Sunday, November 4, 2012

Marcus & Millichap Sells the Levi’s Building on South Beach, FL for $8.5 million



Drew A. Kristol
MIAMI BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Levi's Building South Beach, a 10,459-square-foot retail property including a 3,300-square foot, three-bedroom luxury loft, located in Miami Beach’s South Beach. The asset commanded a sales price of $8,500,000.

Vice President Investments Drew A. Kristol and Kirk D. Olson in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami Beach, FL.  The buyer, a private investor from New York City, was also secured and represented by Kristol and Olson. 

Kirk D. Olson
The property, which was originally constructed in the 1930's and completely restored and expanded in the 2000's, is primarily retail-oriented and currently leased to Levi Strauss & Co. with two retail showroom spaces on the second floor.  Also included in the purchase was a luxurious, 3,300-square foot, three-bedroom loft which includes a 2,300-square foot rooftop deck, infinity-edge pool and two car-garage.

“This transaction was a perfect match for both buyer and seller.  The seller was able to deliver the entire building 100 percent occupied including a tenant for the loft space and the asset met the buyer’s need for a cash-flowing, high street retail opportunity on Miami Beach,” says Kristol.

Levi's Building, South Beach, FL
The property is located in the heart of the Collins Avenue "Fashion District" which lies roughly from 5th to 10th Street and includes top fashion brand flagships stores: Guess, Victoria's Secret, Aldo, Barney's Co-Op, Diesel, Tommy Hilfiger and Puma.  The Levi's Building South Beach is located at 826 Collins Avenue. 

Press Contact:

Kirk A. Felici
First Vice President/Regional Manager, Miami
(786) 522-7000

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