Marcus & Millichap Inc.
12/13/2024 | Press release | Archived content
Marcus & Millichap Brokers $11.94 Million Sale of Mixed-Use Office and Retail Portfolio in Coral Springs
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Marcus & Millichap Brokers $11.94 Million Sale of Mixed-Use Office and Retail Portfolio in Coral Springs
December 13, 2024
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CORAL SPRINGS, Fla., Dec. 13, 2024 - 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 Promenade of Coral Springs, a mixed-use office and retail portfolio located at 1999 N. University Drive, Coral Springs, Florida for $11,940,000.
"This property boasts a great mix of office and retail tenants in one of South Florida's most sought-after neighborhoods," says Alex Zylberglait, executive managing director investments in Marcus & Millichap's Miami office. "With significant upside in occupancy and rents, the new ownership will benefit for many years to come."
Zylberglait and Michael Crocchiola exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor.
The property includes 58,446 square feet of rentable space across two buildings on 5.23 acres. It features 35,349 square feet of Class A office space divided into 14 suites, 13,360 square feet of multi-tenant retail across seven units, and a 9,737-square-foot outparcel occupied by Miller's Ale House, which has been a tenant since 2003. The site has a diverse tenant mix, including national brands such as Avis and Nothing Bundt Cakes, along with established local businesses.
"This property boasts a great mix of office and retail tenants in one of South Florida's most sought-after neighborhoods," says Alex Zylberglait, executive managing director investments in Marcus & Millichap's Miami office. "With significant upside in occupancy and rents, the new ownership will benefit for many years to come."
Zylberglait and Michael Crocchiola exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor.
The property includes 58,446 square feet of rentable space across two buildings on 5.23 acres. It features 35,349 square feet of Class A office space divided into 14 suites, 13,360 square feet of multi-tenant retail across seven units, and a 9,737-square-foot outparcel occupied by Miller's Ale House, which has been a tenant since 2003. The site has a diverse tenant mix, including national brands such as Avis and Nothing Bundt Cakes, along with established local businesses.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.