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



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