Miami Beach gas station sold to developer for $7M
A Chevron gas station and service center on Miami Beach’s Alton Road was just sold to a development company, and its future could include a transformation into retail.
The station is located on a half-acre lot at the corner of Alton Road and 18th Street near the Sunset Harbour neighborhood of Miami Beach. It was built in 1963, and the property has only one recorded resale since then: a $1.03 million purchase by its most recent owner, the seller, in 2001.
Property records show the station is owned by a company named Larry’s Service Center, managed not by Larry, but Mark D. Raybon of Pembroke Pines.
Raybon has now sold the station for $7.3 million to an affiliate of Saber Real Estate Advisors, a development company with offices in New York and South Florida. A news release about the sale says that Saber plans to turn the property into a “marquis retail development with a dedicated parking garage.”
“The corner where this property is located is the gateway into South Beach, along the most highly trafficked road in Miami Beach and just a stone’s throw from Lincoln Road,” Michael Klinger of Saber said in the release. “The pedestrian-friendly charm of Sunset Harbour is accentuated by Alton Road’s 47,500 average daily traffic. The location is a retailer’s dream.”
Miguel Alcivar, Scott O’Donnell, Dominic Montazemi, Greg Miller and Jason Hochman of commercial brokerage CBRE represented Saber for the deal.
“The purchaser of this highly sought-after redevelopment opportunity is a sophisticated veteran developer who can navigate the environmental hurdles of redeveloping a gas station site,” said Alcivar in the release. “This property with its underlying CD-2 zoning is primed for the wave of redevelopment that is transforming this area, a one-time industrial node, into a vibrant mixed-use neighborhood.”