Just Sold | 825 Collins Avenue | South Beach, Florida

JUST SOLD!

The CBRE Private Capital Group (PCG) arranged the sale of a 7,310-square-foot redevelopment property in the heart of the Collins Avenue Shopping District in Miami Beach, FL. The two-story, multi-family building at 825 Collins Avenue was acquired by Aria Development Group (principals Joshua Benaim, Tim Gordon and David Arditi) in partnership with Wexford Capital and 13th Floor Investments for $5,000,000. The property is slated for a 10,000 square foot flagship retail development. CBRE represented the seller, FCI Miami Beach One, an entity affiliated with The Federated Companies. This is the second Collins Avenue redevelopment deal CBRE facilitated in 2013, indicating this renowned corridor’s continued appeal to developers.

“This property’s prime location in the trendy Collins Avenue Shopping District, recently obtained Historic Preservation Board approval to raze the property and flexible, mixed-use zoning made 825 Collins Avenue a highly attractive redevelopment opportunity generating strong interest from a wide spectrum of developers,” said Miguel Alcivar, an Associate with CBRE’s Private Capital Group in Miami. “Aria Development recognized the property’s potential for a ‘higher and better use’ in the shopping district.”

Built in 1966, the aging two-story building sits on 0.16 acres of prime South Beach land on Collins Avenue, a historic street lined with Art Deco mixed-use buildings that runs parallel to the Atlantic Ocean, two blocks west. Several leading national retailers are located within footsteps of the vacant property.

Alcivar and PCG South Florida Commercial team members Scott O’Donnell, Senior Vice President, and Dominic Montazemi, Vice President, together with Will Pike, First Vice President in CBRE’s Private Net Lease Property Group, represented the seller. CBRE’s PCG South Florida Commercial team, which specializes in the disposition of office, industrial and land properties in South Florida, has completed 42 transactions since 2011 representing over $282M in asset pricing.

About CBRE, 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 (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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www.cbre.com/pcgsouthfloridacommercial