Historic Miami Beach Building Trades For $12.3 Million

Sep 15, 2015 No Comments by

Marcus & Millichap arranged the sale of London Arms, an historic, four-story, 21,120-square-foot mixed-use property in Miami Beach.

The asset sold for $12.3 million.

 

“The buyer, an Atlanta-based limited liability company, was attracted by the mixed-use nature of the asset,” says Drew A. Kristol, vice president investments in Marcus & Millichap’s Miami office. “The property was recently renovated by the seller, who delivered the rent-ready 4,700-square-foot ground floor retail space with 25 upper floor rental apartments.”

 

“London Arms is a significant South Beach property that is ideally positioned for immediate income potential,” says David Arditi, founding principal of Aria Development Group, operator of the seller, 727 Collins Avenue, a limited-liability company. “We take pride in our meticulous renovation of this historic gem and are confident that the new owners will utilize the building to its greatest capacity.”

Drew A. Kristol and Kirk D. Olson, vice presidents investments in Marcus & Millichap’s Miami office, Felipe J. Echarte, vice president investments, and Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Still Hunter III, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller. Drew A. Kristol and Olson procured the buyer.

Originally constructed in 1930 as a 52-room hotel, the property was later converted to 33 affordable apartment units. In 2013, Aria Development Group purchased the building and completely renovated the interior.

Located at 727 Collins Ave., the property is situated within South Beach’s renowned Collins Avenue Fashion District with tremendous visibility from streets and sidewalks throughout the area.

 

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Industry News, Miami-Dade County Multifamily, Miami-Dade County Retail, Multifamily, NA, Retail
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