Miami Beach Deco Market sells for slight profit

Miami /
May.May 15, 2015 11:15 AM

A Miami Beach investor sold a mixed-use site in South Beach for $5.46 million, Marcus & Millichap announced this week.

Deco Market, a 9,243-square-foot mixed-use property at 1435 Washington Avenue, was sold by 1439 Washington LLC, led by Miami Beach investor Peter Neary, according to corporate records. Neary bought the 1928 building in December 2006 for $5.3 million, according to property records.

Arthur D. Porosoff, Ronnie Issenberg, Gabriel Britti, Scott Sandelin and Alejandro D’Alba of Marcus & Millichap brokered the deal. The buyer is a Miami-based investor.

“This was a tremendous opportunity to purchase a property with in-place cash flow and continue to operate it with minimal management of the retail portion and run the residential units as yearly apartments or short term rentals,” Sandelin said in a statement.

The building includes a 6,394-square foot retail space and nine apartments totaling 2,929 square feet. The retail portion is currently leased to Art Deco Market.

“Washington Avenue has long been the most neglected street in South Beach,” Issenberg said in a statement. “With record breaking prices on the other main corridors of Alton, Lincoln and Collins, along with the prospects of a zoning density increase for the east side of the street, Washington Avenue has become a desirable target for investors that are looking to get into this market.”

In March, a hospitality group paid $6.2 million for a mixed-use building at 1334 Washington Avenue, six times its last sale price in 1993 with plans for redevelopment.


Related Articles

arrow_forward_ios
Dan Gelber uncut: Miami Beach mayor caught on tape courting developers for Ocean Drive takeover
Dan Gelber uncut: Miami Beach mayor caught on tape courting developers for Ocean Drive takeover
Dan Gelber uncut: Miami Beach mayor caught on tape courting developers for Ocean Drive takeover
Barry Sternlicht’s ex-wife buys condo at Glass in South Beach
Barry Sternlicht’s ex-wife buys condo at Glass in South Beach
Barry Sternlicht’s ex-wife buys condo at Glass in South Beach
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
From left: Cavalli Tower with Hussain Sajwani of Damac and the Surfside condo collapse site (Damac, Wikimedia, Getty)
From Dubai to Surfside: Inside Damac’s plans to redevelop the tragic site
From Dubai to Surfside: Inside Damac’s plans to redevelop the tragic site
Philly developer Bart Blatstein buys Continuum townhome for $6M
Philly developer Bart Blatstein buys Continuum townhome for $6M
Philly developer Bart Blatstein buys Continuum townhome for $6M
Artefacto owner buys waterfront Palm Island home for $5M
Artefacto owner buys waterfront Palm Island home for $5M
Artefacto owner buys waterfront Palm Island home for $5M
Chris Bosh and the property (Getty, The Waterfront Team)
Chris Bosh’s former waterfront Miami Beach mansion hits the market for $42M
Chris Bosh’s former waterfront Miami Beach mansion hits the market for $42M
Douglas Elliman agent Oliver Lloyd buys waterfront Miami Beach teardown
Douglas Elliman agent Oliver Lloyd buys waterfront Miami Beach teardown
Douglas Elliman agent Oliver Lloyd buys waterfront Miami Beach teardown
arrow_forward_ios

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

Loading...