The Real Deal Miami

Miami Beach Firehouse Subs sells for $2.5M

Washington Avenue site last sold for $1.95M in 2009
By Katherine Kallergis | June 10, 2015 02:15PM

Firehouse Subs in Miami Beach

Commercial real estate on Washington Avenue just got hotter.

A Firehouse Subs in Miami Beach sold for $2.5 million, according to Marcus & Millichap, or about $766 per square foot.

The 4,322-square-foot property at 1429 Washington Avenue last sold for $1.95 million in February 2009, according to Miami-Dade property records. 

The seller, 1429 Washington Avenue LLC, lists Miami Beach investor Peter Neary on its corporate records.The buyer was Black Condor, a Miami Beach-based LLC. Cesar and Guillermo Manzur are listed on the buyer’s records.

Marcus & Millichap’s Arthur D. Porosoff, Ronnie Issenberg, Gabriel Britti, Scott C. Sandelin and Alejandro D’Alba represented the seller.

The single-story building was constructed in 1920, records show. The sale joins a number of commercial properties on Washington Avenue that have sold recently.

In March, the Waldorf Building, at 1334 Washington Avenue, sold for $6.2 million, six times its last sale price in 1993. Also in March, a pair of New York real estate investors purchased a Miami Beach hostel at 235 Washington Avenue for $8.28 million.

The Miami Beach Land Use and Development Committee recently approved a series of wide proposals designed to breathe new life into Washington Avenue. The proposals, which will be forwarded to the Miami Beach Planning Board for its June 23rd meeting, include raising height limits for buildings on Washington Avenue from 50 feet to 55 feet, widening sidewalks, adding bike lanes and even closing down one lane of traffic along much of the avenue to allow parklets — parking spaces converted to temporary patios for outdoor dining.

“The City of Miami Beach has been discussing increasing the buildable square footage to the east side of Washington Avenue,” Issenberg said in a statement. “The city’s plan is to attract new hospitality developments, which in turn will continue driving retail rates northward.”