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South Florida

NYC investor closes on South Beach building for $13.15 million

A New York City investor has closed on the purchase of a 15,975-square foot, multi-tenant building at 801 Washington Street  in the heart of South Beach’s Fashion District for $13.15 million or $823 per square foot, Marcus & Millichap, which brokered the deal, announced yesterday. The property is occupied by Diesel Jeans and upscale retailer Dash Miami, which is owned by the famous Kardashian sisters.

Drew Kristol and Kirk Olson, senior associates in the Miami office of Marcus & Millichap, represented the seller, 801 Washington LLC. Adelaide Polsinelli, an associate vice president of investments, and associate Kyle Woodruff in the firm’s Manhattan office, represented the buyer, an unidentified New York City investor.

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“Prime corner retail properties like 801 Washington Ave. rarely come to market on South Beach,” Kristol said. “A number of foreign and domestic investors expressed interest in this property, which was ultimately acquired by a New York City buyer.” — Katherine Clarke