Victoria’s Secret on Collins Avenue sells for $25M

Miami /
Mar.March 16, 2015 05:00 PM

“Buy it before it’s gone” has never been more true for one Miami Beach Victoria’s Secret store.

The Collins Avenue building the store anchors sold for nearly $25 million, according to Miami-Dade County records.

The 13,444-square-foot building, anchored by a Victoria’s Secret, sold to an affiliate of Atlanta and New York-based Jamestown, a massive real estate investment and management company, on March 11. The three-story building was built in 1940.

745 Collins Owner was the seller. Carlos Bertaco is listed on the company’s records. Bertaco is an executive vice president and controller at Safra National Bank in New York.

The 7,000-square-foot lot last sold for $17.65 million in April 2011, Miami-Dade property records show. That is a 42 percent increase in less than four years.

Victoria’s Secret has nine-and-a-half years remaining on a 15-year lease for the entire building, which has 10,264 square feet of retail on the first two floors and 2,867 square feet of third-floor office and storage space, according to a press release.

Drew A. Kristol and Kirk D. Olson of Institutional Property Advisors, a division of Marcus & Millichap, handled the transaction.

Jamestown, which has a $7.6 billion portfolio in the U.S. and a related company based in Germany, Jamestown US Immobilien GmbH, also owns the Guess building across the street at 736 Collins Avenue. The company bought it for $12.5 million in October 2013.


Related Articles

arrow_forward_ios
6345 Collins Avenue (Colliers)
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Red South Beach at 3010 Collins Avenue, Tom Assouline and August “Gussie” Busch (Instagram/gussiebusch, Google Maps, Getty)
Busch family partners with Assouline Capital to buy Red South Beach hotel
Busch family partners with Assouline Capital to buy Red South Beach hotel
Rendering of the project at 1360 Collins Avenue (Getty)
Miami Beach OKs apartment building conversion to boutique hotel
Miami Beach OKs apartment building conversion to boutique hotel
From left: Steve Witkoff, Monroe Capital’s Theodore Koenig, and Alex Witkoff with the Shore Club
Shore Club to become Auberge: Witkoff, Monroe’s redevelopment approval stands
Shore Club to become Auberge: Witkoff, Monroe’s redevelopment approval stands
Setai's Ariel Nakash, Monroe Capital’s Theodore Koenig and Witkoff’s Steve Witkoff with rendering of planned Shore Club project (Getty Images, Monroe Capital, Witkoff, Kobi Karp Architecture)
Setai wants Miami Beach to reverse Shore Club approval
Setai wants Miami Beach to reverse Shore Club approval
Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)
Former low-income South Beach apartments hit market as possible hotel conversion
Former low-income South Beach apartments hit market as possible hotel conversion
Stephen Ross, Mayor Dan Gelber and Frank Gehry with rendering of redevelop oceanfront Deauville project (Getty, Dan Gelber)
Steve Ross’ plan to redevelop oceanfront Deauville into Frank Gehry-designed project heads to Miami Beach voters
Steve Ross’ plan to redevelop oceanfront Deauville into Frank Gehry-designed project heads to Miami Beach voters
arrow_forward_ios

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

Loading...