MIAMI—A vacant 7,000-square foot retail space in Miami Beach just traded hands. The sale price: $3.276 million.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap's Miami office, represented the seller, a limited liability company from Florida.  The purchasers are companies affiliated with Time Equities.

“1019 5th Street is a rare retail property located on the busy 5th Street commercial corridor of South Beach,” says Kristol. “It is ideal for retail, showroom or other tenants seeking visibility on busy 5th Street, the primary entry point into South Beach from Interstate 395 and Downtown Miami.”

The retail property was recently renovated on the interior with new tile, drop ceilings and paint. It features a roll-up door on the northwest side accessible to the alleyway, which Kristol says is useful for moving equipment or merchandise in and out of the rear of the building.

Max Pastor, associate director of acquisitions and senior counsel at Time  is bullish on the buy. He says, “We see this transaction as a value-add opportunity to acquire, re-tenant and reposition a quality asset in a premier market."