$28.5M Sale of Office Depot Site Signals New Chapter for Sunset Harbour

In a deal that underscores the rising commercial value of Sunset Harbour, the Office Depot at 1771 West Avenue in Miami Beach sold last month for $28.5 million in an all-cash transaction. The buyer, EOS Wellness Real Estate Miami LLC, acquired the 19,672-square-foot building—situated on a 25,000-square-foot lot—for approximately $1,449 per square foot, a price that reflects the area’s strong demand and investment appeal.

More than just a high-priced sale, the transaction is being viewed as a bellwether for the next phase of development in Sunset Harbour. With Office Depot being the last remaining big-box retailer in the neighborhood, the acquisition opens the door for significant redevelopment opportunities, likely centered around wellness, luxury retail, or mixed-use concepts. While the new owner has remained tight-lipped about future plans, the all-cash nature of the deal suggests a strategic and well-capitalized intent for the site.

The sale was brokered by Avenue Real Estate Partners and Colliers’ Jordan Karp, who highlighted the transaction as evidence of investor confidence in both Sunset Harbour and the broader Miami Beach commercial market. This confidence is backed by recent momentum in the neighborhood, where new projects like Eighteen Sunset at 1759 Purdy Avenue, a new Whole Foods at 1901 Alton Road, and upcoming mixed-use developments at 1790 and 1920 Alton Road are transforming the area into a modern urban village.

Over the past decade, Sunset Harbour has evolved from a sleepy waterfront pocket into one of Miami Beach’s most vibrant destinations, known for its trendy restaurants, fitness studios, and luxury condominiums. The $28.5 million Office Depot sale signals that the neighborhood’s transformation is far from over—and that prime development sites are commanding top dollar.

For residents and visitors alike, the redevelopment of 1771 West Avenue will likely bring even more upscale retail, wellness offerings, and possibly residential or office space, further enhancing the live-work-play appeal of Sunset Harbour. And for investors, the deal affirms that this once-overlooked section of Miami Beach has fully emerged as a commercial hotspot with staying power.