Investor buys Beach retail portfolio for $18.1M

Miami /
Aug.August 08, 2013 01:00 PM

Money from family trusts was pooled together to purchase a seven-property retail portfolio in Miami Beach for $18.1 million, according to the deal’s brokers, Marcus & Millichap vice presidents Drew A. Kristol and Kirk D. Olson.

AARP Miami LLC purchased the properties at 1428, 1614, 1616 and 1624 Alton Rd.; 1100 15th St.; 1220 16th St.; and 7316 Collins Ave., the Daily Business Review reported, citing Miami-Dade County property records. Tenants in the portfolio include Panera Bread at 1428 Alton Rd., Taco Rico at 1614 Alton Rd., Papa John’s at 1100 15th St. and JB Bike Shop at 7316 Collins Ave.

The seven buildings total 42,627 feet. The buyer obtained a $12.67 million mortgage from the seller, Twin City Realty LLC, as part of the transaction, records show.

“We vetted a deep buyer pool, including many institutional and local entities, all interested in owning quality real estate in the hot South Beach market,” Kristol said in a release. “A portfolio like this was a very rare opportunity to control key retail locations on the Alton Road corridor.”

Miami Beach retail properties are highly coveted by investors, with buildings on Lincoln Rd. frequently trading for more than $2,000 per square foot, such as Thor Equities LLC’s $22.5 million acquisition of three suites at 605 Lincoln Rd. in May. — Emily Schmall

Correction: Because of a reporting error, a previous version of this article listed the retail portfolio’s sales price at $14.48 million. It is $18.1 million.


Related Articles

arrow_forward_ios
4412 North Bay Road
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
Oceana Key Biscayne at 360 Ocean Drive, Key Biscayne
Miami-Dade condo sales and volume dip in second week of June
Miami-Dade condo sales and volume dip in second week of June
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
HFZ’s Ziel Feldman with the Shore Club (Getty, Facebook via Shore Club)
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
Chris Lorenzen and Richard W. Gray III with Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, DJR Enterprises, Apogee Condo South Beach)
Securities trading CEO buys Apogee condo in South Beach for $12M
Securities trading CEO buys Apogee condo in South Beach for $12M
Palazzo Del Sol (7000 Fisher Island Drive, Fisher Island) (Google Maps)
$19M Fisher Island PH leads weekly condo sales
$19M Fisher Island PH leads weekly condo sales
The Clevelander South Beach (Getty)
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Steven, Lauren and Zach Witkoff with the Ritz-Carlton Residences, Miami Beach (Getty, Witkoff, Ritz Carlton)
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...