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