Thor lists Collins Avenue retail redevelopment for $17M

852 Collins Avenue
852 Collins Avenue

A newly renovated three-story building on Collins Avenue in Miami Beach has hit the market for $17.33 million, Marcus & Millichap announced on Thursday. 

Thor Equities owns the 9,285-square-foot property, which is currently net-leased to two tenants. It’s on the market for $1,866 per square foot. The building, at 852 Collins Avenue, was built in 1936 and renovated last year, Marcus & Millichap said in a press release.

Tenants include Planet Blue, a California-based fashion boutique, on the ground floor; and Jetset Franklin, a loft-style, short-term rental concept, on the upper floors. Both tenants have long-term leases with 3 percent annual base rental increases, according to the release.

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On Thor’s website, the property includes 130 feet of frontage along Collins. Previous sales information was not available in property records. Drew A. Kristol and Kirk Olson, vice presidents of investments in Marcus & Millichap’s Miami office, are listing the building.

Neighboring retail includes Aldo, which sold its building in December for $10 million and is leasing it back, A/X Armani Exchange, Banana Republic, Guess and Victoria’s Secret. Jamestown bought the Victoria’s Secret building in March for nearly $25 million. The retailer’s lease expires in 2024. – Katherine Kallergis