Commercial property in Surfside's two-block business district doesn't trade often. So when an asset hits the market, it goes quickly.

The small oceanfront town, once home to mom-and-pop stores, has attracted a number of national retailers and banks to its strip of commercial properties. As luxury developments rise nearby, the enclave's financial demographics continue to climb, making it a highly sought after piece of South Florida real estate.

CBRE Inc.'s Todd Weintraub was tapped to market a multi-tenant retail property at 9525-9537 Harding Ave., a 9,055-square-foot building built in the early 1950s.

The CBRE first vice president was hired by May-May and Carlos Horcasitas to sell the well-located asset on the east side of Harding Avenue just south of Bal Harbour Shops.

Renovated several times, the property is now home to Citibank, which occupies half the space, RazzleDazzle Barbershop and Real Estate Transactions Inc.

A number of potential buyers surfaced as Weintraub began his preliminary marketing. Before he could launch a full campaign with an offering memorandum, the Miami-based broker found his buyer.

Miami Beach investor Joseph Cohen cast a strong offer, quickly buying the property for $8.6 million, or $950 per square foot.

"Without doubt, it speaks volumes for the interest in Surfside and the upside potential that investors believe Surfside has," Weintraub said.

Retail rental rates in the small district have gone from $30 to $50 per square foot in recent years, he added. He credits luxury developments like the Fendi Chateau Residences and Four Seasons Residences at the Surf Club, whose residents fuel retail and restaurant sales and push up bank deposits.

When Weintraub sold the same property two years ago, Citibank had $300 million in deposits compared with nearly $400 million today.

"As the demographics continue to improve, it's only propelling the business district of Surfside," he said.

Weintraub leads CBRE's investment property group from the firm's Brickell office with a focus on multi-tenant, urban retail and single-tenant net-lease investments.