Money from family trusts was pooled together to purchase a seven-property retail portfolio in Miami Beach for $18.1 million, according to the deal’s brokers, Marcus & Millichap vice presidents Drew A. Kristol and Kirk D. Olson.
AARP Miami LLC purchased the properties at 1428, 1614, 1616 and 1624 Alton Rd.; 1100 15th St.; 1220 16th St.; and 7316 Collins Ave., the Daily Business Review reported, citing Miami-Dade County property records. Tenants in the portfolio include Panera Bread at 1428 Alton Rd., Taco Rico at 1614 Alton Rd., Papa John’s at 1100 15th St. and JB Bike Shop at 7316 Collins Ave.
The seven buildings total 42,627 feet. The buyer obtained a $12.67 million mortgage from the seller, Twin City Realty LLC, as part of the transaction, records show.
“We vetted a deep buyer pool, including many institutional and local entities, all interested in owning quality real estate in the hot South Beach market,” Kristol said in a release. “A portfolio like this was a very rare opportunity to control key retail locations on the Alton Road corridor.”
Miami Beach retail properties are highly coveted by investors, with buildings on Lincoln Rd. frequently trading for more than $2,000 per square foot, such as Thor Equities LLC’s $22.5 million acquisition of three suites at 605 Lincoln Rd. in May. — Emily Schmall
Correction: Because of a reporting error, a previous version of this article listed the retail portfolio’s sales price at $14.48 million. It is $18.1 million.