KEY WEST, FL—400 Duval St. has traded hands for $19.1 million. The 32,199-square-foot high street retail property is on the famed Key West, FL. strip.
HFF senior managing director Danny Finkle and director Luis Castillo marketed the property on behalf of the seller, a venture comprised of a fund sub-advised by Long Wharf Real Estate Partners and JBK Capital LLC. Claude Gardner of Prudential Knight & Gardner Realty co-marketed the listing with HFF. A private investor purchased the property.
“We continue to see tremendous interest from investors for high-street retail opportunities and 400 Duval was no exception,” Castillo tells GlobeSt.com. “These markets enjoy the highest barriers to entry and well- positioned retail performs exceptionally well.”
400 Duval St. is in the heart of Key West on a 0.80-acre site at the hard corner of Duval and Eaton Streets. The multi-tenant property is fully leased to national tenants including Chico’s, Claire’s Boutique, RadioShack, Subway, Fresh Produce, and Earthbound Trading Company, and has enjoyed a long history of strong occupancy and long-term tenure. Originally built in 1924, 400 Duval St. is the largest multi-tenant retail property with significant frontage along Duval Street.
HFF’s debt placement team also arranged a $13.6 million, 10-year, fixed-rate acquisition loan through Wells Fargo Commercial Mortgage Originations on behalf of the buyer, 400 Duval Retail LLC, whose principal is New York real estate investor, Kenneth Silverman. HFF director Chris Drew represented the borrower in the financing of the transaction.
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