UPDATED, 5:05 p.m., May 11: A retail building in Miami’s Design District that just hit the market could sell for between $12 million and $15 million based on recent comparable sales in the neighborhood.
The 4,000-square-foot building at 51 Northeast 40th Street is on the market unpriced, but listing broker Ana Barcelo of CBRE said nearby properties are trading for about $3,000 per square foot. The building sits on a 5,000-square-foot lot.
Last year, a building on the same street sold for $21.5 million, or about $2,450 per square foot for the building and $4,300 per square foot for the land. In 2016, TriStar Capital and RFR Holdings paid $3,350 per square foot for the Atlas Plaza property across the street.
Oxfer Collection Corp., led by Alexandra Diez and Jose Guerrero, paid $131,600 for the property that was just listed in 1993. I On The District, a high-end eyewear store, and an apparel pop-up, are leasing the building. The eyewear store will relocate to another site in the Design District when its 2,000-square-foot lease expires in June, Barcelo said.
Craig Robins has spearheaded the neighborhood’s transformation and attracted a number of luxury retailers. Retail rents are as high as $300 per square foot, but Barcelo said rents are lower at the 40th Street building.