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 Gardens of Miami Center, a 52,467-square foot retail property located in Miami, FL. The asset sold for $7,200,000. The seller, a local Miami investor, exclusively listed the property with specialists in Marcus & Millichap’s Miami office – Jonathan Gerszberg, Drew Kristol, and Kirk Olson, all Vice President Investments with the firm. The team, working closely with the on-site local broker, Otto Travieso of Real Capital Partners, LLC, used their national platform to secure the buyer, a private investor from New York City.

The property, located at 4840 NW 183rd Street in Miami, FL, is a 52,467 square foot, two story retail center. “The seller purchased the property out of foreclosure, half empty with most of the tenants not paying rent. They did a great job stabilizing the asset,” says Gerszberg. Kristol notes that, “With an available outparcel and 21 percent vacancy at closing, the buyer is confident they can further add value, while benefiting from purchasing an infill asset.” The center currently has national name tenants including Humana, Metro PCS, Check 'N Go, Bank of America and Dunkin Donuts.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com