By Balazs Szekely, Associate Editor
A 1930s building in South Beach’s Collins Avenue Fashion Corridor is under new management following Aria Development Group’s decision to sell it after two years of ownership. London Arms, a historic, four-story, 21,120-square-foot mixed-use property was picked up by an Atlanta-based limited liability company of undisclosed identity. The asset sold for $12.3 million.
Originally constructed in the early 30s as a 52-room hotel, the property was later converted into 33 affordable apartment units. According to Miami Urbanist, Aria Development Group purchased the building for $6.5 million in 2013, in a joint venture with Wexford Capital, and completely renovated the interior.
Marcus & Millichap represented Aria in the negotiations with Vice Presidents Drew A. Kristol, Kirk D. Olson and Felipe J. Echarte of the company’s investments team in Miami, Senior Vice President Evan P. Kristol from Marcus & Millichap’s Fort Lauderdale office, and Senior Director Still Hunter III of the firm’s Institutional Property Advisors division. Drew A. Kristol and Kirk D. Olson also spoke for the buyer. “The buyer was attracted by the mixed-use nature of the asset,” Kristol said in a prepared statement. “The property was recently renovated by the seller, who delivered the rent-ready 4,700-square-foot ground floor retail space with 25 upper floor rental apartments.”
Photo credit: Marcus & Millichap