CBRE arranged the sale of a Chevron service station and car wash at 1800 Alton Road, a prime redevelopment opportunity in the trendy South Beach area of Miami Beach, Florida. The 3,953-square-foot asset situated on a 0.55-acre site in the Sunset Harbour neighborhood was acquired by Saber 1800 Alton LLC from Larry’s Service Center, Inc., for $7.3 million.  The new owners plan to develop the site into a marquis retail development with a dedicated parking garage. CBRE represented the buyer in the transaction.  

Saber 1800 Alton, LLC is an affiliate of Saber Real Estate Advisors, LLC, a real estate development and investment firm headed by Michael Klinger and Martin Berger with offices in Aventura, FL and Armonk, NY.  Saber focuses on developing "best in class” properties located on “main and main” intersections such as Alton Road and 18th Street.  

“The purchaser of this highly sought-after redevelopment opportunity is a sophisticated veteran developer who can navigate the environmental hurdles of redeveloping a gas station site,” said Miguel Alcivar of CBRE’s Investment Properties. “This property with its underlying CD-2 zoning is primed for the wave of redevelopment that is transforming this area, a one-time industrial node, into a vibrant mixed-use neighborhood.” 

Added Saber’s Michael Klinger, "The corner where this property is located is the gateway into South Beach, along the most highly trafficked road in Miami Beach and just a stone’s throw from Lincoln Road.  The pedestrian-friendly charm of Sunset Harbour is accentuated by Alton Road's 47,500 average daily traffic. The location is a retailer’s dream.” 

CBRE’s Scott O’Donnell, Dominic Montazemi, and Greg Miller, together with Jason Hochman of CBRE Debt & Structured Finance, collaborated with Mr. Alcivar in arranging the transaction. 

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