Miami Beach Retail Property Sells for $15.5 Million
A retail property located at 1675 Meridian Avenue in Miami Beach, Florida has been sold for $15.5 million.
Miami Beach, Florida - A retail property located at 1675 Meridian Avenue in Miami Beach has been sold for 15.5 million. The property, which spans 98,610 square feet, was sold at a price of 157 per square foot. The sale was facilitated by Marcus & Millichap, a leading commercial real estate brokerage firm.
The retail property, situated in the heart of Miami Beach, offers a prime location for businesses looking to establish a presence in the area. With its proximity to popular tourist destinations and a high volume of foot traffic, the property presents an attractive opportunity for retailers.
The buyer of the property, whose identity has not been disclosed, is expected to leverage the property’s prime location to attract tenants and generate a steady stream of rental income. The seller, also undisclosed, likely saw the opportunity to capitalize on the strong demand for retail space in Miami Beach.
Marcus & Millichap, the brokerage firm that facilitated the sale, is known for its expertise in the commercial real estate market. With a strong track record of successful transactions, the firm has established itself as a trusted advisor to buyers and sellers alike.
The sale of the retail property at 1675 Meridian Avenue is indicative of the strong demand for commercial real estate in Miami Beach. The city’s vibrant tourism industry and growing population have contributed to a thriving retail sector, attracting both local and national retailers.
In recent years, Miami Beach has seen significant investment in its retail sector, with new developments and renovations taking place throughout the city. This has led to increased competition for prime retail spaces, driving up property values and rental rates.
The retail property at 1675 Meridian Avenue offers a unique opportunity for businesses looking to tap into Miami Beach’s thriving retail market. Its central location, ample space, and high visibility make it an ideal choice for retailers seeking to establish a presence in the area.
As Miami Beach continues to attract tourists and residents alike, the demand for retail space is expected to remain strong. The sale of the property at 1675 Meridian Avenue is a testament to the city’s robust retail market and the value that investors see in its prime locations.
Overall, the sale of the retail property at 1675 Meridian Avenue in Miami Beach for $15.5 million highlights the continued strength of the city’s commercial real estate market. With its prime location and strong demand for retail space, Miami Beach remains an attractive destination for investors and businesses alike.