CBRE Group Inc. arranged the sale of a multi-tenant, street-retail property located at 1671-1673 Alton Road in Miami Beach, Florida. The property was sold by Alton Florida Properties, Inc., and purchased by an affiliate of Deco Capital Group and RWN Real Estate Partners for $7.425 million. CBRE’s Todd Weintraub and Zach Winkler represented both the seller and buyer in the transaction.
“This property is exceptionally well located on the east side of Alton Road between Lincoln Road and 17th Street,” said Todd Weintraub, first vice president with CBRE Investment Properties Group. “The property appealed to the investor due to the significant strength and enormous upside potential of the retail corridor in the immediate area,” added Mr. Weintraub.
The 7,200-square-foot property on 0.17 acres has three ground-floor retail units and a second-floor loft space. It is triple-net leased to Nutritional Power Center, Naughty Rooster and Yummy Chinese & Sushi Bar. The building was originally constructed in 1936 and has been renovated numerous times. The asset is positioned immediately north of the new SunTrust building and the iconic 1111 Lincoln Road retail/office property, which serves as the western anchor of Lincoln Road.
“With numerous new projects being delivered in the vicinity, this area is poised to become the epicenter of the Miami Beach residential population.” said Zach Winkler from CBRE Miami’s urban and high street retail leasing practice.
Based in Miami, Todd Weintraub is part of CBRE’s Investment Property Group, concentrating on the sale of multi-tenant retail properties and single-tenant net-leased investments.
Focusing both on landlord and tenant representation, Zach Winkler leads the urban and high street retail leasing practice in Miami.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
