The Office Depot Property located on the east side of Miami Springs at 3600 NW Le Jeune Road recently changed hands for a reported $9.2 Million.

Office Depot sold for $9.2 Million

Mar. 4, 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 a triple-net-leased Office Depot in Miami Springs, Florida for $9.2 million. 

“The combination of a purposefully crafted sales strategy that provided a competitive cap rate and the ability for a new owner to have flexibility for value creation yielded more than a dozen offers to purchase the asset,” says Scott Sandelin, senior vice president of investments. “Ultimately, one of the first buyers to submit an offer became the right choice as they had a keen understanding of the Miami Springs market and the roadmap for the future of the site.” 

Sandelin, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller. The buyer was represented by Jorge Ruiz with Platinum Properties. The asset was sold by Sandelin to the outgoing owner in 2012. “NOI growth over time, along with cap rate compression, resulted in a significant gain over the hold period,” Sandelin stated. 

The property located at 3600 S Le Jeune Rd is situated on a 1.76-acre parcel and spans 25,000 square feet. It is located across from Miami International Airport at the corner of Le Jeune Road and NW 36th Street, with a daily traffic count of 96,800 vehicles per day.

According to Miami-Dade Property Records, the property last changed hands back in December, 2012 for $6.59 Million.  The Office Depot was originally built in 1993.

 

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