One of the biggest retail buildings in Miami Beach is on the market, according to The Real Deal.
Broker HFF has the listing for the Macy’s building at 1675 Meridian Avenue, off of Lincoln Road. The building was constructed in 1956 and may be considered historic, limiting redevelopment options.
Next door, Terranova Corp. is building a multi-level retail center anchored by Marshalls. Across the street, another project under construction will include an Anthropologie.
Macy’s has a leasehold with 34 years remaining. The leasehold is said to be extremely valuable, and could fetch $80 million.
Employees at the store have claimed that it is one of the most profitable in the chain.
(photo: phillip pessar)