{"id":1004127659,"date":"2015-09-17T06:14:05","date_gmt":"2015-09-17T14:14:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=361080"},"modified":"2022-03-04T01:09:21","modified_gmt":"2022-03-04T09:09:21","slug":"aria-drops-historic-mixed-use-asset-in-south-beach","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aria-drops-historic-mixed-use-asset-in-south-beach\/","title":{"rendered":"Aria Drops Historic Mixed-Use Asset in South Beach"},"content":{"rendered":"<div id=\"attachment_361095\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/London-Arms.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-361095\" title=\"London Arms\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/London-Arms.jpg\" alt=\"London Arms\" width=\"300\" height=\"225\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">London Arms<\/p>\n<\/div>\n<p>A 1930s building in South Beach\u2019s Collins Avenue Fashion Corridor is under new management following <a href=\"https:\/\/ariadevelopmentgroup.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Aria Development Group<\/a>\u2019s 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.<\/p>\n<p>Originally constructed in the early 30s as a 52-room hotel, the property was later converted into 33 affordable apartment units. According to <a href=\"https:\/\/www.miamiurbanist.com\/historic-collins-avenue-mixed-use-building-sells-for-6-5-million\/\" target=\"_blank\" rel=\"nofollow noopener\">Miami Urbanist<\/a>, Aria Development Group purchased the building for $6.5 million in 2013, in a joint venture with <a href=\"https:\/\/www.wexford.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Wexford Capital<\/a>, and completely renovated the interior.<\/p>\n<p><a href=\"https:\/\/www.marcusmillichap.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Marcus &amp; Millichap<\/a> represented Aria in the negotiations with Vice Presidents Drew A. Kristol, Kirk D. Olson and Felipe J. Echarte of the company\u2019s investments team in Miami, Senior Vice President Evan P. Kristol from Marcus &amp; Millichap\u2019s Fort Lauderdale office, and Senior Director Still Hunter III of the firm\u2019s Institutional Property Advisors division. Drew A. Kristol and Kirk D. Olson also spoke for the buyer. \u201cThe buyer was attracted by the mixed-use nature of the asset,\u201d Kristol said in a prepared statement. \u201cThe 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.\u201d<\/p>\n<p><em>Photo credit: Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A 1930s building in South Beach&rsquo;s Collins Avenue Fashion Corridor is under new management following Aria Development Group&rsquo;s decision to sell it after two years of ownership.<\/p>\n","protected":false},"author":35,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1492,21742],"tags":[],"class_list":["post-1004127659","post","type-post","status-publish","format-standard","hentry","category-miami","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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