Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Flagler Station Shops, a 42,800-square-foot retail shopping center in Miami. The $9,575,000 sales price equates to $224 per square foot.
“Flagler Station Shops is the primary retail shopping center servicing Flagler Station, South Florida’s largest business park, which has over 10.5 million square feet of industrial and office space,” says Drew A. Kristol, vice president investments in Marcus & Millichap’s Miami office. “The location is in a growing commercial corridor fronting NW 106th Street, just off Florida’s Turnpike and north of the high-end Doral submarket.”
Kristol and Kirk D. Olson, also a vice president investments in the firm’s Miami office, represented the seller, a New York-based advisor. The buyer is a Miami-based private investment group.
Built in 2001, the property is located in the center of Flagler Station, one minute east of an on-ramp to Florida’s Turnpike between Doral and Hialeah Gardens. The shops are the only retail property that serves the area’s high-density daytime population. At the time of the sale, Flagler Station Shops was 95 percent occupied by a strong mix of of local office and retail tenants.
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
