Alton Road property nets $3.18 million
In another good sign for the bustling Alton Road commercial market, the Los Angeles-based AIDS Healthcare Foundation — a nonprofit providing health care and related services — has purchased a two-story property on Michigan Avenue for $3.18 million.
The organization was represented by CresaPartners in the deal.
Stephen Gaunt, a senior vice president at CresaPartners who represented AHF along with associate Eric Gaunt, said the retail and commercial market in Miami Beach shortened the time frame for making a deal.
“We had to act very quickly,” he said. “It’s a very active and dynamic market right now.”
Last month, Blanca Commercial Real Estate’s David Valdez told The Real Deal about the challenges of finding space for non-profits, given the financial considerations they must make.
The price here was not unexpected given the activity, Gaunt said.
Alton XV, a Florida corporation, was the seller on the building, which was constructed in 1952 and is located at 523 Michigan Avenue, a few blocks from Alton. The property will be used as a health-care facility, pharmacy, clinic and thrift store.
Gaunt said the nonprofit looked at Washington and Collins avenues, but decided that Alton Road had more foot traffic. This was important because it relies on revenue from a bottom-floor thrift shop for operating income. Other neighborhood activity includes the renovation of the Whole Foods on Alton Road and 10th Street, the opening of a new Walgreens location and a number of new restaurants in the area.
The New York-based Shake Shack, Danny Meyer’s restaurant, opened at 1111 Lincoln Road, a building designed by the architects of the Tate Modern in London. While primarily a parking garage, it has several residences, and the base of the site is a line of retailers, including Shake Shack, Taschen Publishing and an Adidas Y3 store.