MIAMI—Sunrise Plaza, a 21,488 square-foot shopping strip located in Sunrise, FL, has a new owner. The retail asset sold for $5.050 million, equating to $235 per square foot.

Drew A. Kristol and Kirk D. Olson, both vice presidents of investments in Marcus & Millichap's Miami office, had the exclusive listing to market the retail property on behalf of the seller, a limited liability company from Deerfield Beach, FL. Kristol and Olson also secured the buyer, a private investor from Miami.

The deal included a free-standing Walgreens pharmacy, a Burger King, and a small three-tenant strip center currently occupied by Subway and a coin laundry tenant. Sunrise Plaza is located at 6105-6145 Sunrise Boulevard at the northwest corner of West Sunrise Boulevard and Sunset Strip.

“This was a rare opportunity for an investor to purchase a cash-flowing strip center with two corporate guaranteed ground leases, Burger King and Walgreens,” Kristol says. “In addition, the strip center's 1,200 square foot corner bay is vacant, allowing for upside upon lease-up.”