Design District Retail Buildings Sell For Nearly $4K Per SF: The South Florida Deal Sheet
A small retail property in the Miami Design District sold for more than thrice what its owner paid a decade ago.
District One Properties LLC, an entity linked to Mikael Cohen, purchased the storefronts at 3800 and 3818 NE Second Ave. in Miami from an entity tracing to Sam Herzberg for $35M, according to property records provided by Vizzda.
The sale price for the buildings, which combined span less than 10K SF, works out to $3,701 per SF. Herzberg bought the buildings in 2015 for $11.1M.
French luxury interior design company L’Atelier Paris Haute Design occupies the one-story, 1K SF 3818 NE Second Ave., which was built in 1936. A streetwear apparel retailer opened a store in the two-story, nearly century-old corner building at 3800 NE Second Ave. in December but closed after just a few months.
Cohen is the chief financial officer of Beverly Hills-based jewelry retailer Ildico Inc., indicating a potential future use for the storefront in the district where retail rents tripled between 2019 and 2024.
Dwntwn Realty Advisors’ Devlin Marinoff and Tony Arellano brokered the sale.
SALES
An entity tracing to Greystar purchased the Avana at the Moors apartment complex from Nuveen for $93M, according to property records provided by Vizzda.
Greystar financed the purchase of the 358-unit apartment complex on 12 acres with a Freddie Mac loan of $65M that matures in 2030, originated by Walker & Dunlop.
Avana at the Moors comprises 12 three-story buildings and three one-story buildings totaling 331K SF. The development was built in 1989 at 6200 NW 173rd St. Nuveen bought the property for $71M in 2018.
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An entity tracing to Virginia-based Excel Group bought two Coconut Creek hotels for a combined $38M.
Excel purchased the Residence Inn Fort Lauderdale Coconut Creek from Butters Construction for $21M, according to property records provided by Vizzda. The purchase was backed by a $14M loan from Western Alliance Bank. The 105-unit hotel built in 2019 at 5730 N. State Road 7 totals 98K SF.
Excel also purchased the adjacent hotel from Butters. It paid $17M for the Hampton Inn & Suites Coconut Creek at 5740 N. State Road 7, a 105-unit hotel spanning 62K SF built in 2014.
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Hersh Equity Group has acquired a six-building industrial portfolio for $47.2M, according to a release.
Interstate Development LP developed the 230K SF complex at 5801–5897 SW 21st St., 5901–5981 SW 21st St. and 2100 SW 59th Ave. in phases in 1973, 1982 and 1987. It has owned the 116-unit industrial flex complex on 9 acres ever since, according to property records provided by Vizzda.
Adam Weiss of Weiss Law represented Hersh in the acquisition, while Jordan Beck of Berger Commercial Realty represented Interstate Development.
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An affiliate of Longpoint purchased an industrial property in North Miami from an entity tracing to Peter Manno for $21M, according to property records provided by Vizzda.
The 93K SF building was built in 1972 on a 3-acre site at 13251-13455 NE 17th Ave. The building is home to tenants like IK School of Gymnastics, the South Florida Business Journal reported. The property last traded for $2M in 1996.
ASSIGNMENTS
Secured Debt Investments tapped Colliers to lead leasing efforts for 550 Biltmore Way as it undergoes renovations, according to a release.
The 163K SF Coral Gables office tower was owned by Raoul Thomas’ CGI Merchant but was hit with a $49M UCC foreclosure after defaulting on its loan. SDI won the UCC auction for CGI Fund I Biltmore GP LLC, the ownership entity of the building, the South Florida Business Journal reported.
The new owner of the 15-story office building is updating its lobby and common areas and adding a valet service. SDI is also relocating its own headquarters into the building. Leasing efforts will be led by Colliers’ Stephen Rutchik, Tom Farmer, Ana Paula and Jake Freeman.
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Urban Street Development tapped Vertical Real Estate as its retail leasing broker for FAT Village in Fort Lauderdale, according to a release.
Vertical will lead the leasing of more than 80K SF of retail at the 5.6-acre mixed-use redevelopment, which will also have office and residential components.
Construction is underway and is slated to complete in 2027. The 180K SF office named T3 FAT Village is expected to top off this year, with preleasing efforts led by Blanca Commercial Real Estate.
FINANCING
Ram Realty Services and Pinnacle broke ground on the Aventana apartment building in Aventura after securing an $88.3M construction loan from Santander Bank, the SFBJ reported.
The Baker Barrios Architects-designed building is set to rise 16 stories on nearly 3 acres at 19640 W. Dixie Highway near a Brightline station.
Ten percent of the 334 apartments will be allocated to workforce housing, and the building will also have 3,340 SF of retail. Planned amenities include a coworking space, a dog wash, a pool, a private dining room and a golf simulator.
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Coral Gables-based MG Developer landed a $41M construction loan from Pine Bay Capital for a 13-unit luxury townhome development in Coral Gables, according to a release.
Residences at The George at 717 Valencia Ave. will span 5K SF and start at $5.9M. Sales and marketing is led by Serhant’s Ryan Serhant.
LEASES
Digital banking platform MyBambu leased 35K SF at The Press Building in West Palm Beach, according to a release.
Pebb Capital and Sabal Investment Holdings acquired the 140K SF building at 2751 S. Dixie Highway in August for $53M from Tricera Capital. A Savills team of Michael Wernick, Lawrence Epstein and David Browne represented MyBambu.
The building has long served as the Palm Beach Post’s headquarters, but new tenants like PMP Marketing Group have moved in since the newspaper shrunk its footprint in 2019.
