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MIAMI BEACH, Fla., Jan. 31, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 600 Collins Avenue, an 8,331-square-foot retail property located in Miami Beach, Florida. The asset sold for $6,500,000.
The building sits on the hard corner of 6th and Collins Ave., just one block west of the renowned Ocean Drive and South Beach. The iconic building is set to undergo major renovations, including a new façade and state-of-the-art interiors.
Drew A. Kristol and Kirk D. Olson, both senior vice presidents of investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Kristol and Olson.
“The buyer was attracted to the opportunity for immediate upside in rents along with the potential to develop the oversized lot at some point in the future,” said Kristol.
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