MIAMI—1000 17th Street, a 17,975-square-foot corner retail property in Miami Beach, FL, is up for sale. Marcus & Millichap listed the retail asset for $30 million, free and clear of existing debt.
Kirk D. Olson and Drew A. Kristol, vice presidents investments in Marcus & Millichap's Miami office are representing the seller. The seller is a Miami Beach-based developer.
“The 1000 17th Street building is an incredibly rare opportunity for an investor to acquire a newly constructed, trophy retail property in the heart of the Lincoln Road Mall submarket,” says Kristol. “The property is cash-flow positive and offers more than 13,500 square feet of vacant space ready to be leased or occupied.”
The three-story retail property was built in 2014. Suitsupply, an international men's clothing retailer, anchors the asset.
Suitsupply recently signed a long-term net lease for the entire 4,469-square-foot third floor. The first and second floors are both vacant and in gray shell condition.
Designed by renowned architecture firm Arquitectonica, the 1000 17th Street building has exposure along the southwest corner of 17th Street and Michigan Avenue. The retail building is one block north of the Lincoln Road Mall, and is surrounded by public parking lots.
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