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| 1609 Alton Road, Miami Beach, FL |
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| Scott C. Sandelin |
MIAMI BEACH, FL, March 24, 2016 – 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 1609 Alton Road, an 8,700-square foot,
mixed-use property located in the heart of South Beach. The asset sold for
$8,650,000.
“We are seeing some rents for
retail space on Lincoln Road topping more than $300 per square foot,” says Scott C. Sandelin, a vice president
investments in Marcus & Millichap’s Miami office.
“This is leading many
retailers to seek space in close proximity to, rather than directly on,
Lincoln. With the renovation of Alton Road, properties near Lincoln Road have
become even more desirable to investors.”
Sandelin and Alejandro D'Alba, an associate in
Marcus & Millichap’s Miami office, represented both the seller of the
property, a limited liability company from Miami Beach, and the buyer, a
limited liability company from New York.
“The buyer has a unique
opportunity to up-lease the property as leases expire and the investment also
offers development potential in one of the most coveted markets in the
country,” adds D’Alba.
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| Alejandro d'Alba |
1609 Alton Road consists
of a two-story, mixed-use building with 4,500 square feet of retail space and 4,200
square feet of office space. Built in 1947, the building underwent a complete
renovation in 1985. The property is currently 100 percent leased to a nail
salon, liquor store and medical office tenant.
The property is located on
a 7,500-square foot lot steps away from Lincoln Road Mall. A multi-parcel
property located directly across the street is set to be demolished and
replaced with an 83,000-square foot multi-story, high-end retail and parking
complex.
For a complete copy of the company’s news release,
please contact:
Kirk A. Felici
First Vice President/Regional
Manager
Miami, FL
(786) 522-7000
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