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 934-954 E 25th Street, a 70% occupied retail shopping strip in Hialeah, Florida.
“This deal was a true value add opportunity that traded below replacement cost. The East 25th Street corridor is a main east and west artery surrounded by multiple new multifamily projects,” said Jonathan De La Rosa, first vice president investments. “Hialeah continues to see a tremendous amount of population growth which contributes to the success of the local retail tenants.”
De La Rosa and Matthew Albregts had the exclusive listing to market the property on behalf of the seller, IMC Equity, led by Yoram Izhak. The team also procured the buyer, Saber Real Estate, led by Michael Klinger.
Built in 1949, the strip features 16 units on a 51,160-square-foot lot with 60 parking spaces. The retail strip is adjacent to future multifamily developments, including a 342-unit property at 955 E. 25th Street and a 148-unit property at 1033 E. 25th Street.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
