Marcus & Millichap Brokers $12.3M Sale of London Arms Mixed-Use Property in Miami Beach

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of London Arms, a four-story, 21,120-square-foot mixed-use property located at 727 Collins Ave. in Miami Beach’s Collins Avenue Fashion District. Originally constructed in 1930 as a 52-room hotel, the property was later converted to an apartment building. Aria Development Group purchased the building in 2013 and later converted it into a mixed-use asset comprising 4,700 square feet of ground-floor retail space and 25 upper floor rental units. Aria is the operator of the seller, 727 Collins Avenue, a limited liability company. Drew Kristol, Kirk Olson, Felipe Echarte and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction. Drew Kristol and Olson procured the buyer, a limited liability company based in Atlanta.