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