An 8,300-square-foot building operating as a fashion store for Guess in Miami Beach has sold for $12.5 million, which equates to $1,499 per square foot.
Marcus & Millichap represented the seller, a Miami-based owner/developer. The buyer, also represented by Marcus & Millichap, is an institutional investment group interested in building a South Florida retail portfolio.
“The building is a trophy retail asset located in the heart of the Collins Avenue fashion district,” said Drew Kristol, VP of investments in Marcus & Millichap’s Miami office. “Guess has occupied the property since 1998, and over the years has re-invested into their build-out. The new owner is an excellent position to capitalize on the below market in-place rental structure.”
The two-story building, located at 736 Collins Ave. between Seventh and Eighth streets in Miami Beach, was extensively remodeled in 1998 and has received complete interior renovations from Guess within the last 18 months.