The Real Deal New York

Thor’s Baltus building buy price revealed

Records show New York firm paid $15.8M for Design District property

May 01, 2014 03:40PM

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Joseph Sitt

Joseph Sitt

From the South Florida site: Thor Equities paid $15.8 million for the Baltus building in Miami’s Design District, county records show.

The New York investor picked up the 3925 North Miami Avenue property on Friday, as previously reported by The Real Deal. No financing was recorded. Thor has spent more than $31 million in three recent Design District acquisitions. A Fifteen Group-led investment firm sold the property to Thor. The Miami-based company paid $3.7 million for the building in January 2012.

Baltus, a high-end furniture company, occupies the retail building on a lease that ends in April 2015. The 10,780-square-foot property has zoning that allows up to 12 stories and a maximum of 32 residential units or 63 hotel rooms.

HFF brokers Luis Castillo and Jaret Turkell represented the seller. Chariff Realty Group president Lyle Chariff facilitated the transaction on behalf of Thor. — Eric Kalis

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