The Real Deal Miami

New York couple buys prime South Beach property

Pier 1 retail building sells for $22.5M after city passed on chance to acquire it

September 26, 2014 09:45AM
By Eric Kalis

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Pier 1 building in South Beach

Pier 1 building in South Beach

A New York couple plunked down $22.5 million for a South Beach retail building occupied by Burger King and Pier 1 Imports, The Real Deal has learned.

Norton and Roslyn Nesis acquired the 1100 5th Street property in a transaction recorded on Thursday, according to Miami-Dade County records. The couple did not obtain financing for the purchase. Burger King’s existing lease runs until July 2016, while Pier 1’s agreement expires in 2019, with two five-year renewal options.

Gateway Development of Miami Beach is the seller. The company paid about $1.2 million for the property in 1994 and constructed the 18,000-square-foot building two years later. James Silvers is Gateway’s president.

Earlier this year, the City of Miami Beach considered paying $26 million for the property to potentially use as a transit hub for the proposed mass transportation system across Biscayne Bay. The city decided not to move forward in May after the site was appraised at $20 million.

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