Marcus & Millichap Brokers Sale Of Miami Retail Asset Held For More Than 30 Years

Marcus & Millichap announced the sale of a 15,172-square-foot CVS-anchored retail strip in Miami for $6,061,530.

“We guided our client through a legacy acquisition on Biscayne Boulevard, we oversaw every step, from due diligence to closing, securing a rare, iconic asset held by the same family for more than 30 years,” said Jonathan De La Rosa, senior managing director of investments in Marcus & Millichap’s Miami office.  “With strong fundamentals, below-market rent, and unbeatable visibility across from San Souci Estates, this property is positioned for long term value in one of Miami’s most coveted corridors. Retail centers anchored by credit tenants like CVS — especially in high-traffic corridors such as Biscayne Boulevard continue to be highly sought after by both private and institutional buyers.”

De La Rosa procured the buyer in the transaction.

Built in 1994, the property at 11850 Biscayne Blvd. is located along a high-visibility corridor with traffic counts exceeding 37,000 vehicles per day. It sits directly across from the affluent waterfront community of San Souci Estates. CVS has fewer than 10 years remaining on its lease and is surrounded by a diverse mix of local and national service-oriented tenants.