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 a 8,850-square foot retail property located in Miami Beach, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset is listed for $11,800,000.
“This is a unique opportunity for an investor to acquire a cash flowing, value add opportunity, while investing in a geography that has historically shown strong capital appreciation. Said D’Alba a Senior Associate for Marcus & Millichap.
“North Alton (specifically between 16th to 18th street) has exploded in the recent years. There are several developments in the area that are under construction or have recently been completed. The most significant of which is 1212 Lincoln which is directly across the street from the subject property. This multi-level retail and hotel project will forever change the landscape of this block and further the success and desirability of the other assets within the area. Add’s Sandelin a First Vice President for Marcus and Millichap.
Located at 1609 Alton Rd in Miami Beach, FL. The property consists of 4,650 square feet of ground floor retail and 4,200 square feet of second floor medical office. The two ground floor retail suites are currently leased while the second-floor medical office suite will be master leased by the current owner for two years at close. Additionally, the property has twelve on-site parking spaces and the potential for additional development in Miami Beach.
Alejandro D'Alba and Scott C. Sandelin, investment specialists in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller, a partnership.
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
