Marcus & Millichap (NYSE: MMI), announced today the sale of Keystone Shoppes, a 9,566-square footretail propertylocated in Miami, Florida, according to Harrison E. Rein, regional manager of the firm’s Miami office. The property sold for $9,400,000 or $982.65 per rentable square foot on the 0.96-acre site.
“Miami continues to see a strong demand for Class A assets, even with the current interest rate environment and the 10-year treasury pushing north of 4%, there is still plenty of capital flowing into Miami via out of state and 1031 exchange investors. The strong tenant mix in this asset is rare to find; located on one of Miami’s busiest thoroughfares, the buyersviewed the investment as a long-term generational asset”, said Jonathan De La Rosa, first vice president investments in Marcus & Millichap’s Miami office. De La Rosa had the exclusive listing to market the property on behalf of the seller Keystone Holdings,a private investor and procured the buyer Ruben Gonzalez and John Obando, a private investor.
Keystone Shoppes is located at 190 Northwest 42nd Avenue.The retail center is situated less than 2 miles from Miami International Airport, within 6 miles of Downtown Miami and close to University of Miami, Granada Golf Course and various shopping and dining venues.
About Marcus & Millichap (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.
