Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has been selected to exclusively market for sale the Upland Building, a newly built, four-story, 31,818-square-foot restaurant and 180-space parking garage in Miami Beach’s exclusive South of Fifth neighborhood. The price is open bid.
“One of the few vertical parking structures located in the South of Fifth submarket, The Upland Building will provide an investor with strong cash flow and minimal management responsibilities in one of the most dynamic and growing retail rental markets in all of Florida,” says Scott Sandelin, first vice president investments in Marcus & Millichap’s Miami office.
Sandelin, Drew A. Kristol, first vice president investments, Kirk Olson, first vice president investments, and Alejandro D’Alba, associate, are representing the seller, a limited liability company.
Located at 49 Collins Ave., the building is surrounded by high-end residential condominium developments and is within walking distance of some of Miami Beach’s most iconic restaurants and entertainment venues, including Joe’s Stone Crabs, Smith & Wollensky, Fofo de Chao, Big Pink Restaurant and Prime 112.
“The area’s multitude of retail destinations and restaurants provide around the clock demand for the parking structure,” adds D’Alba.
Built earlier this year, The Upland Building features 7,500 square feet of ground floor restaurant space and a commercial parking garage. The retail space is occupied by Upland restaurant, a leading concept of Starr Restaurants Organization, one of the nation’s top upscale food and beverage service providers.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com