The Real Deal Miami

Barneys Co-op’s former South Beach site listed for $12.9M

Two-story building, built in 1923, last sold for $2.5M in 1999

November 12, 2015 12:45PM

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832 Colins Ave

832 Collins Avenue, Miami Beach

Barneys New York Co-op’s former retail site in South Beach has hit the market, listed at $12.9 million, Marcus & Millichap announced.

The historic property at 832 Collins Avenue is a 9,377-square-foot, single-tenant retail space in the Collins Avenue Fashion District. It is currently unoccupied.

Scott Sandelin, vice president investments, and associate Alex D’Alba, both in Marcus & Millichap’s Miami office, are exclusively representing the seller.

Miami-Dade property records show the seller as Jademire Properties, which paid $2.5 million for the property in 1999. The entitity’s president is Bill Murray with a Hong Kong address, according to Florida corporate records. Murray is also listed as the secretary, treasurer and director of the entity.

Built in 1923, the two-story building was renovated in 2000, Marcus & Millichap said. The 7,000-square-foot lot has unused FAR (floor-area-ratio) that allows for the addition of another floor, the firm said.

“The finite number of properties in the Collins Avenue Fashion District make it one of the highest barrier-to-entry submarkets in Miami Beach,” Sandelin said in a statement. “This offering is a great opportunity for an investor to take advantage of purchasing this asset at a significant discount and then re-tenanting and stabilizing a trophy asset in a coveted market.”  — Ina Cordle