The Real Deal Miami

New Yorker flips Surfside retail building for $25M

Deal breaks down to $997 psf for the building and $1,086 per foot for the land

September 15, 2016 09:45AM
By Katherine Kallergis

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The AmTrust building in Surfside and Daniel Benedict of BRG

The AmTrust building in Surfside and Daniel Benedict of BRG

About nine months after acquiring a prime retail spot in Surfside for $18 million, Benedict Realty Group flipped the property for $25 million. 

Records show Surfside Retail LLC sold the two-story, 25,058-square-foot building at 9564 Harding Avenue to 9564 Harding Investment LLC, an entity managed by Coral Gables attorney Peyton Lumpkin of the Lumpkin Law Firm. More information about the buyer is not available in state or county records.

The deal breaks down to $997 per square foot for the building and $1,086 per foot for the land.

Surfside Retail is controlled by Daniel Benedict of Benedict Realty Group, a real estate investment and property management first based in Great Neck, New York. The LLC paid a recorded $18 million for the commercial property at the end of last year, but the South Florida Business Journal reports that the deed was revised in March to $13.5 million, according to the seller at the time, New York Community Bank.

The building, constructed in 1954, houses tenants that include AmTrust Bank, CVS Pharmacy, Starbucks and a Jean Claude Biguine salon. It sits on a 23,000-square-foot lot across from the Bal Harbour Shops, which is in the midst of a $400 million renovation and expansion. The Whitman family owns the luxury retail development, and plans to add a new entrance, wider sidewalks, a new canopy, landscaping.

Prices continue to climb in Surfside, where beachfront projects like the Surf Club Four Seasons and Fendi Chateau Residences are under construction. In January, a property assemblage totaling nearly an acre at 9040 Collins Avenue hit the market for $27 million, or $626 per square foot for the land.