A 17,500-square-foot retail property on the corner of Eighth Avenue and Washington Avenue in South Beach has hit the market asking $18.95 million.
The space is currently anchored by Adidas and Adriano Goldschmied. Other retail properties surrounding the building feature stores like Armani, Diesel Jeans, Banana Republic, Guess, Victoria’s Secret, and Kenneth Cole, according to Globe St.
Drew Kristol and Kirk Olson, vice presidents of investments in Marcus & Millichap’s Miami office, are representing the seller, a Miami Beach-based private investor.
“This is a rare opportunity for an investor to purchase a trophy retail asset on Washington Avenue in South Beach, where retail properties have consistently appreciated over the past decade due to the rarity of the asset class, incredibly strong international tourism, and impressive local foot traffic,” says Kristol. [GlobeSt.] — Christopher Cameron