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| 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.
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| 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.
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| 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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