Press Releases
Marcus & Millichap Facilitates $8.4 Million Sale of Miami Retail Property
January 28, 2025
MIAMI, Jan. 28, 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 Blue Grotto Plaza, an 11,890-square-foot multi-tenant retail space center in Miami, Florida, for $8,450,000.
“This sale in the heart of Miami highlights the resilience and appeal of the Miami retail market,” said Mattew Albregts, senior associate. “Through our strategic online marketing efforts, we attracted multiple competitive offers and ultimately secured a buyer who was passionate about the property and motivated to complete their exchange."
Jonathan De La Rosa and Matthew Albregts, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller, Minkin Enterprises Inc., and procured the buyer, OMAC Real Estate LLC.
Built in 1973 and renovated in 2023, Blue Grotto Plaza is located at 9610 Fontainebleau Blvd. The center features 10 retail bays and 68 parking spaces, with a mix of local service-oriented businesses and food-and-beverage tenants, many of whom have occupied their spaces for more than a decade. The surrounding area is densely populated, with more than 36,000 residents within a one-mile radius and over 6,000 apartment units nearby.
“This sale in the heart of Miami highlights the resilience and appeal of the Miami retail market,” said Mattew Albregts, senior associate. “Through our strategic online marketing efforts, we attracted multiple competitive offers and ultimately secured a buyer who was passionate about the property and motivated to complete their exchange."
Jonathan De La Rosa and Matthew Albregts, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller, Minkin Enterprises Inc., and procured the buyer, OMAC Real Estate LLC.
Built in 1973 and renovated in 2023, Blue Grotto Plaza is located at 9610 Fontainebleau Blvd. The center features 10 retail bays and 68 parking spaces, with a mix of local service-oriented businesses and food-and-beverage tenants, many of whom have occupied their spaces for more than a decade. The surrounding area is densely populated, with more than 36,000 residents within a one-mile radius and over 6,000 apartment units nearby.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
