Alton Road Strip Sells For Record $2,011 Per Square Foot
The Alton Road construction boom is continuing with the latest property to trade hands, the retail strip at 1600 Alton Road, home of Dunkin’ Donuts, Pizza Hut, and Lyon Freres, for a whopping $2,011 per square foot. Marcus & Millichap’s Scott Sandelin told the Real Deal that this is a record price for the area (total price: $12.25 million) The buyer, who is undisclosed but could logically be Russell Galbut’s Crescent Heights (they own and are redevelopment a lot of other similar land on Alton, have deep pockets, etc.) is apparently already eyeing redevelopment plans, in keeping with the redevelopment happening up and down Alton in the area. As this is one of the very few underdeveloped parts of all of Miami Beach, well, it’s about darn time.