Miami-Area Retail Asset Trades in $9M Deal
- Jul 05, 2017
CBRE completed the sale of a 9,055-square-foot multi-tenant retail property in Surfside, Fla. Related entities Harding Avenue at Bal Harbour LLC, Harding Avenue at Surfside LLC and Surfside Retail Properties LLC sold the asset in a $8.6 million deal to ErikDavid LLC and 9525/37 Harding Avenue LLC.
Located between Miami Beach, Fla., and Sunny Isles Beach, Fla., the street-retail property sits on a 0.24-acre site at 9525-9537 Harding Ave. Constructed in 1952, the building has since undergone multiple renovations. Current tenants include Real Estate Transactions Inc., RazzleDazzle Barbershop, and Citibank, which occupies half of the leasable space.
First Vice President Todd Weintraub of CBRE’s investment property group represented both the seller and the buyer. He is part of a team that focuses on the sale of multi-tenant retail properties and single-tenant net-leased investments.
Trending Surfside location
“This building is exceptionally well located on the east side of Harding Avenue in the trending Surfside business district, just south of the Bal Harbour Shops. The property appealed to the investor due to the significant strength of the retail corridor and upside potential over the coming years,” said Weintraub, in a prepared statement. “Surfside has become a preferred destination for luxury residential projects, including the recently completed Fendi Château Residences and the Four Seasons Residences at the Surf Club.”
Image courtesy of CBRE