Marcus & Millichap Brokers $8.5M Sale Of Net-Leased Gas Station, Convenience Store In South Florida

Marcus & Millichap announced today the sale of 10 SE 1st Ave., a gas station and convenience store in Florida City.

The property sold for $8.5 million.

Jonathan De La Rosa and Eduardo Toledo of Marcus & Millichap represented the private seller.

“This was an off-market transaction. The seller was seeking a discreet and efficient sale process, and we procured a well-qualified all-cash buyer who submitted an $8.5 million offer with an expedited closing timeline,” said De La Rosa senior managing director investments in Marcus & Millichap’s Miami office. “Ultimately, Sunshine Gas exercised its right of first refusal and acquired the property pursuant to its lease rights.”

 

“Net-leased gas stations continue to be highly sought after by investors, particularly due to the significant tax advantages associated with 100% bonus depreciation,” De La Rosa added. “This Florida City location is especially attractive, as it is widely recognized by locals as the first gas station off the Florida Turnpike on the route to the Florida Keys, benefiting from strong visibility and substantial traffic volumes generated by both residents and tourists traveling south.”

The property comprises 8,599 square feet on 1.11 acres and was built in 1993. It is occupied by Shell and Dunkin’. The property is situated at the corner of U.S. Route 1 and E. Palm Drive, close to the Florida Keys Outlet Marketplace, Homestead-Miami Speedway and the Florida Turnpike.