Atlanta-based Jamestown L.P. has purchased the historic London Arms building on South Beach for $12.3 million. Built in the 1930’s, the 21,120 sq ft, mixed-use building sits on a 7,000 sq ft lot located at 727 Collins Avenue. Trading for $582 per square foot, the property features 4,700 square-feet of ground floor retail space and 25 rental apartments. The seller, Aria Development Group, acquired the building in 2013 for $6.5 million.
“London Arms is a significant South Beach property that is ideally positioned for immediate income potential,” said Aria Development’s founding principal David Arditi. “We take pride in our meticulous renovation of this historic gem and are confident that the new owners will utilize the building to its greatest capacity.”
