MIAMI—With South Beach retail garnering strong interest from investors, Marcus & Millichap's latest listing may not last long. The firm just listed a 17,500-square-foot retail property on the corner of 8th Avenue and Washington Avenue in South Beach for $18.95 million.

And it's not just any building. Beyond its location in the heart of South Beach, two national tenants anchor the space: Adidas and Adriano Goldschmied. The retail property is also surrounded by national retailers such as Armani, Diesel Jeans, Banana Republic, Guess, Victoria's Secret, and Kenneth Cole.

Drew A. Kristol and Kirk Olson, vice presidents investments in M&M's Miami office, are representing the seller, a Miami Beach-based private investor.

“This is a rare opportunity for an investor to purchase a trophy retail asset on Washington Avenue in South Beach, where retail properties have consistently appreciated over the past decade due to the rarity of the asset class, incredibly strong international tourism, and impressive local foot traffic,” says Kristol. The building is situated on 19,500 square feet of land at 743-755 Washington Avenue.

“In addition to generous annual base rent increases in the existing leases, the property has significant upside potential through re-renting the vacant 6,000-square-foot retail space that is on the south side of the property,” Kristol says. Adidas, a tenant in the building since 2003, recently extended its lease for three years and agreed to a rental increase.


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