Press Releases
Marcus & Millichap Facilitates $4.3 Million Sale of Prominent Bird Road Shopping Center in Miami
March 04, 2024
MIAMI, Fl., Mar. 4, 2024 – 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 16,079-square-foot shopping center in Miami, Florida for $4,330,000.
"This value-add shopping center on Bird Road sold below replacement cost. My client, Westar Oil, currently owns the gas station on the hard corner, and this shopping center is a critical piece for future redevelopment. My client now controls 57,000 square feet on one of Bird Road’s busiest intersections,” says Jonathan De La Rosa, senior vice president of investments. “The majority of the tenants have short-term leases, so my client will immediately be able to reposition the center and increase the cash flow by over 30%."
De La Rosa of Marcus & Millichap’s Miami office represented the buyer, Tomas Pequeno from Westar Oil. He assisted the buyer in completing an assemblage for this property, which sits on a total lot size of 57,653 square feet.
Located at 4002 SW 97th Ave., the property is situated on one of the most prominent intersections on Bird Road with a daily traffic count of 65,000 vehicles. The property comprises 15 tenants, all local businesses.
"This value-add shopping center on Bird Road sold below replacement cost. My client, Westar Oil, currently owns the gas station on the hard corner, and this shopping center is a critical piece for future redevelopment. My client now controls 57,000 square feet on one of Bird Road’s busiest intersections,” says Jonathan De La Rosa, senior vice president of investments. “The majority of the tenants have short-term leases, so my client will immediately be able to reposition the center and increase the cash flow by over 30%."
De La Rosa of Marcus & Millichap’s Miami office represented the buyer, Tomas Pequeno from Westar Oil. He assisted the buyer in completing an assemblage for this property, which sits on a total lot size of 57,653 square feet.
Located at 4002 SW 97th Ave., the property is situated on one of the most prominent intersections on Bird Road with a daily traffic count of 65,000 vehicles. The property comprises 15 tenants, all local businesses.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
