Thor lists Collins Avenue retail redevelopment for $17M
Both tenants have long-term leases with 3 percent annual base rental increases
February 18, 2016 04:30PM
852 Collins Avenue
A newly renovated three-story building on Collins Avenue in Miami Beach has hit the market for $17.33 million, Marcus & Millichap announced on Thursday.
Thor Equities owns the 9,285-square-foot property, which is currently net-leased to two tenants. It’s on the market for $1,866 per square foot. The building, at 852 Collins Avenue, was built in 1936 and renovated last year, Marcus & Millichap said in a press release.
Tenants include Planet Blue, a California-based fashion boutique, on the ground floor; and Jetset Franklin, a loft-style, short-term rental concept, on the upper floors. Both tenants have long-term leases with 3 percent annual base rental increases, according to the release.
On Thor’s website, the property includes 130 feet of frontage along Collins. Previous sales information was not available in property records. Drew A. Kristol and Kirk Olson, vice presidents of investments in Marcus & Millichap’s Miami office, are listing the building.
Neighboring retail includes Aldo, which sold its building in December for $10 million and is leasing it back, A/X Armani Exchange, Banana Republic, Guess and Victoria’s Secret. Jamestown bought the Victoria’s Secret building in March for nearly $25 million. The retailer’s lease expires in 2024. – Katherine Kallergis
Source: The Real Deal