Marcus & Millichap Brokers Sale of Retail Center in Midtown Miami
The brokerage firm specializes in commercial real estate investment sales, financing, research and advisory services
Marcus & Millichap (NYSE: MMI) helped negotiate the sale of the 17-suite Midtown Miami retail portfolio for $23 million or $922.77 per square foot. Alex Zylberglait, CCIM, Alejandro D’Alba and Scott Sandelin had the exclusive listing to market the property on behalf of the seller, Block Capital Group, led by principals Gustavo Miculitzki and Martin Miculitzki. The German buyer, Rüger Holding KG, headed by René Gerdom, was also procured by Zylberglait, Sandelin and D’Alba. Marcus & Millichap Capital Corporation’s Robert Bhat, senior vice president, arranged acquisition financing.
“As a listing team, we ran a comprehensive marketing campaign that yielded offers from qualified international, national and local buyers, which led to a full list price sale,” D’Alba says, a Senior Associate at Marcus & Millichap’s Miami office.
The Midtown Miami retail portfolio consists of two buildings totaling 24,925 square feet of gross leasable space on a 40,700-square-foot lot that includes 30 dedicated parking spaces. The neighboring properties are located at 3300 N Miami Ave. and 30 NW 34 St. The properties are east of I-95 between the Miami Design District, Wynwood Arts District and the Arts Center. The retail center is occupied by many tenants, including Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin.