The Real Deal Miami

Puma store in Miami Beach sells for $5.5M

June 21, 2012 09:45AM

The Puma store in SoBe

The Puma store at 820 Collins Avenue in South Beach has sold for $5.5 million in an all-cash transaction, according to Majestic Properties’ Edward Fernandez, who represented both parties in the deal. The mixed-use property features 3,786 square feet on its first floor, which is currently leased to Puma North America. The second and third floor penthouse has a total of 5,613 square feet and features a rooftop pool with a cabana. “The property was priced extremely well according to direct com parables in the area,” Fernandez said. “It was a win-win for the buyer when you combine the national tenant on the commercial side with the luxury and location on the residential. It was a smooth transaction.” — Alexander Britell