MIAMI—Marcus & Millichap claims it broke a US record with the sale of a brand new construction Dollar General in Opa-Locka, FL. The net leased asset sold for $2.6 million.
Ronnie Issenberg, vice president of Investments, along with associate vice president of Investments Gabriel Britti of M&M’s Miami Office, represented the seller. The seller was a Miami-based investment group.
“Fifteen-year leases are extremely desirable in this market place,” says Britti. “There are very few places to park capital, and credit tenant leases with term are driving the most offers from passive investors in comparison to other asset classes. We had multiple backup offers in a very short period of marketing.”
The net leased property is located in a high density location. The Opa-Locka Airport, Walmart, Lowe’s, Cobb Theaters, and the Sun-Life Stadium, which is home of the Miami Dolphins and University of Miami football team, surround the commercial real estate.
“Our group has closed over 70 transactions this year alone with another 12 scheduled by year’s end,” Issenberg says. “Our pool of foreign investors placing equity in the US markets has increased that velocity, greatly.”