South Beach Retail Property Fetches $1,241 PSF

Sep 28, 2014 No Comments by

A New York psychiatrist and his wife scooped up a prime retail parcel just off Alton Road in Miami Beach.

Norton and Roslyn Nesis paid $22.5 million for the Gateway to Miami Beach, an 18,136-square-foot plaza constructed in 1996 with modern architecture and a liberal mixed-used commercial zoning designation for development up to 70 feet in height. Its two buildings house national tenants Pier 1 Imports and Burger King Corp.

Their new asset, which traded at $1,241 per square foot, is highly visible at the southeast corner of Fifth Street and Alton Road near the MacArthur Causeway.

Marcus & Millichap marketed the listing.

The Nesises are no strangers to real estate investment. Their holdings included an 1890s-era five-story apartment building on Grove Street in New York’s West Village.

They acquired the Miami Beach retail property from Gateway Development Inc., which paid $1.15 million for the site March 1, 1994.

 

Source: DBR

 

 

Get the latest industry news and information from CRE-sources 
delivered right to your email inbox!Enter your email address below:

 

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Industry News, Miami-Dade County Retail, NA, Retail
No Responses to “South Beach Retail Property Fetches $1,241 PSF”

Leave a Reply