The retail investor Sutton Equity has picked up 1609 Alton Road in the heart of South Beach of Miami for $8.650 million. The two-story, mixed use building has 4,500 sqf of retail space and 4,200 sqf of office space. Built in 1947, the building underwent a complete renovation in 1985 and was 100 percent leased at the time of the sale. The 8,700 sqf building traded for just under $995 per sqf. Marcus & Millichap’s Miami office represented both the buyer and the Miami Beach-based seller, L.O.D. Enterprises
“We are seeing some rents for retail space on Lincoln Road topping more than $300 per square foot,” says Scott C. Sandelin, of Marcus & Millichap’s Miami office. “This is leading many retailers to seek space in close proximity to, rather than directly on, Lincoln. With the renovation of Alton Road, properties near Lincoln Road have become even more desirable to investors.”
