{"id":1004178104,"date":"2017-05-24T04:24:28","date_gmt":"2017-05-24T12:24:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004178104"},"modified":"2022-12-08T15:47:43","modified_gmt":"2022-12-08T23:47:43","slug":"miami-beach-retail-property-trades-in-4m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-beach-retail-property-trades-in-4m-deal\/","title":{"rendered":"Miami Beach Retail Property Trades in $4M Deal"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004178105\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/EWM.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004178105\" data-attachment-id=\"1004178105\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miami-beach-retail-property-trades-in-4m-deal\/ewm\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/EWM.png\" data-orig-size=\"781,586\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"161 Washington Ave. in Miami Beach\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;161 Washington Ave. in Miami Beach&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/EWM.png?w=781\" loading=\"lazy\" class=\"wp-image-1004178105 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/EWM.png\" alt=\"161 Washington Ave. in Miami Beach\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/EWM.png 781w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/EWM.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/EWM.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004178105\" class=\"wp-caption-text\">161 Washington Ave. in Miami Beach<\/p><\/div>\n<p>EWM Realty International completed the sale of a 4,987-square-foot commercial property in Miami. Located in the South of Fifth enclave of Miami Beach, the corner site will be converted into an Impact Kitchen restaurant, marking the Toronto-based chain\u2019s first foray into the U.S. market.<\/p>\n<p>Associate Allison Turk of EMW Realty represented the buyer in the transaction, Unitario SB LLC. The property traded for $4.2 million or $832 per square foot. The current owner is affiliated with a Canadian national and co-founder of Impact Kitchen. The seller, 224 Sofi LLC, acquired the building in August 2013 in a $2.2 million deal, public records show.<\/p>\n<p>Located at 161 Washington Ave., the property sits on a 6,000-square-foot lot, boasting 50 feet of prime frontage. Architecture firm Shulman + Associates is overseeing the design of the <a href=\"https:\/\/www.commercialsearch.com\/news\/tenants-announced-for-miami-mixed-use-development\/\">new restaurant space<\/a>. Plans include upgrades and contemporary designs, transforming the building\u2019s courtyard area into an outdoor dining venue, as well as installing a new roof trellis and clerestory. These upgrades are meant to bolster the space\u2019s street visibility and provide natural light. The restaurant is scheduled for completion in 2018.<\/p>\n<p><em>\u201cThe seller originally purchased the space in August 2013 for $2.15 million. It remained unoccupied without improvements for the following three and a half years. The subsequent uptick in value is indicative of the neighborhood\u2019s desirability\u2014both as a dining and entertainment destination as well as a homestead for 88,000 permanent Miami Beach residents, and a large and growing contingent of seasonal residents. On top of this, many of Miami-Dade&#8217;s permanent, 2.7 million residents are frequent visitors to this famed South Beach neighborhood,\u201d<\/em> said Turk, in a prepared statement.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EWM\u2019s Allison Turk worked on behalf of the Canadian buyer, who plans to convert the space into the first U.S. location for Impact Kitchen.<\/p>\n","protected":false},"author":240,"featured_media":1004178105,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21783,1492,21742,21749],"tags":[35676,35752],"class_list":["post-1004178104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-investment","category-miami","category-latest","category-retail","tag-ewm-realty-international","tag-shulman-and-associates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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