MIAMI-The 13,624-square-foot retail building in which Victoria’s Secret makes its South Beach home sold for $17.65 million, or $1,331 per square foot, to a foreign entity with an office in New York City. The property is located at 745 Collins Ave. in the heart of South Beach.

Lori Schneider, senior vice president of Investments in Marcus & Millichap’s Fort Lauderdale office, and Drew Kristol and Kirk Olson, senior associates in the firm’s Miami office, represented the seller. Sean Shahar Ziv, a net-leased property investment specialist in M&M’s San Diego office, represented the buyer.

“There were multiple all-cash offers on this property from not only South Florida buyers but also the Northeast, Midwest, South America and Russia as well,” says Schneider. “With a lack of quality inventory in high-profile locations like Manhattan and Downtown Chicago, an increasing number of out-of-state and foreign investors are setting their sights on prime real estate in similar locations: Well-trafficked, pedestrian friendly corridors with high barriers to entry.