Retail building in Miami Design District hits the market

It's leased to a high-end eyewear store and fashion pop-up

TRD MIAMI /
May.May 11, 2018 08:45 AM

51 Northeast 40th Street and CBRE’s Ana Barcelo

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.


Related Articles

arrow_forward_ios
Daily Digest Miami

Project with downtown Miami’s first brewery moves forward, startup aims to institutionalize investing in Miami condos: Daily digest

112 NE 41st Street, Ray Cleeman of Pensam Funding

Developer of new Design District building snags a $30M loan

David and Leila Centner and the Centner Academy (Credit: Getty Images, Google Maps)

Owners of new Miami Design District school hired mayor’s law firm to represent them in zoning appeal

CocoWalk at Coconut Grove

The Weekly Dish: Cote NYC heads to Miami, Sushi Garage opening at CocoWalk & more

Alex Karakhanian, Chaim Cahane, and 45 Northeast 41st Street

Investors under contract to buy Opportunity Zone property in the Design District

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

arrow_forward_ios