Marcus & Millichap (NYSE: MMI) announced the sale of a prototype Chase Bank, a 3,000-square-foot net-leased property located in Miami, according to Ryan Nee, first vice president and district manager of the firm’s Miami office.
The property sold for $4,850,000.
“This record-breaking 3.61% cap rate truly reflects today’s market conditions in South Florida,” said Jonathan De La Rosa, first vice president of investments in the Miami office of Marcus & Millichap. “We are facing an incredible amount of pent-up demand from buyers all over the globe seeking to invest in the real estate market in Miami, which is driving a downward pressure on yields.”
De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Yariv Bensira, a private investor.
Chase Bank is located at 2000 SW 57th Ave in Miami, near the high-end affluent neighborhood of Coral Gables. The newly constructed 17,263-square-foot lot property is strategically positioned next to Coral Gables, one of Miami’s most affluent neighborhoods.
Neighboring retailers include two Publix locations within 2 miles of each other, CVS, Wells Fargo, Total Bank, McDonald’s, Wendy’s, Burger King, Pollo Tropical, and other nationally recognized brands.
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