De La Rosa.
The property has 4,900
square feet of rentable space with a 3,080-square foot lot. In 2011, the
building underwent a $2.5 million build-out which included a brand new roof.
Currently Prohibition Restaurant & Speakeasy has 3.5 years remaining on the
lease with one seven-year option.
Prohibition Midtown is
located at 3404 North Miami Avenue -
directly across from Midtown Mall with national retailers such as Target,
Marshalls, Ross, PartyCity, Sports Authority and many more.
For a complete copy of the company’s news release,
please contact:
Kirk A. Felici
First Vice
President/District Manager, Miami
(786) 522-7000
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