MIAMI—Miami Beach net leased retail properties are hopping. The latest to sell is a 2,470-square-foot net leased IHOP restaurant has traded hands.

The net leased asset sold for $3.3 million. The sale price equals $1,336 per square foot.

Brian L. Rosen, a senior associate in Marcus & Millichap's Fort Lauderdale office, represented the seller, a private investor from Miami. Richard Nardi, an associate in Marcus & Millichap's Manhattan office, represented the buyer, private investor from Woodmere, NY.

“IHOP has been at this location since 1965,” says Rosen. “In 2008 the tenant renovated the restaurant and executed a 15-year absolute triple net lease, demonstrating its commitment to the site.”

Located at 6928 Collins Ave. in Miami Beach, IHOP spans Harding and Collins avenues. Publix, Chase Bank, and Canyon Ranch Hotel & Spa surround the property.

“The buyer was attracted to the property's historic record of high sales and its location in a dense, maturing market of Miami Beach,” Nardi says. “This IHOP is also managed and guaranteed by one of the largest IHOP franchisees, which operates and licenses over 150 IHOP restaurants in Florida and Georgia.”

Earlier this month, M&M brokered the sale of a 7,344-square foot triple net leased Chevron. The Miami Beach, FL asset sold for $5,050 million. The sale price represents $688 per square foot and a 7.1% CAP rate.

Paco Diaza, senior vice president of CBRE, is keeping a close eye on Miami's retail scene: "A homegrown coffee shop that started in Wynwood, Panther Coffee, is opening in Miami Beach and Coconut Grove," he tells GlobeSt.com. "Restaurants are also big. There's been an influx of New York eateries. And then convenience stores like Wawa, RaceTrack and Cumberland Farms are all eying South Florida for expansions."