The Real Deal Miami

Stoltz picks up Vizcayne retail site for $27M

Coral Gables-based Fortune Capital Partners was the seller

May 07, 2015 09:45AM
By Katherine Kallergis

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Vizcayne towers in downtown Miami

Vizcayne towers in downtown Miami

A company tied to national real estate company Stoltz Management Company paid $27.2 million for retail space at Vizcayne, formerly known as Everglades on the Bay, in downtown Miami.

An affiliate of Coral Gables-based Fortune Capital Partners, RW 244 Biscayne Ret, sold the 66,207-square-foot commercial space at 244 Biscayne Boulevard, according to Miami-Dade County records. Fortune originally acquired it in an off-market deal in November 2010.

Keith D. Stoltz, Stoltz chairman, president and CEO, is listed on the buyer’s corporate records.

Stoltz also acquired a $20 million loan from Bank of America, according to county records. Tenants of the building include CVS, Smoothie King and Orange Theory Fitness. 

Stoltz is based in Bala Cynwyd, Pennsylvania. The company owns and manages more than $1 billion worth of real estate, including retail, office, industrial and land, according to its website.

A CBRE listing shows the space is 66.8 percent leased and includes a 126-space parking deck. CBRE declined to comment.

Vizcayne, at 253 Northeast Second Avenue, includes two nine-story buildings and 849 units. The towers were completed in 2008, according to property records. Cabi Developers developed the project and Fullerton-Diaz was the architect. Dwyane Wade listed his penthouse unit there in 2013.