The Real Deal Miami

Victoria’s Secret on Collins Avenue sells for $25M

Building sold for 42 percent more than its last sale in 2011

March 16, 2015 05:00PM
By Katherine Kallergis

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Victoria's Secret on Collins Avenue

Victoria’s Secret on Collins Avenue

“Buy it before it’s gone” has never been more true for one Miami Beach Victoria’s Secret store.

The Collins Avenue building the store anchors sold for nearly $25 million, according to Miami-Dade County records.

The 13,444-square-foot building, anchored by a Victoria’s Secret, sold to an affiliate of Atlanta and New York-based Jamestown, a massive real estate investment and management company, on March 11. The three-story building was built in 1940.

745 Collins Owner was the seller. Carlos Bertaco is listed on the company’s records. Bertaco is an executive vice president and controller at Safra National Bank in New York.

The 7,000-square-foot lot last sold for $17.65 million in April 2011, Miami-Dade property records show. That is a 42 percent increase in less than four years.

Victoria’s Secret has nine-and-a-half years remaining on a 15-year lease for the entire building, which has 10,264 square feet of retail on the first two floors and 2,867 square feet of third-floor office and storage space, according to a press release.

Drew A. Kristol and Kirk D. Olson of Institutional Property Advisors, a division of Marcus & Millichap, handled the transaction.

Jamestown, which has a $7.6 billion portfolio in the U.S. and a related company based in Germany, Jamestown US Immobilien GmbH, also owns the Guess building across the street at 736 Collins Avenue. The company bought it for $12.5 million in October 2013.