The Real Deal Miami

SoBe retail store sells for $12.5M

Collins Avenue building fetches nearly $1,500 per square foot
November 08, 2013 03:00PM

736 Collins Avenue in Miami Beach

736 Collins Avenue in Miami Beach

An institutional investor has acquired a three-story retail store in Miami Beach for $12.5 million.

The buyer, an affiliate of Atlanta-based Jamestown, hopes to amass a vast retail portfolio in South Florida, the Daily Business Review reported. The sale of the 8,322-square-foot store at 736 Collins Avenue was announced Friday in a written statement from brokerage Marcus & Millichap Real Estate Investment Services.

A company owned by Miami Beach developer Scott Robins sold the building to Jamestown. The building is occupied by clothing retailer Guess.

Marcus & Millichap vice presidents of investments Drew Kristol and Kirk Olson represented both the buyer and seller. [Daily Business Review] —  Eric Kalis