Steve Safran Acquires Retail Property From Marcos Puente In Miami For $2.575M

The retail property located at 10905 Southwest 40th Street in Miami was recently sold for $2,575,000. The total square footage of the property is 2,132, translating to a price per square foot of $1,208. The seller, Marcos Puente of MMG Equity Partners, successfully closed the deal with the buyer, Steve Safran. Lori Schneider from Marcus & Millichap represented the seller in this transaction.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,575,000
• Address: 10905 Southwest 40th Street
• Market: Miami
• Square Footage: 2,132
• Buyer: Steve Safran
• Seller: Marcos Puente - MMG Equity Partners
• Broker: Lori Schneider - Marcus & Millichap

The sale involved a Taco Bell ground leased outparcel from MMG Equity Partners' Westlake shopping center. The base rent for this property was $114,875, resulting in a cap rate of 4.46%. This transaction demonstrates the successful negotiation and transfer of a valuable retail asset in the Miami market.