MIAMI—Plaza 1600 South Beach, a 6,090-square-foot retail property in Miami Beach, is up for grabs. Marcus & Millichap has the exclusive listing on the retail asset, but did not reveal a listing price.

Scott Sandelin, associate vice president investments and Alejandro D'Alba, associate, are representing the seller, a private company from Miami. The South Beach retail asset sits at the signalized corner of 16th Street and Alton Road.

“Situated within one of the highest barrier-to-entry submarkets in Miami Beach, Plaza 1600 South Beach is surrounded by some of the world's most recognizable retailers, exquisite restaurants, famous nightclubs and entertainment venues,” says Sandelin. “The new owner can up-lease the property as leases expire or take advantage of this large corner parcel's significant unused development potential. We expect major interest in this unique acquisition opportunity and the property will be sold to the highest bidder. ”

The South Beach retail plaza is one block south of South Beach's famous Lincoln Road Mall. Sixteenth Street is a major east/west transportation corridor that leads to the City Center and major hotels on Collins Avenue.

Alton Road is Miami Beach's primary north-south corridor and is in the final stages of a massive capital improvement project. A multi-level, high-end retail mall, a 450-seat restaurant venue, a second Whole Foods Market, a Baptist Health medical complex, mixed-use and multifamily developments, and a new Marriott Hotel, are planned for Alton Road.

Built in 1959 and completely renovated in 2000, Plaza 1600 South Beach includes a 15,000-square-foot lot with 6,090 square feet of gross leasable space on two floors.

Next to the shopping plaza on the north side is 1212 Lincoln Road, an 83,000-foot multi-story, high-end retail and parking complex will replace multi-parcel property.

“Over the past few years, rents on Lincoln Road have tripled,” says D'Alba. “As a direct result, landlords are currently negotiating new leases on Alton Road at levels north of $100 per square foot with significant demand created by the growing local population as well as the booming tourism business.”

One thing is certain. The buyer shouldn't have much trouble winning financing on a retail asset like this one. South Beach is certainly one of Miami's hottest retail submarkets.

“This year, we have experienced tremendous appetite for retail financing in all retail categories, including grocery anchored, community centers, and big boxes,” Jason Shapiro, managing director at Aztec Group, tells GlobeSt.com. “Based on our current pipeline and the investor interest we are seeing, activity should remain very strong through 2015.”