Marcus & Millichap Has Exclusive Listing for South Beach, FL Retail Building Hitting the Market at $18.95 Million

Retail Building for Sale at 743--755 Washington Avenue
South Beach, sector, Miami Beach,  FL

Drew A. Kristol

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has received the exclusive listing for a 17,500-square-foot retail property on the corner of 8th Avenue and Washington Avenue in the heart of the world-famous South Beach district in Miami Beach, Fla.

The asset is priced at $18.95 million. The building is anchored by national tenants Adidas and Adriano Goldschmied.

            Drew A. Kristol and Kirk Olson, vice presidents investments in Marcus & Millichap’s Miami office, are representing the seller, a Miami Beach-based private investor.

“This is a rare opportunity for an investor to purchase a trophy retail asset on Washington Avenue in South Beach, where retail properties have consistently appreciated over the past decade due to the rarity of the asset class, incredibly strong international tourism, and impressive local foot traffic,” says Kristol.

Kirk Olson

  “In addition to generous annual base rent increases in the existing leases, the property has significant upside potential through re-renting the vacant 6,000-square-foot retail space that is on the south side of the property.”

The building is situated on 19,500 square feet of land at 743-755 Washington Ave. in Miami Beach.

Adidas, a tenant in the building since 2003, recently extended its lease for three years and agreed to a rental increase. The property is surrounded by national retailers including Armani, Diesel Jeans, Banana Republic, Guess, Victoria’s Secret and Kenneth Cole.

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

Gina Relva

Public Relations Manager

(925) 953-1716