MIAMI—A vacant building on South Beach will soon bring new retail life to the city. 1400 Alton Road, a two-story, 11,716-square-foot building, just sold for $5.25 million.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap's Miami office, represented the seller, a limited liability company from Greenwich, CT. Harrison Rein, an associate, Felipe J. Echarte, a vice president investments, Evan P. Kristol, a senior vice president investments—all in M&M's Fort Lauderdale office—secured the buyer, a limited liability company from Miami.

“Alton Road retail is very sought after due to the lack of product and the density of high-end condominium projects that line West Avenue along the west side of South Beach,” Kristol says. “Even rarer are corner properties that benefit from the dual exposure. This is a prime opportunity for the investor to stabilize the building with new tenants which will result in strong cash flow upon lease up.”

1400 Alton Road sits on the northwest corner of 14th Street and Alton road in the heart of South Beach. The building has 8,000 square feet on the ground and 3,716 on the second floor. There's also a 1,296-square foot outdoor terrace and a 7,500-square-foot vacant parking lot zoned RM-3 currently striped for 22 parking spaces.

“The buyer plans to complete major renovations to the property before occupying a portion of the space with his high-end cosmetics and skin care company,” Rein says. “He saw this as a phenomenal opportunity to improve the company's brand recognition by being in close proximity to the Lincoln Road Mall.”