Marcus & Millichap Closes Multifamily Sale In Miami’s Little Havana
The two-story property sold for $510 per square foot.
The two-story property sold for $510 per square foot.
Their expertise spans retail investment sales, sale-leasebacks, development advisory, 1031 exchange transactions, portfolio dispositions, and complex investment strategies nationwide.
The property comprises 8,599 square feet on 1.11 acres and was built in 1993. It is occupied by Shell and Dunkin’.
Adam Marcuvitz, Joeseph Thomas, Ethan Krauss and Alec Demetriou of Marcus & Millichap exclusively marketed the property on behalf of the seller.
The transaction marks the first partnership between the two firms.
Alex Zylberglait of Marcus & Millichap represented the seller, a private overseas group, and procured the buyer, a local private operator.
The sale price equates to more than $410 per square foot.
The asset, which consists entirely of two-bedroom/two-bathroom units that average 916 square feet, traded for $23 million, or $198,276 per unit.
The center was 92% occupied at the time of sale.
Adam Marcuvitz, Joseph P. Thomas and Alec Demetriou, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller in the transaction.
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