The two-story building that houses the CVS on the northwest corner of 74th Street and Collins Avenue in Miami Beach along with an adjacent parking lot have hit the market for $17.5 million. The 15,000 sq. ft. corner lot at 7410 Collins Avenue and the 30,000 sq. ft. parking lot to its west compromise the entire blockfront on 74th Street between Collins Avenue and Harding Avenue, separated by a public alley.
Skyler Marinoff, Executive with DWNTWN Realty Advisors, said, “The site is almost identical in format to the Trader Joe's built on 17th and Alton. This is a rare opportunity for an investor/developer to acquire over an acre of land a block from the beach with CD-2 commercial zoning.”
In addition to its proximity to the beach, the site is across from the planned Ocean Terrace development and within three blocks of the City’s North Beach Town Center where a number of mixed-use projects have been approved.
According to the listing, “A developer can leverage the size of the site and the commercial zoning to build a hotel, office or mixed-use project, or renovate and re-tenant the existing building and utilize the rare scale of surface parking to drive value as a retail asset.”
CVS is in the final option period of its lease which expires in July 2026. Until then, a triple net lease is in place with annual rent of $179,000. The 22,450 sq. ft. building where CVS is located was built in 1950.
Marinoff said the property has been a “generational asset” owned by the Gaeta family since the mid-1980s.
“This [property] is for someone who wants to go in and buy a cumulative acre of land a block from the ocean and build a really unique project,” he said. A developer can “take the five years where CVS still has control” and go through the design and permitting process so they are ready “to build from day one” when CVS leaves or negotiate to get them out early.
With the CD-2 zoning, the site can have “a really wide range of uses,” but, Marinoff added, “For the most part, North Beach is really underserved for really nice hotel units.” The redevelopment site is within an area of the City that allows short-term rentals.
The target market ranges “from the guys who know Miami Beach better than anybody who have built 30 projects here to the capital that’s fleeing New York,” Marinoff said. “We want somebody who knows how to build and is well capitalized.”
“This is going to go to somebody with a really strong development vision whether they be local or from out of town,” he said.
That vision includes seeing the potential of the surrounding area with the planned Ocean Terrace redevelopment and several approved projects in the Town Center including mixed-use developments from Matis Cohen and Russell Galbut, Pacific Star Capital, and Robert Finvarb.
“Whoever buys this today, I really believe that they will benefit from an active, hopefully completed or close to completed, Ocean Terrace project and a North Beach Town Center with two to four new, completed construction projects,” Marinoff said.
In the next five years, he sees an “influx of really sensible multi-family housing and new retail” that serves the community’s needs in “a more rounded, fully functional area.” And that means that when the CVS lease is up, a planned development for the site will be “entering a much more mature market,” he said.
The listing is here.
CVS Site and Adjacent Parking Lot in Miami Beach’s North Beach Hit Market for $17.5 Million:
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