PALM BEACH, FL—Another net leased restauranthas sold in South Florida. A 4,755-square-foot netleased Applebee's in Del Ray Beach, FL, sold for $1.87million.
“South Florida has continued to demand aggressive cap rates,even from area investors who realize the intrinsic value of localcommercial real estate with strong fundamentals in core markets,”says Ronnie Issenberg, vice president ofinvestments, in Marcus & Millichap's Miamioffice, represented the buyer. Gabriel Britti,associate vice president of investments, worked with Issenberg.Kirk Felici assisted in closing thistransaction.
“The location of this property offered the buyer the opportunityto acquire a solid asset sitting on an outparcel to a HomeDepot-anchored center,” Cunning says. “It also benefits fromseveral other national retailers in the surrounding area."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
