SoBe Redevelopment Wave Rolling

MIAMI—The South Beach redevelopment wave is building momentum with the recent sale of another property on Collins Avenue. CBRE Private Capital Group arranged the sale of a 7,310-square-foot redevelopment property in the heart of the Collins Avenue Shopping District in Miami Beach, FL.

Aria Development Group acquired the two-story, multifamily building at 825 Collins Avenue in partnership with Wexford Capital and 13th Floor Investments. The multifamily property is slated for a 10,000-square-foot flagship retail development.

CBRE represented the seller, FCI Miami Beach One, an entity affiliated with The Federated Companies. This is the second Collins Avenue redevelopment deal CBRE facilitated in 2013, demonstrating this renowned corridor's continued appeal to developers.

“This property's prime location in the trendy Collins Avenue Shopping District, recently obtained Historic Preservation Board approval to raze the property and flexible, mixed-use zoning made 825 Collins Avenue a highly attractive redevelopment opportunity generating strong interest from a wide spectrum of developers,” says Miguel Alcivar, an associate with CBRE's Private Capital Group in Miami. “Aria Development recognized the property's potential for a 'higher and better use' in the shopping district.”

Built in 1966, the aging two-story building sits on 0.16 acres of prime South Beach land on Collins Avenue, a historic street lined with Art Deco mixed-use buildings that runs parallel to the Atlantic Ocean, two blocks west. Several leading national retailers are located within footsteps of the vacant property. Alcivar and PCG South Florida Commercial senior vice president Scott O'Donnell and vice president Dominic Montazemi, along with Will Pike, first vice president in CBRE's Private Net Lease Property Group, represented the seller.