Marcus & Millichap Real Estate Investment Services arranged the sale of North Miami Beach Ale House, an 8,999 square-foot net-leased restaurant located at 3227 NE 163rd Street in North Miami Beach.
The asset sold for $4,350,000.
Adam J. Tiktin, a Vice President Investments, and Michael Biama, an Associate, both from Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Boca Raton. The buyer, a private investor from Aventura, was also secured and represented by Tiktin and Biama.
“North Miami Beach Ale House has been at the site for 14 years. The triple-net lease has approximately 12 years remaining and provides two additional five-year options,” says Tiktin.
The property has great visibility and frontage along 163rd Street and is located half-way between Biscayne Boulevard and Collins Avenue. National retailers in the surrounding area include: Outback Steakhouse, Dunkin’ Donuts, Dollar Tree, Winn-Dixie, T.J. Maxx, and Old Navy among others.
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