South Beach retail space sells for $4.65M

The Buffalo Wings & Rings space at 1501 Collins Avenue in South Beach has sold for $4.65 million to California-based HP Investors. The deal represented an average price of $978 per square foot for the 4,800-square-foot, ground-floor space. Buffalo Wings & Rings is on a long-term lease at the property. The seller was REI Immobiler, which sold the property through subsidiary REI 1501 Collins Avenue. The sale marked a 40 percent net increase over the purchase price in 2008. “REI’s recent sale at 1501 Collins is an affirmative sign that the Miami commercial market continues to gain momentum,” said Paul Jarquin, managing partner of REI Immobilier. — Alexander Britell