The Real Deal Miami

Retailer picks up Brickell building for $5.45M

National brand will open glass-front showroom
The office building at 268 Southwest 8th Street and Alfonso Jaramillo of Fortune International Realty

The office building at 268 Southwest Eighth Street and Alfonso Jaramillo of Fortune International Realty

A national retailer is opening a new showroom in Brickell after it purchased a three-story office building in the neighborhood for $5.45 million, The Real Deal has learned.

The building, at 268 Southwest Eighth Street, has 16,000 square feet and sits on a quarter-acre corner lot.

Alfonso Jaramillo of Fortune International Realty told TRD that an unnamed national brand plans to gut the building and transform it into a glass-front showroom, though there isn’t a known timeline yet.

Jaramillo, director of commercial real estate with Fortune, represented the buyer. The seller was represented by brokerage Esslinger Wooten Maxwell.

This is the fourth property within a mile of the upcoming Brickell City Centre that’s been sold in recent months.

In February, Argentine businessman Alfredo Coto bought a pair of lots on Southwest Ninth Street for a combined $7.2 million. Two months later, Walgreens sold a vacant site on Southwest Seventh Street for $15.5 million after its plans to build a modern-style store there fell through.

Jaramillo said property values in the area are shooting up because of Brickell City Centre.

That factor, coupled with a lack of properties for sale, has brought the average price per square foot to roughly $420 — almost double what it was last year, Jaramillo said.

“People are taking advantage of the momentum,” he said.