A local developer acquired the retail building that houses Macy’s in Miami Beach for $15.5 million.

San Antonio-based 1675 Meridian Ave LLC, managed by longtime owner Terry Emanuel, sold the 102,009-square-foot retail building at the same address.

The buyer was SoBe Park LLC, managed by Ronny Finvarb, head of Bay Harbor Islands-based Finvarb Group. The deal included $9.3 million in seller financing.

The price equated to $152 a square foot.

The building was developed on the 1.15-acre lot in 1953.

Source:  SFBJ