Jamestown is a company based in Atlanta, GA, which invests in a number of different multifamily properties and retail properties in the South Florida region. The company has a large number of assets totaling around $11.1 billion. However, their portfolio is about to get a little bit smaller, as they are trying to sell a collection of buildings in South Beach.
All four of the properties are being marketed together. These properties comprise retail spaces as well as dwellings, and together, they great a net operating income of more than $3 million. Several of these buildings are on Collins Avenue.
What Properties Are in the Portfolio Bundle?
The first property is located at 755 Washington Avenue, and it currently is home to a number of popular retailers. Stores located at this building include Adriano Goldschmied Jeans and Adidas. The investment company bought this property less than a year ago in October of 2015, and at the time, they paid $18.6 million for it.
The second property on the list is 727 Collins Avenue. This is an apartment building that has 25 units in it, and it also has 4,700 square feet of retail space on the ground floor. They bought this property in September of 2015, and at the time, they paid $12.5 million for it.
Also located on Collins Avenue is the third property included in the bundle. This property is located at 736 Collins Avenue, and it was sold to Jamestown in 2014 for $12.5 million. The space measures 8,322 square feet.
The final property on the list is located at 745 Collins Avenue. This building has been leased to Victoria’s Secret, and it was the most expensive of the group when Jamestown purchased it. They bought the three-story 13,444 square foot property in March of 2015, and at that time they paid $25 million for it.
It is important to keep in mind that Jamestown does not have any intention of selling the properties separately, at least not at this time. They want to sell the entire group of buildings. It’s also important to note that the retail market in these locations continues to be quite strong. There are a number of other retailers in the area, such as Banana Republic, Gap, and H&M, and they are doing quite well.
Collins Avenue has a reputation for being one of the best places to shop in the Miami Beach area, so it is no wonder that the retail stores here continue to do well. With more dining spots and shops on the way, it should keep doing well for many years. When it comes to Washington Avenue, things are changing there. While it hasn’t been as popular in the past as some of the other streets in the Miami Beach area, it is undergoing a change. There are more shops and eateries coming to the street, which is helping it to become more popular with residents and visitors alike.
The portfolio price is currently unclear.