MIAMI—The Guess building in South Beach has a new owner. The 8,322-square-foot net leased retail fashion store in Miami Beach sold for the full list price of $12.475 million. That equals $1,499 per square foot.

Drew A. Kristol and Kirk D. Olson, both vice presidents investments in Marcus & Millichap‘s Miami office, represented the seller, a Miami-based owner/developer. The buyer, also represented by Kristol and Olson, is an institutional investment group interested in building a South Florida high street retail portfolio.

“The building is a trophy retail asset located in the heart of the Collins Avenue fashion district,” says Kristol. “Guess has occupied the property since 1998, and over the years has reinvested into their build-out. The new owner is an excellent position to capitalize on the below market in-place rental structure.”

The net leased retail building is located at 736 Collins Avenue between Seventh and Eighth streets in Miami Beach. The two-story retail store was extensively remodeled in 1998 and has received complete interior renovations from Guess within the last 18 months.

“Our marketing platform helped generate offers from the international investment community and institutional buyers that have designated South Beach high street retail as one of their target asset classes,” says Olson. “South Beach retail properties have consistently appreciated over the past decade due to the rarity of the asset class and the area’s strong appeal to international tourists and impressive amount of local foot traffic.”