The Real Deal Miami

Turnbridge Equities adds to Washington Avenue holdings

A Turnbridge affiliate paid $322 psf for the buildings

December 08, 2015 11:15AM
By Katherine Kallergis

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Andrew Joblon and Washington Avenue properties

Andrew Joblon and Washington Avenue properties

Miami Beach-based investment firm Turnbridge Equities has added to its investment portfolio on Miami Beach’s Washington Avenue with the $6.4 million acquisition of three retail buildings.

A Turnbridge affiliate, Washington Squared Owner LLC, bought the properties at 709, 719 and 729 Washington Avenue for about $322 per square foot, Miami-Dade County records show.

Turnbridge Managing Principal Andrew Joblon is the manager of the LLC. In June, Turnbridge paid $36 million for the entire block south of this most recent purchase. The firm assembled those buildings, between 601 to 685 Washington Avenue, with plans to redevelop the properties into a mixed-use project.

The seller is a Miami-based company led by Burl Sostchin. Here is a breakdown of the buildings:
  • 709 Washington Avenue: single-story, 4,684-square-footbuilding that last sold in 1998 for $625,000
  • 719 Washington Avenue: two-story, 12,970-square-foot building that last sold for $2.7 million in 2005
  • 729 Washington Avenue: single-story, 2,247-square-foot building that last sold for an undisclosed amount in 1997

The properties were developed between 1938 and 2000, according to Miami-Dade County property records. The land totals 19,500 square feet and the buildings total 19,901 square feet.

Tenants include Star Shoe Repair, a karaoke bar and a grocery store.

Improvements to the area are expected soon. The Miami Beach Commission in October approved a series of wide proposals designed to breathe new life into Washington Avenue, which include raising height limits for buildings, widening sidewalks, adding bike lanes and closing down one lane of traffic along much of the avenue to allow parklets — parking spaces converted to temporary patios for outdoor dining.