Saturday, November 9, 2013

Prime South Miami Beach Retail Asset Trades for $12.4 Million


Guess Who? Inc. occupies 736 Collins Ave., South Miami Beach, FL

Drew A. Kristol
MIAMI BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an 8,322-square-foot net-leased retail fashion store in Miami Beach’s South Beach neighborhood.

Net leased by clothing retailer Guess? Inc., the property closed at the full list price of $12,475,000, which equates $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 re-invested into their build-out.  The new owner is an excellent position to capitalize on the below market in-place rental structure.”
  
Kirk Olson
“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,” adds 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.”

South Miami Beach night skyline
The store is located at 736 Collins Ave. between Seventh and Eighth streets in Miami Beach, Fla.

The two-story building was extensively remodeled in 1998 and has received complete interior renovations from Guess within the last 18 months.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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