MIAMI—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.
Marcus & Millichap arranged the sale of the retail portfolio. Drew A. Kristol, Kirk D. Olson, both vice president investments in M&M’s Miami office and directors of the firm’s National Retail Group, represented the seller, Twin City Realty LLC and the buyer, a local family trust.
“This sale attracted a great deal of interest from the investment community,” says Kristol. “We vetted a deep buyer pool, including many institutional and local entities, all interested in owning quality real estate in the hot South Beach market. A portfolio like this was a very rare opportunity to control key retail locations on the Alton Road corridor.”
The portfolio includes six retail properties located along the high-profile Alton Road commercial corridor, and one additional retail property located on Collins Avenue and 73rd Street in Miami Beach. Major tenants include Panera Bread, Papa John’s Pizza, Alex Linens, Beach Food Market, Lambs Laundry, Nu Art Signs, and Provecho Bistro Latino.