Press Releases
Marcus & Millichap Brokers $2.23 Million Sale of Vacant Retail Property in Miami Beach’s Normandy Fountain District
July 24, 2025
MIAMI BEACH, July 24, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a vacant 3,018-square-foot retail and restaurant property in Miami Beach, Florida, for $2,225,000. The property was formerly occupied by Chase Bank.
“1025 71st Street has incredible frontage and visibility facing both eastbound and westbound traffic on 71st Street and Normandy Drive,” said Drew A. Kristol, senior managing director of investments in Marcus & Millichap’s Miami office. “The property also benefits from additional allowable outdoor seating in front of the historic Normandy Fountain.”
Kristol, along with Kirk Olson, senior managing director, exclusively marketed the property on behalf of the seller, NBF1 LLC, a private South Florida-based investor. Dillon Maya and Aaron Butler of Avenue Realty procured the buyer, RK Centers.
Located at 1025 71st St., the property is positioned within the Normandy Fountain district, a revitalized public plaza that recently underwent a $350,000 renovation. It offers exclusive patio rights with no city rental fee, high signage visibility, and sits next to a public parking lot. More than 41,000 vehicles per day pass the site via 71st Street, a key corridor linking Miami Beach to the mainland.
“1025 71st Street has incredible frontage and visibility facing both eastbound and westbound traffic on 71st Street and Normandy Drive,” said Drew A. Kristol, senior managing director of investments in Marcus & Millichap’s Miami office. “The property also benefits from additional allowable outdoor seating in front of the historic Normandy Fountain.”
Kristol, along with Kirk Olson, senior managing director, exclusively marketed the property on behalf of the seller, NBF1 LLC, a private South Florida-based investor. Dillon Maya and Aaron Butler of Avenue Realty procured the buyer, RK Centers.
Located at 1025 71st St., the property is positioned within the Normandy Fountain district, a revitalized public plaza that recently underwent a $350,000 renovation. It offers exclusive patio rights with no city rental fee, high signage visibility, and sits next to a public parking lot. More than 41,000 vehicles per day pass the site via 71st Street, a key corridor linking Miami Beach to the mainland.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
