MIAMI, Fla., Feb. 25, 2022 – 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 Landmark Center, a 6,950-square foot retail property located in Miami, Florida. The retail property sold for $5,750,000.

Built in 1959, the 6,950-square-foot, six-tenant building is located within the exclusive Pinecrest municipality of Miami. The owners of Landmark Center spent over $360,000 to renovate the property in 2020, including a brand-new roof (with 20-year warranty), new store fronts, new HVAC units and new 40-year recertification.

Drew A. Kristol and Kirk D. Olson, both Senior Vice Presidents of Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a joint venture between Lombardi Properties and Bayshore Investment Partners. The buyer, a private investor, was procured by Alex Zylberglait, Senior Managing Director for the same Miami office of Marcus & Millichap.

“This was a rare opportunity to own a renovated 100% occupied retail strip along South Dixie Highway in one of the most wealthy and dense retail corridors in the entire state of Florida. We had a lot of competition from both local and national investors and ended up selling the property at the full list price,” said Kristol.

Landmark Center is located at 12441 S Dixie Hwy in Miami, Florida, along the heavily traveled South Dixie Highway (US-1). The property is anchored by AT&T with multiple small bays and a healthy parking ratio of over four spaces per 1,000 square feet.