A prime downtown Miami retail property is on the market for $5 million.
Foot Locker and a minority partner are listing the 38 East Flagler Street parcel through Marcus & Millichap Real Estate Investment Services, the Miami Herald reported. The nearly 33,000-square-foot building and 0.4 acres of vacant land could be redeveloped into a high-rise tower under Miami’s zoning code. The existing two-story building, which was previously the home of F.W. Woolworth, was constructed in 1934.
The property is east of the Macy’s store at 22 East Flagler Street, which was sold to New York-based Aetna Realty Group at the beginning of 2013. Macy’s, which recently signed a large lease at the planned Miami Worldcenter development, is expected to eventually vacate the location, but the company says no decision has been made. Its lease expires in 2018.
Marcus senior associate Ryan Shaw is marketing 38 East Flagler Street. [Miami Herald] — Eric Kalis