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Marcus & Millichap Arranges $9.7 Million Sale of Fully Leased Retail Center in Miami Submarket

January 15, 2025

DORAL, Fla., Jan. 15, 2025 – 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 Doral Shops & Professional Center, a multi-tenant retail center in Doral, Florida, for $9.7 million.  

“While recent cap rates for multi-tenant retail assets in Florida have risen along with commercial loan rates, this rare asset in Doral has defied the odds with a compressed rate below today’s debt yields,” says Scott Sandelin, senior managing director investments. 

Sandelin and Edward Romo, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller and procured the buyer.      

“Quality retail assets in the City of Doral continue to command the interest of investors. The sellers of the subject property curated a strong tenant mix which uniquely meets the needs of the local community, and the buyer recognized this”, added Edward Romo, first vice president investments. 

The retail center, located at 3655 NW 107th Ave., spans 15,314 square feet and features nine tenants operating under triple-net leases including, South Dental Doral, Doral Physical Therapy, Uni K Wax, and La Coriana, a popular Venezuelan restaurant. The center is across from Bridge Point Doral, a 2.6-million-square-foot industrial complex currently under development, and adjacent to Nicklaus Children’s Outpatient and Urgent Care Center.

 

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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.

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