Sephora building on Collins Avenue
hits the market

Owner, controlled by Comras Co., wants more than $1,600 psf for the building

Nov.November 29, 2017 12:00 PM

The building at 721 Collins Avenue

Sephora’s Miami Beach location is on the market for nearly $9 million.

The 5,400-square-foot building at 721 Collins Avenue was just listed for sale, according to Marcus & Millichap. It’s asking $8.875 million, or about $1,645 per square foot.

Property records show CLB Associates Ltd., controlled by Michael Comras of the Comras Company, owns the property. Comras could not be reached for comment.

Sephora has a triple-net lease for the building, which could be redeveloped under its current MXE zoning. Marcus & Millichap’s Drew Kristol and Kirk Olson are listing the building.

It last sold for $1.3 million in 1998, according to property records.

Sephora has leased the property since 1999, when the building was completed. It’s the only Miami Beach location for the French cosmetics company.

At least two retail buildings on Collins Avenue have sold above $5 million this year. In January, the building at 919 Collins Avenue traded for $7.1 million, or less than $1,000 a foot. Earlier that month, Charming Charlie’s building nearby at 735 Collins Avenue sold for $12.5 million, or $964 per square foot.

But the market may have peaked in 2016, when the Club Monaco building at 624 Collins Avenue sold for more than $2,800 per square foot, or $24 million. – Katherine Kallergis

Related Articles

Purdy Lounge in Miami Beach (Credit: Facebook)

Last call for Purdy Lounge. Miami Beach bar announces closure

From left: Keith Menin and Russell Galbut, with the Domio Kaskades Hotel

Russell Galbut wants to sell another Miami Beach hotel

Antonio Sustiel and 266 South Coconut Lane (Credit: Facebook and Zillow)

The Flooring King buys a new palace in Miami Beach

802 West Dilido Drive with agents Dina Goldentayer and Miltiadis Kastanis (Credit: Douglas Elliman)

Developer gets $15.6M for Venetian Islands spec home

Todd Glaser, Rony Seikaly and a rendering of spec home at 1635 W 22nd Street (Credit: Mary Beth Koeth, Getty Images)

Todd Glaser, Rony Seikaly close on Miami Beach spec mansion

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Thomas O’Reilly, John Marshall, Ivan Chorney and Michael Martirena with Continuum North unit 1402/03 (Credit: Douglas Elliman and LinkedIn)

Tech entrepreneur sells Continuum unit to Neuberger Berman exec