MIAMI—South Beach’s Fashion District is seeing some early retail action this year. A 15,975-square foot multi-tenant building there just traded for $13.1 million, or $823 a square foot.

Drew Kristol and Kirk Olson, senior associates in the Miami office of Marcus & Millichap, represented the seller, 801 Washington LLC. Adelaide Polsinelli, an associate vice president investments, and associate Kyle Woodruff in the M&M’s Manhattan office, represented the buyer, a New York City investor.

“The buyer was in a 1031 exchange and was impressed with the strength and prominence of the South Beach retail market,” Polsinelli tells GlobeSt.com. “The tenant roster and future upside in the asset were compelling factors in this sale.

Developed in 1935, the retail asset is located at 801 Washington Ave., with 100 feet of frontage on Washington Avenue and 130 feet of frontage on Eighth Street leading to the intersection of Collins Avenue and Eighth Street. Diesel Jeans, as well as upscale retailer Dash Miami, which is owned by the famous Kardashian sisters, occupy the building.

“Prime corner retail properties like 801 Washington Ave. rarely come to market on South Beach,” Kristol tells Globest.com. “A number of foreign and domestic investors expressed interest in this property, which was ultimately acquired by a New York City buyer.”

The fully occupied building was completely restored to its current condition in 2008. Diesel, which recently expanded, leases approximately 4,300 square feet at below-market rent. LF Sportswear, OndadeMar and Solstice Sunglass Boutique are also renting space there.

“Located within walking distance of the beach and world-renowned Ocean Drive, the new ownership can expect to achieve excellent returns over the long term through significant annual rent increases built into the existing retail leases,” Kristol says. The asset also includes three fully furnished, luxury-style live/work units with oversized rooftop terraces that can be sold as individual condominium units.