MAPS Production House in Miami Beach hits the market

Historic property includes adjacent 20-unit rental building in the South-of-Fifth neighborhood

Sep.September 06, 2018 11:30 AM

200-212 Collins Avenue and Marcus & Millichap’s Alex Zylberglait

The historic MAPS Production House and an adjacent apartment building in Miami Beach’s South-of-Fifth neighborhood just hit the market with an asking price of $16 million.

The properties’ owner, Paul Lardi, tapped Marcus & Millichap’s Alex Zylberglait and Francisco Baserva to sell the sites at 200 and 212 Collins Avenue. The two buildings, built in 1940 and 1941, sit on a 13,000-square-foot lot on the corner of Collins Avenue and Second Street.

Zylberglait said the site is zoned to allow for reuse of the space, including adding a hotel component. The two-story apartment building features 20 multifamily units and office space on its ground floor.

Next door, Lardi’s photo production company has seen the likes of Star Wars actor Adam Driver and singer Jennifer Lopez, according to its website. The space includes a second floor mezzanine level with catering space and separate entrances. The company provides photo production services and venue rentals for events.

Records show Lardi paid $1.5 million for both properties in 1998. Zylberglait said the owner renovated the buildings to include gates, hurricane-impact windows and a surveillance system. Lardi also owns the MAPS Backlot studios in Wynwood.

In March, an affiliate of the European investment and management firm Drago paid $14.6 million for a 27-unit apartment building just up the block at 250 Collins Avenue. That deal equated to $541,000 per unit.

The South-of-Fifth neighborhood has seen much redevelopment in recent years. Luxury condominiums like One Ocean, 321 Ocean and Louver House have been built, and several new restaurants have opened, including Forte Dei Marmi at 150 Ocean Drive and Planta at 850 Commerce Street.

Related Articles

Pablo Camposano, Phil Gutman and Felix Bendersky, with 200 South Pointe Drive (Credit: Google Maps)

Bull’s-eye: Norway dart club lands on South Beach for first US location

Chad Carroll, Mariana Trentini, and Fabio Lopes, and Christopher Burch with 5050 North Bay Road

Heinz Brasil exec sells waterfront North Bay Road home to Christopher Burch

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Amir Zwickel and a Showfields store

Showfields to bring new retail concept to Lincoln Road

David Arditi of Aria Development Group and 321 Ocean

Condo association alleges construction defects at 321 Ocean: lawsuit

Julian Cohen and a rendering of the project

Felix and Julian Cohen propose waterfront spec mansion on North Bay Road

1452 Washington Avenue (Credit: Google Maps, iStock)

Spanish investor buys mixed-use building near Española Way