MIAMI—A net-leased site in Miami Beach’s South of Fifth neighborhood has hit the market. Gateway to Miami Beach, a two-building, 18,136-square foot retail asset, is listed $22 million, or $1,213 per square foot.
The South of Fifth neighborhood has become the most expensive section of Miami Beach. The area features high-profile restaurants and 18-acre South Pointe Park.
Scott Sandelin, a senior associate in Marcus & Millichap‘s Miami office, is representing the seller, a private party who developed the site. He says investor capital is flowing into Miami Beach in search of stable retail assets with quality tenants.
“The irreplaceable, one-of-a-kind Gateway to Miami Beach site features two buildings with national tenants, Pier 1 Imports and Burger King,” he says. “The Miami Beach market continues to mature, and this highly sought after site has liberal zoning that will allow for many different options in the future. Creative redevelopment will provide a significant increase in NOI and the property’s overall value.”
The Gateway to Miami Beach is located at 1100 5th St. in Miami Beach. Traffic counts along 5th Street total 92,000 cars per day. Best Buy, Petco, and Staples are located in the immediate vicinity and a Publix Super Market is nearby.