Retail site for sale near Lincoln Road in Miami Beach

Plaza 1600 South Beach at Alton Road and 16th Street has no listing price, is taking bids

Apr.April 07, 2015 05:15 PM

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.”

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