Surfside Retail Property Trades In $8.6 Million Sale

Jun 26, 2017 No Comments by

CBRE Group Inc. arranged the sale of a multi-tenant, street-retail property located at 9525-9537 Harding Avenue in Surfside, located between Miami Beach and Sunny Isles Beach.

The sellers of the property were three related entities; Harding Avenue at Bal Harbour, LLC, Harding Avenue at Surfside, LLC, and Surfside Retail Properties, LLC.

The property was acquired for $8.6 million by ErikDavid, LLC, and 9525/37 Harding Avenue, LLC.

CBRE’s Todd Weintraub represented both the seller and buyer in the transaction.

 

“This building is exceptionally well located on the east side of Harding Avenue in the trending Surfside business district, just south of the Bal Harbour Shops,” said Todd Weintraub, first vice president with CBRE Investment Properties Group. “The property appealed to the investor due to the significant strength of the retail corridor and upside potential over the coming years.”

The 9,055-square-foot single floor property on 0.24 acres has three retail units, including Citibank, which occupies half of the leasable space, RazzleDazzle Barbershop, and Real Estate Transactions, Inc. The building was originally constructed in 1952 and has been renovated numerous times.

 

“Surfside has become a preferred destination for luxury residential projects, including the recently completed Fendi Château Residences and the Four Seasons Residences at the Surf Club”, added Weintraub.  “These projects are likely to continue fueling retailer and restaurant sales figures, as well as bank deposits throughout Surfside’s limited business district.”

Based in Miami, Todd Weintraub is part of CBRE’s Investment Property Group, focusing on the sale of multi-tenant retail properties and single-tenant net-leased investments.

 

 

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