$17.3 MILLION STAPLES STORE NEAR MIAMI’S DESIGN DISTRICT OFFERED BY MARCUS & MILLICHAP
MIAMI, Nov. 2, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for a Staples net-leased building on Miami’s Biscayne Boulevard. At 20,388 square feet, the $17, 375,000 listing price equates to $852 per square foot.
Alvin Mansour, senior vice president investments in the firm’s San Diego office, is spearheading the marketing efforts for the seller, 2121 Biscayne Blvd. LLC. Alex Zylberglait, vice president investments in the Miami office, and Ryan Shaw, an associate in the same office, are also providing representation.
“In 2008, this investment-grade property’s tenant, which is rated BBB by Standard & Poor’s, signed a 15-year double-net lease that provides for 12 percent rent increases every five years throughout both the initial term and during the two five-year option periods,” says Mansour. “Hence, this investment will provide reliable revenue that keeps pace with inflation.”
“This Staples’ highly-trafficked immediate area has enjoyed more than 70 percent residential population growth over the past decade, and is just south of Miami’s renowned Design District,” adds Zylberglait.
Located at 2121 Biscayne Blvd., the Staples office supply store features excellent exposure along the Biscayne Boulevard corridor, which has a traffic count that exceeds 35,000 vehicles.
“Given the strong growth in the area, this property provides prospective investors with unprecedented future development potential,” says Zylberglait.
Miami’s Design District, located just north of the property, is undergoing a $312 million transformation into the area’s super-high-end retail destination, with annual rental rates of approximately $80 per square foot. The area will be populated with luxury retailers including Louis Vuitton, Fendi, De Beers, Hermes, Zegna, Tom Ford, Burberry and many others.
The store is also located directly across from the Bacardi Building, which is now a Frank Gehry-designed campus for the National Young Arts Foundation, and minutes from other Miami landmarks including the Adrienne Arsht Center for Performing Arts and the American Airlines Arena, home of National Basketball Association champions the Miami Heat. The Brickell financial district is also just minutes from the site.