Marcus & Millichap : Announces $6.2 Million Sale of Triple Net Leased Retail Condo in Downtown Miami
June 19, 2024 at 03:20 am IST
Share
Press Releases
Marcus & Millichap Announces $6.2 Million Sale of Triple-Net-Leased Retail Condo in Downtown Miami
June 17, 2024
LinkedIn Email App
MIAMI, June 17, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 6,917-square-foot, triple-net-leased, three bay retail condo in Downtown Miami. The asset sold for $6.2 million.
"This sale is a testament to the continued demand for high-quality, well-positioned retail assets in urban core Miami. We continue to see unparalleled confidence in the Miami growth story as it is still in its early stages," says Hugo Cardona, associate.
Cardona and Jonathan De La Rosa, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, 900 Biscayne Venture LLC, and procured the buyer, Fly South RE LLC.
The retail condo, located at the base of the 900 Biscayne Bay Condos, is positioned on Biscayne Boulevard, one of Downtown Miami's most iconic streets. The property comprises three individual tenants: Craft Miami, Ideal Nutrition, and is anchored by the popular Sushi Sake restaurant. Built in 2008, the 900 Biscayne Bay Condos feature 516 units over 63 floors with an average condo price of over $1 million.
Located near major attractions such as the Miami Heat Arena (Kaseya Center), the Phillip and Patricia Frost Museum of Science, the Adrienne Arsht Center for the Performing Arts, and the Bayside Marketplace, the retail condo benefits from high visibility and foot traffic due to its elevated podium position on Biscayne Boulevard, which sees over 75,000 vehicles per day.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
Attachments
Original Link
Permalink
Disclaimer
Marcus & Millichap Inc. published this content on
17 June 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
18 June 2024 21:49:09 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
