Marcus & Millichap is exclusively engaged to market the sale.
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it is exclusively listing for sale a newly constructed pharmacy building located two blocks from the beach in Miami Beach’s world-famous South Beach neighborhood. Triple-net-leased to CVS through March 2035, the property is listed at $21,385,000.
“This is a rare Miami Beach single-tenant asset that was gut renovated and rebuilt as a two-story design concept by internationally known Miami-based architect Kobi Karp,” says Drew A. Kristol, first vice president investments in Marcus & Millichap’s Miami office. “The lease has rental increases every five years of the base lease term and in each five-year option period.”
Kristol and Kirk D. Olson, first vice president investments, are representing the seller, a South Florida-based developer.
“CVS’s high volume sales history in Miami Beach and increasing demand from the growing tourist and local populations support the company’s growth strategy,” adds Olson. “This location is special because it is adjacent to the planned Marriot Moxy boutique hotel development, which will add 202 rooms to the immediate area.”
The property is located on the corner of 10th Street and Washington Avenue at 983 Washington Avenue, two blocks west of Ocean Drive. The Wolfsonian-Florida International University Building, an architecturally iconic multi-story library, museum and research center is across the street. One block to the south, Robert Finvarb and Michael Simkins are working on a planned 247-space covered garage that will serve the immediate shopping community.
“The Washington Avenue CVS is an ideal net-leased commercial real estate investment opportunity for a buyer seeking long-term, management-free income in the heart of a flood of new hospitality development on the Washington Avenue corridor,” Kristol concludes.
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
