Marcus & Millichap recently closed on the sale of 1400 Alton Road, a two-story, 11,716 square foot vacant retail building, located in Miami Beach.
The asset sold for $5,250,000.
Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Greenwich, CT. Harrison Rein, an associate, Felipe J. Echarte, a vice president investments, Evan P. Kristol, a senior vice president investments – all in Marcus & Millichap’s Fort Lauderdale office – secured the buyer, a limited liability company from Miami.
“Alton Road retail is very sought after due to the lack of product and the density of high-end condominium projects that line West Avenue along the west side of South Beach. Even rarer are corner properties that benefit from the dual exposure. This is a prime opportunity for the investor to stabilize the building with new tenants which will result in strong cash flow upon lease up,” said Drew Kristol.
“The buyer plans to complete major renovations to the property before occupying a portion of the space with his high-end cosmetics and skin care company. He saw this as a phenomenal opportunity to improve the company’s brand recognition by being in close proximity to the Lincoln Road Mall,” added Rein.
1400 Alton Road is a vacant retail property located on the northwest corner of 14th Street and Alton road in the heart of South Beach. The building includes 8,000 square feet on the ground floor and 3,716 on the second floor, with an additional 1,296-square foot outdoor terrace.
Also included in the offering was a 7,500-square foot vacant parking lot zoned RM-3 and currently striped for 22 parking spaces.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.