HFF announces $15.25M sale of single-tenant retail building in Miami Beach
MIAMI, FL – June 27, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $15.25 million sale of a 12,000-square-foot, single-tenant retail building leased to Fogo De Chão Brazilian Steakhouse in Miami Beach, Florida.
The HFF team marketed the property on behalf of the seller, 836 First Street, LLC.
Fogo De Chão is an upscale Brazilian steakhouse with 47 locations located throughout the United States, Puerto Rico, Brazil, the Middle East and Mexico. Fogo De Chão has been operating at this location since 2008 and has recently extended its lease term by an additional 10 years. As part of the extension, the tenant has committed to a significant investment in the building through a complete renovation planned for this year. Situated on .28 acres at 836 1st Street on South Beach’s “Restaurant Row,” the property receives high consumer traffic from both South Beach locals and the millions of tourists that visit the area annually.
The HFF investment advisory team representing the seller included senior managing director Danny Finkle, managing directors Marc Mandel and Luis Castillo and director Steve Schrenk.
“Strong demand remains for well-located single tenant assets; evidenced by the fact that the property closed in less than ninety days from the commencement of marketing,” Mandel said.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.