A NNN leased Pollo Tropical stand-alone restaurant building located on Biscayne Blvd/ US-1 in Miami’s MiMo district, has traded for $2.275 million, equating to a 4.61% CAP rate. The 1,754 SF restaurant building sits on a 12,800 SF lot located at 7501 Biscayne Blvd in Miami, FL. The asset was renovated in 2017 and had a 15-year corporate NNN lease with Pollo Tropical. The transfer development rights (TDR’s) were not included in the sale. This Pollo Tropical restaurant is interesting because it is a drive-thru only location and contains no indoor seating. This made it especially attractive during the current pandemic as the tenant was able to operate without any interruption during the recent City of Miami shutdown.

“This acquisition was driven by the buyer’s concern for the unknown long-term effects of the Covid-19 pandemic on the economy and future possible shutdowns. We are seeing a large portion of our client base shift their focus to seeking out assets that have proven resilient against down markets.” said Jason Abitbol, Apex Capital Realty.

Jason Abitbol, Apex Capital Realty’s Commercial Advisor, represented the buyer, 995 Holdings LLC., in the acquisition which represented a 1031 Exchange. The Seller of the property was 7501 Biscayne LLC. which is controlled by Alex Karakhanian from LNDMRK Development. The seller was represented by Alex Zylberglait, Scott Sandelin, and Jonathan De La Rosa from Marcus and Millichap.