Azita Aghravi
-- Asking $24.5 million for fully leased retail and parking garage condominium located at the base of the award winning Crown Plaza South Beach – Z Ocean Hotel–
Co-exclusive agents Eastern Consolidated and JAW Commercial, a Florida real estate firm, have been selected to sell a fully leased retail and parking garage condominium at the base of the award winning Crown Plaza South Beach – Z Ocean Hotel in the heart of South Beach, Florida.
The asking price is $24.5 million for the block through property, which offers retail frontage at 1458 Ocean Drive and 1437 Collins Avenue.
Eastern Consolidated Senior Director and Principal Azita Aghravi and JAW Commercial agent Jason Weisman are marketing the offering. Chris Matousek, Director of Financial Services for Eastern Consolidated is the analyst for the deal.
The retail component includes three units that are fully occupied by three tenants on triple-net leases. Combined, there is a total of ±6,768 square feet of interior space plus additional ±5,750 square feet of outdoor patio space. The Ocean Drive side is occupied by the renowned restaurant Front Porch Café, while the two tenants along Collins Avenue include Sauvage of Miami (a woman’s apparel company) and Vibe of Miami (a spa). The lower level parking component is accessed via Collins Avenue and consists of 88 parking spaces.
“The offering presents investors with the opportunity to purchase a fully leased retail and parking garage condominium in the only block through property with substantial retail frontage on both Ocean Drive and Collins Avenue,” Aghravi said. “The prominent location is across the street from the prestigious 245-unit IL Villaggio Condominiums, surrounded by thousands of hotel rooms, and bookended by two access points to the ocean. Additionally, it is just a short walking distance to Lincoln Road.”
Retail neighbors include Haagen-Dazs and Starbucks, which is one of the best performing stores in the Starbucks portfolio, servicing an average of 80 customers per hour, and over 1,400 customers daily.
Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
