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Comras looks to sell Five Guys property on Washington Ave
The property is hitting the market for $1,391 psf
Michael Comras is looking to sell a retail property on Miami Beach’s Washington Avenue.
The Comras Company is listing a 7,116-square-foot building at 1500 Washington Avenue that is anchored by the popular fast casual restaurant Five Guys. The property is hitting the market for $9.9 million or $1,391 per square foot, according to a release.
Drew A. Kristol and Kirk D. Olson of Marcus & Millichap are representing the seller in the deal.
Kristol declined to disclose the seller, but property records show that Comras owns the property. Five Guys recently invested over $600,000 into their leased space, according to the release.
The property is close to Lincoln Road Mall and is next to a public parking lot on 16th Street. It also has 5,000 square feet of additional buildable area, according to the release.
The building was built in 1948 and was last purchased in 2003 for $1.74 million, records show.
The Comras Company was recently tapped to lease the retail component at the 27-acre mixed-use Miami Worldcenter development near downtown Miami. Comras founded Comras Company in 1992 and specializes in the leasing and sale of urban and suburban retail properties.
Washington Avenue is undergoing major redevelopment amid the city’s approval in 2015 of measures designed to increase hotel space and retail and dining opportunities on the street. Lightstone Group is building a 202-key hotel at 915 Washington Avenue. Nearby, at 601 to 685 Washington Avenue, Imperia Companies’ Michael Fascitelli and Eric Birnbaum are building a seven-story, 300-key hotel.