Amid a wave of redevelopment along Miami Beach’s Washington Avenue, developer Scott Robins has sold a prime retail property on the avenue for $18.55 million, more than 25 times what he paid for it in 1992, county records show.
Robins’ 8th Street Washington Holdings LLC sold the 17,500-square-foot building at 743 Washington Avenue to Jamestown, an Atlanta and New York-based real estate investment and management firm – the second notable Miami Beach acquisition for the company this year.
The two-story building, on the corner of Washington and Eighth Street, was listed for $18.95 million in May 2014. The last recorded sale for the 19,500-square-foot lot was in 1992 for $730,000. It was built in 1965, according to Miami-Dade County records.
Marcus & Millichap’s Drew A. Kristol and Kirk Olson were the listing agents.
Washington Avenue is experiencing a new wave of redevelopment, as the city considers new measures that are designed to increase hotel space and retail and dining opportunities on the street, which lags far behind Lincoln Road and Ocean Drive in attracting first tier retail, dining and hotel venues.
Jamestown also purchased a Victoria’s Secret-anchored property on Collins Avenue in March for $25 million. 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 at 736 Collins Avenue.
Robins, along with Miami Beach Mayor Philip Levine, listed a newly constructed building off Lincoln Road, for $30 million in July. Suitsupply, a European men’s brand, is leasing space at the property.