A retail property on a corner of Alton Road in Miami Beach has come on the market as a potential development site, as the bustle on Lincoln Road continues to spill out to surrounding streets.
Plaza 1600 South Beach, a 6,090-square-feet retail building at 1600 Alton Road, has current tenants including Lyon Frères Petit Marché, Dunkin’ Donuts and Pizza Hut.
The site is being exclusively listed by Marcus & Millichap. The firm told The Real Deal there is no list price, and it is taking all bids.
Built in 1959 and renovated in 2000, Plaza 1600 South Beach consists of a 15,000-square-foot lot with 6,090 square feet of gross leasable space on two floors.
Scott Sandelin, associate vice president investments and Alejandro D’Alba, associate, are representing the seller, a private company from Miami. According to Miami-Dade property records, The Plaza 1600 Partnership bought the property for $330,000 in 1988.
Rents on Lincoln Road have tripled during the past few years, and landlords are negotiating leases on Alton Road at more than $100 a square foot, D’Alba said.
According to Marcus & Millichap, multiple new projects are in the works on Alton Road, including a multi-level, high-end retail mall, a 450-seat restaurant venue, a second Whole Foods Market, a Baptist Health medical complex, mixed-use and multifamily developments, and a new Marriott Hotel. Abutting the shopping plaza on the north side is 1212 Lincoln Road, a multi-parcel property that will be replaced by an 83,000-square-foot multi-story, high-end retail and parking complex.
“The new owner can up-lease the property as leases expire,” Sandelin said in a statement, “or take advantage of this large corner parcel’s significant unused development potential.”