A South Beach site with a big-box store has been sold for $28.5M. What’s next?

Office Depot’s days in South Beach are likely numbered after its landlord cashed in on the property.

Owner George Jay Ltd Partnership sold the roughly 20,000-square-foot building for $28.5 million, Jordan Karp, one of the people involved in the deal, said in an interview with the Miami Herald.

After the sale, Office Depot remains open — for now. The building at 1771 West Ave., which has housed the office supply store for more than 20 years, is in the heart of the chic Sunset Harbour area and the deal suggests more high-end development may be on the way.

The buyer was EOS Wellness Real Estate Miami LLC, said Karp. However, company officials didn’t make themselves available for an interview or their plans known on Wednesday.

Aaron Butler of Avenue Real Estate Partners and Jordan Karp, founder of Jordan Karp LLC, represented the buyer. Paul Snitkin, president of Anderson Carr, worked for the seller.

The building had been on the market for nine months and the original asking price was $39 million, Snitkin said in an interview with the Miami Herald.

“We had higher bids” than $28.5 million, said Snitkin, but they moved forward with this deal because the “buyer was well-qualified.”

Still, even the agreed-to price was well above recent county appraisals. The most recent one, according to Miami-Date County property records, was $10.8 million.

The South Beach location is a highly desirable area. The Pura Vida in the area is often packed. And Barry’s fitness center, which became a craze among tech workers who moved to Miami, is nearby, as is Sunset Padel.

“It’s an iconic piece of property,” Karp said. “It’s part of the fabric of this trendy neighborhood.”

Avenue Real Estate Partners, founded in 2010, is a commercial retail brokerage company with offices in Miami Beach and Aspen, Colorado. Avenue’s principles , or main partners, have been involved in over one billion dollars in real estate transactions.

Karp is an independent real estate broker and founder of Karp LLC. Prior deals include the $55 million off-market sale of the SLS Brickell Hotel to the Kasrati Group and a $10 million sale of its trophy restaurant space to Black Lion Investment Group.

While exiting Miami Beach, Office Depot still has about 14 stores left in the Miami area, according to the company’s website. The company, based in Boca Raton, did not answer requests for comment.