MIAMI BEACH (Jan. 6, 2016) — Bridgestone Retail Operations has sold a Firestone retail store in Miami Beach's South Beach area.
The outlet, which has been in operation since 1935, was sold to a local developer for a reported $10 million.
The developer, ARRP Miami IV L.L.C., has been acquiring properties in Miami Beach since 2013, according to local news reports, and with the Firestone store purchase now owns half a dozen properties on Alton Road, an area described by realtor Holliday Fenoglio Fowler L.P. (HHF) as “one of the premier shopping districts in the country and top tourist attractions in Miami.”
The four-bay Firestone store occupies a 15,000-sq.-ft. plot at the corner of Alton Road and 16th Street, not far from the Miami Beach Convention Center.
HHF's listing for the Firestone property said it wasn't encumbered by any historic designation, “freeing a new owner to complete an adaptive re-use of the existing improvements or develop a new mixed-use, multi-level structure up to 22,250 square feet.”
It also noted that Alton Road is Miami Beach's “primary commercial north-south thoroughfare.”
It was Bridgestone Retail's only store in Miami Beach; the company has a dozen other Firestone Complete Auto Care stores in the greater Miami area and 30 in South Florida within 50 miles of Miami Beach, according to the firm's online dealer locator.
ARRP Miami is managed by David B. Smith, a director of real estate developer Crescent Heights America Inc., according to Florida business records.