Miami Beach Retail Portfolio Sells For $14.5 Million

A Miami Beach investor has acquired a seven-property retail portfolio for $14.48 million.
Twin City Realty LLC on Aug. 1 sold the properties at 1428, 1614, 1616 and 1624 Alton Road, 1100 15th St., 1220 16th St. and 7316 Collins Ave., according to Miami-Dade County records. The seven buildings total 42,627 square feet, resulting in a sale price per square foot of about $340.
ARRP Miami LLC is the buyer. The company obtained a $12.67 million mortgage from Twin City as part of the transaction, according to county records.
David B. Smith, co-trustee and investment manager of the buyer, said the acquisition is “a long-term investment made on behalf of family trusts.” He declined further comment.
Tenants in the portfolio include Panera Bread at 1428 Alton Road, Taco Rico at 1614 Alton Road, Papa John’s at 1100 15th St. and JB Bike Shop at 7316 Collins Ave.
Miami Beach retail properties are highly coveted by investors with the strongest activity occurring on the high-profile Lincoln Road retail corridor. Buildings on Lincoln frequently trade for more than $2,000 per square foot. The latest example was New York-based Thor Equities LLC’s $22.5 million — or $2,366 per square foot — acquisition of three street-level suites at 605 Lincoln Road in May.
South Florida’s most expensive retail sale of 2012 was in the same area. The $139 million cash sale of three buildings in the 700 and 800 blocks of Lincoln Road worked out to $2,609 per square foot.
 
Source:  DBR