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 10,666-square-foot CVS Pharmacy in Miami, Florida. The property at 15700 S.W. 88th St. sold for $6.05 million.
“The ideal location and fantastic sales figures made this an extremely desirable property,” said Joseph Prio, retail division associate in the Marcus & Millichap Fort Lauderdale office. “Even with the rising interest rate market there is still high demand for South Florida net-lease properties.”
Prio, Barry M. Wolfe, and Alan Lipsky in Marcus & Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller, FFT V Limited Partnership. Prio, Wolfe, and Lipsky also procured the buyer, a sister company of Gator Investments.
The 1.02-acre CVS Pharmacy has been a double-net leased, long-term tenant since 1997. The CVS Pharmacy is located at the signalized intersection of S.W. 88th St. and 157th Avenue, directly adjacent to Home Depot.
The CVS Pharmacy is within 11 miles of Miami Dade College Kendall Campus, Florida International University, Zoo Miami, and the University of Miami. The property is centrally located in the Hammocks Community, a suburb of Miami.
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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 our clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
