MIAMI—1600 Lenox is the latest urban retail building to trade in Miami Beach. HFF brokered the sale of the 6,792-square-foot commercial real estate property. Financial terms were not disclosed.
HFF marketed the property on behalf of the seller, Greenstreet Real Estate Partners LP. HFF director Luis Castillo, senior managing director Danny Finkle, and senior analyst Rob Saracco handled the deal.
“The high-profile tenancy of this particular property in addition to its location adjacent to Miami's dominant 'high street' retail corridor, Lincoln Road, attracted a substantial amount of investor interest,” says Castillo. 1600 Lenox is located at the intersection of 16th Street and Lenox Avenue immediately adjacent to Lincoln Road, an urban, pedestrian-friendly shopping district in Miami Beach.
Originally built in 1937, the Art Deco property was fully renovated in 2011 and is 100% leased to prominent restaurant and bar concepts: Yardbird Southern Table & Bar, The Abbey Brewing Company, and SuViche. Greenstreet is an investment and asset management company operating throughout the United States.
Just more than a week ago, a portfolio of seven retail properties spanning 43,000 square feet in a prime South Beach location has traded hand. The sale price was $18.1 million, or $420 per square foot. And Jones Lang LaSalle vice president Sean McConnell, who spearheads the firm's retail practice in South Florida, tells us international investors are eyeing retail opporrtunities in the area. In late July, a Miami Beach net leased Citibank traded. And the list goes on.
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