Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the exclusive listing of the Ocean Drive Hotel/Restaurant Portfolio, two adjacent properties totaling 17,321-square foot and located at 140-150 Ocean Drive in Miami Beach, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office.
Drew A. Kristol, Joseph P. Thomas, Kirk D. Olson, Adam G. Duncan and Brett McMahon, investment specialists with Marcus & Millichap, have the exclusive listing to market the property on behalf of the seller, a private investor.
The Ocean Drive Hotel/Restaurant Portfolio is located in the exclusive South of Fifth neighborhood and provides an extremely rare opportunity to purchase two, adjacent trophy assets with in-place cash flow, minimal management responsibility and a potential value-add opportunity. 140 Ocean Drive, also known as the Century Hotel, is a 25 Unit, two-story hotel building measuring 8,821 square feet currently master-leased to a local hotel operator. 150 Ocean Drive, is an 8,500 square foot two-story trophy restaurant property (with an additional 1,500 square feet of patio space) that is currently occupied by the high-end Italian restaurant Forte Dei Marmi’s Chef Antonio Mellino, is a two-star Michelin award winner, and the restaurant is well known for its Northern Tuscany Influences. This portfolio sits just a few buildings north of Prime 112, and several other high-end eateries along with some of the most iconic high-end condominium towers in South Beach.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
