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Marcus & Millichap – South Florida Commercial Real Estate Connection

Featured Closings

Multi-Family

Florida Apartment Portfolio
Florida Apartment Portfolio
2,199 Units in 14 Apartment Communities
Various Florida Locations
Sales Price: $81,363,000

Listing and Selling Agents: Evan Kristol and Still Hunter, III

  • Stabilized Assets
  • Major Florida Markets

This was an opportunity for the buyer to significantly grow his company while also obtaining a large-scale presence in a number of desirable rental markets across the state. The seller completed in excess of $15,000,000 in renovations and upgrades prior to the sale. The new owner intends to complete the renovation program and be in a position to take advantage of rising rental rates and the strong demand for quality assets in growing markets.


The Edge Condominium Portfolio
32 Units in 307-unit Condo Building
West Palm Beach, FL
Sales Price: $6,500,000

Listing and Selling Agents: Joseph Thomas, Frank Fausone and Bill Berthiaume

  • Excellent Downtown Location
  • 2007 Construction with Luxury Amenities
  • Near Shopping and Entertainment

The Edge Condominium Portfolio offered the rare opportunity to acquire units at a discount to current market values in a ‘best in class’ condominium building in Downtown West Palm Beach. Marcus & Millichap’s marketing process generated tremendous interest and multiple offers from both national and international investors. Ultimately, the winning bid was from a Montreal-based fund.

Sale Leaseback

Portfolio of 12 Wendy’s Restaurants
Portfolio of 12 Wendy’s Restaurants
South Florida
Sales Price: $26,500,000

Listing Agents: Adam Tiktin and Debra Franklin

Selling Agents: Todd Cohen, Drew Kristol and Kirk Olson

  • Sale Lease-back Portfolio
  • 20-Year Absolute Triple-Net Leases

Marcus & Millichap successfully delivered a high-profile real estate portfolio of brand-recognizable restaurants with new long-term lease agreements, zero landlord responsibilities, and rent escalations to a 1031 exchange investor.  In addition to the strong cash flow offered along with annual rental increases, the South Florida locations are rare infill sites that all boast strong traffic and high visibility.

Net-Leased

FedEx / AT&T
FedEx / AT&T
9,849-SF Net-Leased Property
Doral, FL
Sales Price: $4,650,000

Listing and Selling Agent: Alex Zylberglait

  • Suburban Miami Location
  • Densely Populated Area
  • Excellent Exposure in Retail Corridor

This location serves the high-income residential community of Doral Park and Costa del Sol. The daytime employment population is very strong with many office parks east of the property as well as industrial parks to the west.  The 9,849-square foot building is situated on 1.6 acres and is leased to FedEx Office and AT&T Mobility under double-net terms with landlord responsible for roof and structure.

Retail

Cite Retail Shops and Land
Cite Retail Shops and Land
17,897 SF of Retail Space and Developable Land
Miami, FL
Sales Price: $10,000,000

Selling Agents: Ronnie Issenberg and Gabriel Britti

  • Located in the Heart of Downtown West Palm Beach
  • Historic Building
  • Surrounded by High-End Retail Shops

The buyer was attracted to the rare opportunity to purchase prime retail real estate located on one of the highest profile corridors in South Florida as well as a highly coveted development site.Whereas most local investors shy away from having to deal with mixed-use associations, Marcus & Millichap identified a buyer who owns numerous mixed-use properties in Manhattan and finds value in managing the property using a larger economy of scale.


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