Michaels building on Alton Road

The newly built retail building on Alton Road in Miami Beach home to Michaels just hit the market for $47.5 million, The Real Deal has learned.

Saber Real Estate Advisors developed the 110,000-square-foot building, called 1800 Alton, last year on the former site of a Chevron gas station.

Marcus & Millichap’s Brett Chetek, Alex Perez and Chris Garavaglia of the Chetek Group have the listing.

The five-story building features nearly 32,000 square feet of retail space on two floors and three levels of parking, with 136 spaces in 78,000 square feet. It was designed by architect Kobi Karp.

The property is 94 percent leased to three national tenants with leases extending more than 10 years, according to marketing materials. Michaels opened in November, occupying almost 23,000 square feet. Citibank opened last week, with 5,000 square feet, and Starbucks has signed a lease for about 2,300 square feet, and is expected to move in this summer, Chetek said.

A fourth space with about 1,800 square feet is available and is being marketed to restaurants and retailers, he said.

Saber Real Estate Advisors, based in New York and Aventura, paid $7.3 million in 2015 for the gas station and service center on a half-acre lot at the corner of Alton Road and 18th Street. The developer scored a $22.25 million construction loan in 2017. Amicon Construction completed the building last year.

Chetek said Saber planned to sell the building after completing it. “They are merchant builders and their strategy for the building was to buy the gas station, redevelop the site and sell it and make a profit and move on to the next project,” he said.

Developers have targeted that strip of Alton Road at the edge of the Sunset Harbour neighborhood near Lincoln Road in recent years. Nearby, Rock Soffer, Elion Partners and members of the Sredni family are building 17 West at 1698 Alton Road, which will house Miami Beach’s first Trader Joe’s. The five-story building will also have loft-style apartments, townhomes, residential amenities, and a parking garage with about 160 spaces.