a 17,500-square foot corner retail property located in the heart of the world famous South Beach Historic District in Miami Beach, Florida. Anchored by national tenants Adidas and Adriano Goldschmied, this property offers extensive frontage on both 8th Street and Washington Avenue. In addition to generous annual base rental increases in the existing leases, the property has significant upside potential through re-renting the vacant 6,000-square-foot retail space this is on the south side of the property. Adidas, a tenant in the building since 2003, has recently extended their lease for an additional three years while also increasing their rent.This is a rare opportunity for an investor to purchase a trophy retail asset on Washington Avenue in South Beach, where retail properties have consistently appreciated over the past decade due to the rarity of the asset class, incredibly strong international tourism, and impressive foot traffic.The AG Building is ideally situated on the southeast corner of 8th Street and Washington Avenue, and sits on 19,500 square feet of land. This property is just one block west of the Collins Fashion District and next to the Armani Exchange Building, is also surrounded by national retailers Diesel Jeans, Banana Republic, Guess?, Victoria's Secret, and Kenneth Cole.
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