A Spanish investor paid $12 million for a property near Española Way in Miami Beach.
Miami Retail 200, an LLC tied to Grupo Invivas principal Jaime Garbisu, acquired the mixed-use residential and retail building at 1452 Washington Avenue, property records show. The trust of Barry Fishman sold the 12,379-square-foot building.
Fishman, who was the managing partner of Shapiro & Fishman, a Florida-based law firm, died in January, according to an obituary published in the Miami Herald. Records show Fishman acquired the building in 1984 for $200,000.
The Washington Avenue two-story building was constructed in 1938 on a 7,756-square-foot lot. It includes retail space and one two-bedroom, two-bathroom residential unit. It’s just north of Española Way, a Spanish-style pedestrian-only corridor in South Beach.
Since the city of Miami Beach approved measures designed to increase hotel uses and expand retail and dining opportunities on Washington Avenue, investors and developers have been buying up sites and launching projects. Last year, the city commission passed co-living legislation for a portion of Washington Avenue from Sixth to 16th streets.
In 2017, a Garbisu-led company paid $5.2 million for the ground-floor retail space leased to La Petite Maison restaurant in Miami’s Brickell neighborhood.