(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)
MIAMI—The newly redeveloped BankUnited branch in South Beach is up for grabs. The 4,900-square-foot building sits on a 15,000-square-foot parcel. The list price is $8.475 million.
Marcus & Millichap has the exclusive listing. M&M senior associates Scott Sandelin and Ronnie Issenberg in the firm’s Miami office are representing the seller, a limited liability company from Miami Beach.
“This is a net-leased asset positioned in South Beach, where the rents continue to escalate,” Sandelin tells GlobeSt.com. “Even though there’s a lot of hardship and pain and rent challenges in many places, South Beach continues to get stronger.”
BankUnited is located at 1695 Alton Road, at the signalized intersection of Alton Road—the main north-south retail corridor—and 17th Street—the main east-west transportation route—on South Beach.
Behind the BankUnited property a strip called NoLi, or North of Lincoln, is being developed as a retail corridor. NoLi is the answer for retailers who want to be near the action but can’t afford the high rents Lincoln Road demands. The City of Miami has issued three requests for letters of intent on three parcels to do joint development ventures.
“This building is located on the busiest corner in Miami Beach,” Sandelin says. “The BankUnited building is positioned adjacent to Lincoln Road, NoLi and the Miami Beach Convention Center. It has parking—and there’s not a lot of parking on Miami Beach. The tenant put $2.5 million into a rebuild, including two drive-through lanes.”