Marcus & Millichap announced the sale of 1609 Alton Road, an 8,700-square foot, mixed-use property located in the heart of South Beach. The asset sold for $8,650,000.
“We are seeing some rents for retail space on Lincoln Road topping more than $300 per square foot,” says Scott C. Sandelin, a vice president investments in Marcus & Millichap’s Miami office. “This is leading many retailers to seek space in close proximity to, rather than directly on, Lincoln. With the renovation of Alton Road, properties near Lincoln Road have become even more desirable to investors.”
Sandelin and Alejandro D’Alba, an associate in Marcus & Millichap’s Miami office, represented both the seller of the property, a limited liability company from Miami Beach, and the buyer, a limited liability company from New York.
“The buyer has a unique opportunity to up-lease the property as leases expire and the investment also offers development potential in one of the most coveted markets in the country,” adds D’Alba.
1609 Alton Road consists of a two-story, mixed-use building with 4,500 square feet of retail space and 4,200 square feet of office space. Built in 1947, the building underwent a complete renovation in 1985. The property is currently 100 percent leased to a nail salon, liquor store and medical office tenant.
The property is located on a 7,500-square foot lot steps away from Lincoln Road Mall. A multi-parcel property located directly across the street is set to be demolished and replaced with an 83,000-square foot multi-story, high-end retail and parking complex.
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