2/23/2009

Two Boca Raton wine & spirits properties sell for $3.5M

by

3500 North Federal Highway

Marcus & Millichap has arranged the sale of two Crown Wine and Spirits locations in Boca Raton, Fla. for a combined sale of $3.5 million.

The 8,750-square-foot store, located at 3500 N. Federal Highway, commanded a sales price of $2.25 million and was sold to an unnamed Sarasota company. The 4,800-square-foot store, located at 757 S. Federal Highway, commanded a sales price of $1.25 million and was sold to a private local investor.

Marc Strauss, VP of Investments, of the Fort Lauderdale office and Senior Associate Adolfo Palacios of the Miami office represented the seller of both properties. Senior Associate Greg Zeifman of the Miami office represented the buyer of the 3500 N. Federal Highway location.

Senior VP of Investments Evan P. Kristol and First VP of Investments Still Hunter, III, of the Fort Lauderdale office, represented the buyer of the 757 S. Federal Highway location.

Both properties were sale leasebacks with new 15-year NNN leases with 1.5 percent annual rent bumps and three five-year options.

Address: 3500 N. Federal Highway, Boca Raton, Fla.
- 757 S. Federal Highway, Boca Raton, Fla.

Size: 13,550 square feet

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Filed Under: Retail

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