Press Releases
Marcus & Millichap Brokers Sale of Miami Retail Asset Held for More Than 30 Years
June 16, 2025
MIAMI, June 12, 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 a 15,172-square-foot CVS-anchored retail strip in Miami, Florida, for $6,061,530.
“We guided our client through a legacy acquisition on Biscayne Boulevard, we oversaw every step, from due diligence to closing, securing a rare, iconic asset held by the same family for more than 30 years,” said Jonathan De La Rosa, senior managing director of investments in Marcus & Millichap’s Miami office. “With strong fundamentals, below-market rent, and unbeatable visibility across from San Souci Estates, this property is positioned for long term value in one of Miami’s most coveted corridors. Retail centers anchored by credit tenants like CVS — especially in high-traffic corridors such as Biscayne Boulevard continue to be highly sought after by both private and institutional buyers.” De La Rosa procured the buyer in the transaction.
Built in 1994, the property at 11850 Biscayne Blvd. is located along a high-visibility corridor with traffic counts exceeding 37,000 vehicles per day. It sits directly across from the affluent waterfront community of San Souci Estates. CVS has fewer than 10 years remaining on its lease and is surrounded by a diverse mix of local and national service-oriented tenants.
“We guided our client through a legacy acquisition on Biscayne Boulevard, we oversaw every step, from due diligence to closing, securing a rare, iconic asset held by the same family for more than 30 years,” said Jonathan De La Rosa, senior managing director of investments in Marcus & Millichap’s Miami office. “With strong fundamentals, below-market rent, and unbeatable visibility across from San Souci Estates, this property is positioned for long term value in one of Miami’s most coveted corridors. Retail centers anchored by credit tenants like CVS — especially in high-traffic corridors such as Biscayne Boulevard continue to be highly sought after by both private and institutional buyers.” De La Rosa procured the buyer in the transaction.
Built in 1994, the property at 11850 Biscayne Blvd. is located along a high-visibility corridor with traffic counts exceeding 37,000 vehicles per day. It sits directly across from the affluent waterfront community of San Souci Estates. CVS has fewer than 10 years remaining on its lease and is surrounded by a diverse mix of local and national service-oriented tenants.
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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.
