$8.65 million sale of 1609 alton road in miami beach, FL arranged by marcus & Millichap

  

1609 Alton Road, Miami Beach, FL

 

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.

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

NAI Realvest Negotiates Sale of Industrial Condo at Monroe CommerCenter IV in Sanford, FL

Anne Rue

Michael Heidrich

 ORLANDO,  Fla. – NAI Realvest recently negotiated the sale of an industrial condo at 4260 Church St. at Monroe CommerCenter IV in Sanford for $247,500.00

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff negotiated the transaction representing the seller and developer Small Bay Partners, LLC of Maitland.

Anne Rue, LLC of Lake Mary purchased units 1300 and 1316 with 3,750 useable square feet for an interior design business.  

David Lundberg of Commercial Equity Partners represented the buyer.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com.

      

Meridian Capital Group Arranges $8.75 Million in CMBS Financing for the Purchase of Four Short-Term Rental Properties Located in Miami Beach, FL

  

 New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $8.75 million in CMBS financing for the acquisition of four multifamily properties in Miami Beach, FL.

The 10-year loan, provided by a CMBS lender, features a competitive fixed-rate and five years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office.

The four multifamily properties total 31 units and are of only a few nearby properties that currently hold hotel licenses for short-term rental use. Located in the South Beach neighborhood at 1536 Jefferson Avenue, 1440 Pennsylvania Avenue, 1534 Euclid Avenue and 1032 Michigan Avenue, the properties are situated just blocks from Miami’s trendiest restaurants, nightclubs, beaches and boutiques.

“The borrower had this deal in process with another lender who changed the structure with less than 30 days before the scheduled closing,” explained Mr. Kaminetzky. “When approached by the sponsor, Meridian secured a term sheet within days and quickly closed the loan in a tight timeframe,” he added.

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. 

In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. 

For a complete copy of the company’s news release, please contact:

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com