Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a prototype Chase Bank, a 3,000-square-foot net-leased property located in Miami, Florida, according to Ryan Nee, first vice president and district manager of the firm’s Miami office. The property sold for $4,850,000.
“This record-breaking 3.61% cap rate truly reflects today’s market conditions in South Florida,” said Jonathan De La Rosa, first vice president of investments in the Miami office of Marcus & Millichap. “We are facing an incredible amount of pent-up demand from buyers all over the globe seeking to invest in the real estate market in Miami, which is driving a downward pressure on yields.”
De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Yariv Bensira, a private investor.
Chase Bank is located at 2000 SW 57th Ave in Miami, Florida, near the high-end affluent neighborhood of Coral Gables. The newly constructed 17,263-square-foot lot property is strategically positioned next to Coral Gables, one of Miami’s most affluent neighborhoods.
Neighboring retailers include two Publix locations within 2 miles of each other, CVS, Wells Fargo, Total Bank, McDonald’s, Wendy’s, Burger King, Pollo Tropical, and other nationally recognized brands.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
