8,300 SF Building Fetches $1,500 PSF

An 8,300-square-foot building operating as a fashion store for Guess in Miami Beach has sold for $12.5 million, which equates to $1,499 per square foot.
Drew A. Kristol and Kirk D. Olson, both VPs of investments in Marcus & Millichap’s Miami office, represented the seller, a Miami-based owner/developer. The buyer, also represented by Kristol and Olson, is an institutional investment group interested in building a South Florida retail portfolio.
“The building is a trophy retail asset located in the heart of the Collins Avenue fashion district,” Kristol said. “Guess has occupied the property since 1998, and over the years has re-invested into their build-out. The new owner is an excellent position to capitalize on the below market in-place rental structure.”
The two-story building, located at 736 Collins Avenue in Miami Beach, was extensively remodeled in 1998 and has received complete interior renovations from Guess within the last 18 months.
 
Source:  SFBJ