Marcus & Millichap Real Estate Investment Services announced the sale of Quarterdeck Seafood Bar & Neighborhood Grill on Las Olas Boulevard in Fort Lauderdale. The asset sold for $4.18 million.
Scott Sandelin, a Senior Associate, and Edward Romo, an Associate, in Marcus & Millichap’s Miami office represented the seller, a limited liability company from Fort Lauderdale. Ronnie Issenberg, a Vice President Investments, and Gabriel Britti, an Associate Vice President Investments, secured the buyer, a private investor from Miami.
“This was an exclusive sale-leaseback opportunity to own a South Florida institution that sits on irreplaceable real estate on Las Olas Boulevard and just steps from the beach. The property has served a loyal local following and thousands of tourists from all over the world for more than 16 years at this location,” says Sandelin.
“The strong response to this offering shows continued heightened demand for net-leased properties in South Florida. With strong demand and very little inventory on the market, quality properties like this one are trading at cap rates that are very attractive to sellers,” he adds.
Las Olas Quarterdeck Seafood Bar & Neighborhood Grill signed a brand new 15-year, triple-net lease with absolutely no landlord responsibilities at closing. Quarterdeck Seafood Bar & Neighborhood Grill is located at 2933 East Las Olas Boulevard in Fort Lauderdale.
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