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South Beach property that’s been home to a Pollo Tropical since 1994 sold for
about $4.92 million on Monday — roughly the price of 616,000 chicken-and-rib
platters at the popular, Latin American-style fast food joint.
The
restaurant sits on a busy corner at 15th Street and Alton Road.
“It’s
very visible and there’s a lot of walking traffic and cars going by because
it’s on the way to Lincoln Road,” said Benjamin Silver, a broker whose team at
Marcus & Millichap handled the sale.
The
15,700-square-foot lot is well suited for more extensive commercial or
residential development, Silver said. But Pollo Tropical has 18 years left on
its below-market-rate lease at the building.
The chicken restaurant pays
about $22 dollars per square foot in rent — two to three times less than the
going rate for that part of South Beach, according to Silver.
That
means the buyer, a Latin American-based investor whom Silver did not have
permission to name, will have to be patient.
“They’re
buying it as a long-term play,” Silver said. “There’s significant upside in
terms of the potential for increasing the rent or redeveloping the property.”
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