Press Releases
Marcus & Millichap Brokers $9.2 Million Office Depot Sale Near Miami International Airport
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 triple-net-leased Office Depot in Miami Springs, Florida for $9.2 million.
"The combination of a purposefully crafted sales strategy that provided a competitive cap rate and the ability for a new owner to have flexibility for value creation yielded more than a dozen offers to purchase the asset," says Scott Sandelin, senior vice president of investments. "Ultimately, one of the first buyers to submit an offer became the right choice as they had a keen understanding of the Miami Springs market and the roadmap for the future of the site.”
Sandelin, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller. The buyer was represented by Jorge Ruiz with Platinum Properties. The asset was sold by Sandelin to the outgoing owner in 2012. “NOI growth over time, along with cap rate compression, resulted in a significant gain over the hold period,” Sandelin stated.
The property located at 3600 S Le Jeune Rd is situated on a 1.76-acre parcel and spans 25,000 square feet. It is located across from Miami International Airport at the corner of Le Jeune Road and NW 36th Street, with a daily traffic count of 96,800 vehicles per day.
"The combination of a purposefully crafted sales strategy that provided a competitive cap rate and the ability for a new owner to have flexibility for value creation yielded more than a dozen offers to purchase the asset," says Scott Sandelin, senior vice president of investments. "Ultimately, one of the first buyers to submit an offer became the right choice as they had a keen understanding of the Miami Springs market and the roadmap for the future of the site.”
Sandelin, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller. The buyer was represented by Jorge Ruiz with Platinum Properties. The asset was sold by Sandelin to the outgoing owner in 2012. “NOI growth over time, along with cap rate compression, resulted in a significant gain over the hold period,” Sandelin stated.
The property located at 3600 S Le Jeune Rd is situated on a 1.76-acre parcel and spans 25,000 square feet. It is located across from Miami International Airport at the corner of Le Jeune Road and NW 36th Street, with a daily traffic count of 96,800 vehicles per day.
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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.
