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 Starbucks, a net-leased property located in Miami, Florida for $5,866,000.
“In a debt constrained market with low velocity, this sale is an example of how the assets with the best quality location, tenant, and lease term are selling at record low cap rates” said Scott Sandelin, senior vice president. Sandelin and Jonathan De La Rosa, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The newly remodeled building contains approximately 2,736 square feet of net leasable area and is situated on 0.51 acres of land. The building features an efficient design with plenty of customer seating, drive-thru lane, a walk-up window and traditional decor to the area including tropical tile and painted murals.
The Starbucks is located at 1701 Southwest 8th Street. The asset is located in Little Havana. Little Havana is part of what makes Miami such a dynamic cultural destination. The neighborhood is centered around Southwest Eighth Street, a vibrant thoroughfare lined with Latin-inspired restaurants, bakeries, fruit stands, cigar shops, rum bars, art galleries and music venues.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.