A newly constructed building off Lincoln Road, developed by Scott Robins and Miami Beach Mayor Philip Levine, has just been up for sale for $30 million, The Real Deal has learned.
The 18,000-square-foot, glass-enclosed building at 1000 17th Street in Miami Beach is the new site for Suitsupply, a European men’s brand that opened last month. Suitsupply leased 4,000 square feet on the third floor, as well as a 1,700 square-foot roof-top terrace.
Drew Kristol and Kirk Olson of Marcus & Millichap have the listing for the building, which has been constructed as a vanilla box, ready for tenants, Robins said.
According to Miami-Dade property records, 17th Street Partners bought the property for $1.5 million in 2007. Robins said construction began about two years ago. Suitsupply is the only tenant so far, he said.
“We wanted to wait for Suitsupply to open,” Robins, president of Scott Robins Companies, told TRD. “We have had a lot of interest from other tenants, but we really feel that Suitsupply will set the tone for future tenants.”
The building is not within Scott Robins core group of properties, and the timing seemed right to sell now, he said.
“For us, the building is by itself, it’s outside all the other buildings in our portfolio,” Robins told TRD, “and with the recent high sales on Lincoln Road, we thought it might be a good time for that building to be put on the market.”
In Miami Beach, Robins’ company has focused on such areas as Sunset Harbour, Espanola Way, Washington Avenue, Collins Avenue, West Avenue and Alton Road.
Earlier this year, Miami Beach’s Sunset Harbour Shops, developed by Scott Robins Companies in a public/private partnership, signed leases with new retail and restaurant tenants to reach 100 percent occupancy.
New tenants include La Moderna, an Italian restaurant tied to the owners of Fratelli La Bufala, which has recently opened, and NaiYaRa, created by Oishi Thai chef and former Khong River House chef Piyarat Arereeratn, known as Chef Bee, which is scheduled to open in September, Robins said. Jugofresh owner Matthew Sherman’s new vegan restaurant and market is also expected to open in September, Robins said.