MIAMI—A freestanding retail building in Miami Beach has traded hands. Triarch Investment Group, an Aventura, FL-based owner and developer, acquired a 23,221-square-foot development site for $2.8 million.

Newmark Grubb Knight Frank (NGKF) arranged the sale on behalf of the seller, regional accounting firm Gerson, Preston, Robinson. Ian Ludmir with The Real Estate Club represented Triarch in the investment deal.

The retail building sits at 666 71st Street in Miami Beach, a major intersection at the northern gateway to South Beach. The commercially zoned site includes a 7,990-square-foot single-story office building. The retail asset is accessible from 71st Street, Indian Creek Drive and Carlyle Avenue.

The address has served as the seller's headquarters for the past several decades, according to David Preston, a managing director in NGKF's Miami office. The commercial real estate firm plans to relocate to the Biscayne Boulevard corridor next year.

"It's a great time to invest in the Miami Beach area, which has historically been defined by its limited availability of commercial development opportunities," says Preston. “We expect to see North Beach retail continue to grow and strengthen over the coming years, as buyers and users are priced out of an ever-tightening South Beach market.”

Triarch is no stranger to South Florida's commercial real estate scene. The firm's most notable real estate holdings is its One Turnberry Place, a 136,000-square-foot class A office building, and Aventura Town Plaza, a mixed-use office and retail complex, both in Aventura. The developer owns additional commercial properties across Florida, Georgia, and North Carolina.