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Avison Young closes sale of five-property assemblage and redevelopment site near Miami Beach’s iconic Lincoln RoadJune 6, 2022
Large 1.38-acre site boasts potential for significant mixed-use project in popular tourist destination
MIAMI – Avison Young’s Florida Capital Markets Group closed the sale of the five-property assemblage and redevelopment opportunity at 1656-1680 Alton Road, a premier location in Miami Beach, Florida, totaling 1.38 acres on the block running up to the iconic Lincoln Road.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented Alton Road Invest, LLC, during the disposition to BH The Alton LLC. The sale represents the buyer’s second acquisition in Miami Beach and the second sale Avison Young completed on behalf of the seller within second-quarter 2022.
“The walkability of the area and the property’s access to Lincoln Road were very attractive to the buyer,” said Crotty. “We worked with the seller to deliver the Alton Road property with a clear path to development which was also important, as developers want to take advantage of the hot market by trying to get a site shovel ready as soon as possible.”
According to Avison Young market insights, Miami Beach has seen an influx of capital and residents relocating to the market. As a result, home prices have surged and average class A and B apartment rents in Miami Beach have increased by over 20% year-over-year. Office rents are also on the rise for newly constructed class A space across South Florida and are the highest in Miami-Dade County.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
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For more information:
John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865
David Duckworth, Principal, Avison Young: 954.938.1806
Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842