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MARCUS & MILLICHAP ARRANGES $12.5M SALE OF SOUTH BEACH RETAIL ASSET

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the sale of an 8,322-square-foot retail fashion store at 736 Collins Ave., located between Seventh and Eighth streets in Miami Beach’s South Beach neighborhood. The asset, currently net leased to Guess? Inc., sold for approximately $12.5 million, or $1,499 per square foot. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami-based real estate owner and developer, in the transaction. Kristol and Olson also represented the buyer, an institutional investment group.

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