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
Michael Shvo, Rishi Kapoor, Jorge Pérez and Eric Schmidt with 407 Lincoln Road, 1260 Washington Avenue, 120 MacArthur Causeway, Terminal Island, 944 Fifth Street and 411 Michigan Avenue (SHVO, Related Companies, Location Ventures, Guillaume Paumier, CC BY 3.0 via Wikimedia CommonsLoopNet, Arquitectonica, Touzet Studios, TECMA)
Map: Here are 655K sf of offices on tap in Miami Beach
Map: Here are 655K sf of offices on tap in Miami Beach
Douglas Elliman’s Jay Parker, Related Group's Jorge Pérez and Fisher island (Google Maps, Getty, Douglas Elliman, Related Group)
VIP only: Related, partners begin sales of Fisher Island condo project
VIP only: Related, partners begin sales of Fisher Island condo project
7431 Fisher Island Drive (Google Maps, Getty)
Fisher Island unit tops Miami-Dade’s weekly condo sales
Fisher Island unit tops Miami-Dade’s weekly condo sales
From left: Shadi Shomar, Russell Galbut, Renata and Cesar Giovannini with 510 Ocean Drive (Arte Hospitality, Lynx Property Services)
Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan
Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan
1 East Broward Boulevard in Fort Lauderdale and Pacific Coast Capital Partners’ co-founders William Lindsay, Aaron Giovara and Donald Kuemmeler (PCCP, Google Maps)
Lease roundup: West Marine moves HQ to Fort Lauderdale
Lease roundup: West Marine moves HQ to Fort Lauderdale
SL Green’s Andrew Mathias, Boich Investment Group’s Wayne Boich and Related Companies’ Bruce Beal with rendering of 1920 Alton Road (SL Green, Boich Enterprises, Related Companies)
Wayne Boich, Related’s Bruce Beal and SL Green president plan Miami Beach project
Wayne Boich, Related’s Bruce Beal and SL Green president plan Miami Beach project
Sunbeam's Andy Ansin, KMB Enterprises' Kevin Brill and Douglas Elliman's Brett Harris with 1125 North Shore Drive (Sunbeam Television, Kevin Brill, Brett Harris)
Sunbeam’s Andy Ansin pays record price for Normandy Shores flip
Sunbeam’s Andy Ansin pays record price for Normandy Shores flip
Douglas Elliman’s Jay Parker, Witkoff's Alex Witkoff, Monroe Capital's Ted Koenig and a rendering of the 1901 Collins Avenue (Douglas Elliman, Witkoff, Monroe Capital)
Elliman to lead sales of Witkoff, Monroe’s Auberge Shore Club project
Elliman to lead sales of Witkoff, Monroe’s Auberge Shore Club project
arrow_forward_ios

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

Loading...