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| Douglas K. Mandel |
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 Colonial Shopping Plaza, an
11,065-square foot shopping center located in Miami. The asset sold for
$3,350,000 equating to $303 per square foot.
Douglas K. Mandel, a senior vice president investments, Benjamin H. Silver, a vice president investments, and Richard Niewiadomski, an associate, all
in Marcus & Millichap’s Ft. Lauderdale office, represented the seller, a
limited liability company from Miami Lakes, Fla., and the buyer, a private
investor from Miami.
“Although Colonial
Shopping Plaza is located one block west from South Dixie Highway, it has full visibility
from one of South Florida’s major north and south retail corridors.
"The buyer,
a private investor from Miami, identified this property as part of a 1031
exchange for its location and long history of high occupancy,” said Richard
Niewiadomski.
Constructed in 1988, the
retail center is 100 percent leased to eight long-term, local and regional
tenants including Amscot Financial, Little Caesars and Cricket Wireless.
The property has
tremendous visibility from South Dixie Highway with over 65,000 vehicles
passing per day. It is directly across the street from Colonial Shopping
Center, a Publix-anchored center that includes tenants such as Game Stop,
Subway, RadioShack and Advance America.
Colonial Shopping Plaza is
located at 9477-9493 SW 160th Street in Miami.
For a complete copy of the company’s news
release, please contact:
Ryan Nee
Regional Manager,
Fort Lauderdale, FL
(954) 245-3400
