Assignment – 1800 Alton 2019-04-09T18:49:52+00:00

MIAMI BEACH, FL

1800 ALTON

  • NOI $2.325M
  • SQUARE FEET 109K
  • Year Built 2018
  • OCCUPIED 94%
  • ACRES 0.55
  • Brand New Construction Legacy Asset
OFFERING MEMORANDUM

INVESTMENT SUMMARY

The Chetek Group of Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire 1800 Alton (the “Property”), a 109,961 square foot brand-new construction Kobi Karp designed trophy urban retail center with 31,840 square feet of class “A” retail and a 78,121 square foot three-level parking garage on the premier intersection of Alton Rd and Dade Blvd in Miami Beach, Florida. The Property is located at the gateway into South Beach, just 2 blocks north of the Lincoln Road Mall and benefits from the highest traffic counts in the area, with a combined average daily traffic count of 77,500 vehicles per day. The property is currently 94% leased to three national credit tenants including – The Michaels Companies, Inc. (22,717 square feet), Citibank, N.A. (5,065 square feet) and Starbucks Corp. (2,241 square feet).

Michael’s tenancy at 1800 Alton marks the first and only national arts & crafts store to be located within the boundaries of Miami Beach. The brand-new Citibank is a relocation store and holds the most deposits of any bank in Miami Beach with a staggering $470M in deposits through June 2018, and this is Starbucks’s newest café in Miami Beach and offers a modern motif. 1800 Alton offers an investor the opportunity to acquire a brand-new construction generational trophy asset leased to credit tenants at the busiest corner in Miami Beach, Florida.

LISTING HIGHLIGHTS

109,961 S.F. Kobi Karp designed 5-level urban retail center with 2-levels of class “A” retail and a 3-level parking garage.

Prominently located at the hard corner of Alton Road and Dade Blvd with a combined traffic count of 77,500 VPD. The busiest intersection in South Beach.

94% leased To Three National Credit tenants: Michaels, Starbucks, and Citibank.

All three tenants have 10+ years on their leases limiting any near-term rollover exposure.

The property includes a very rare 3-level 136 parking garage above two levels of the retail space.

Centrally positioned within the vibrant Sunset Harbour neighborhood, the SOHO of South beach among high-end luxury residential, chic restaurants and 2 blocks north of Lincoln Road mall.

Opportunity to acquire adjacent properties to develop an additional 32,000 S.F. of retail.

Michaels NEWEST Flagship store; Citibank relocation bringing $470M in deposits – most deposits of any bank in Miami Beach.

PROPERTY VIDEO

OFFERING MEMORANDUM