Avison Young’s Florida Capital Markets Group closed the sale of the five-property assemblage and redevelopment opportunity at 1656-1680 Alton Road, a premier location in Miami Beach, totaling 1.38 acres on the block running up to the iconic Lincoln Road.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented Alton Road Invest, LLC, during the disposition to BH The Alton LLC.
The sale represents the buyer’s second acquisition in Miami Beach and the second sale Avison Young completed on behalf of the seller within second-quarter 2022.
“The walkability of the area and the property’s access to Lincoln Road were very attractive to the buyer,” said Crotty. “We worked with the seller to deliver the Alton Road property with a clear path to development which was also important, as developers want to take advantage of the hot market by trying to get a site shovel ready as soon as possible.”
According to Avison Young market insights, Miami Beach has seen an influx of capital and residents relocating to the market. As a result, home prices have surged and average class A and B apartment rents in Miami Beach have increased by over 20% year-over-year. Office rents are also on the rise for newly constructed class A space across South Florida and are the highest in Miami-Dade County.
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