Deal for Lenox Avenue property is latest in a slew of Miami Beach retail sales
New York-based developer and investor Witkoff bought a South Beach retail property off of Lincoln Road for $15.4 million.
Witkoff, led by Chair and CEO Steven Witkoff, bought the free-standing building at 1681 Lenox Avenue from an affiliate of New York-based real estate development, investment and management firm Marx Realty, according to records.
Alex Sharrin closed the deal on behalf of the seller, and Manny De Zárraga on behalf of the buyer. Both are of JLL.
Yard House, a modern American cuisine restaurant with a wide selection of tap beers, leases the property, including outdoor dining space.
The 14,952-square-foot, single-story building, constructed in 2014, is on 0.4 acres, property records show. Marx’s affiliate paid $3.4 million for the real estate in 2007.
By Lidia Dinkova www.therealdeal.com
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