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MAPS Production House in Miami Beach hits the market
Historic property includes adjacent 20-unit rental building in the South-of-Fifth neighborhood
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.