The Real Deal Miami

Victoria’s Secret’s SoBe home changes hands

May 04, 2011 04:27PM

A 13,624-square-foot South Beach retail building that houses a Victoria’s Secret store has changed hands for $17.65 million, or $1,331 per square foot, according to Marcus & Millichap Real Estate Investment Services, which brokered the deal on behalf of the seller. The 745 Collins Avenue property, which was built in 1940 and renovated in 2009, was purchased by an entity from New York City with ties to foreign capital, the brokerage said. Victoria’s Secret holds a 15-year double-net lease on the entire building — which has 10,264 square feet of retail on the first two floors and 3,000 square feet of office and storage space on the third — with 14 years remaining and a 10-year renewal option. The lease terms include a 2.5 percent rent hike each year. TRD