Marcus & Millichap has closed on the sale of Vero Beach Square, a 11,480-square-foot, single-story plaza located in Vero Beach.
The asset sold for $5.3 million, which equates to $462 per square foot.
Drew A. Kristol, Kirk D. Olson and Marc Yaffe, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Konover South, a Delray-based commercial real estate group. The buyer, Ross Realty Investments, Inc., was also secured and represented by Kristol, Olson and Yaffe.
“The strip center is shadow-anchored by Tire Kingdom and Murphy’s Gas on either side. The lot size is over two acres and the strip benefits from an above-average parking ratio of over 9.4 spaces per 1,000 square feet along with excellent visibility and frontage on the busiest retail corridor in the Vero Beach submarket,” said Kristol.
Vero Beach Square is located at 5125 20th St in Vero Beach. The retail strip is currently occupied by nationally known tenants, including Dunkin’ Donuts, Jersey Mike’s Subs, Tropical Smoothie Cafe, and Supercuts. The 88% tenanted plaza also features an upside opportunity via the 1,280-square-foot, small bay vacancy.
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