The Real Deal Miami

Thor, Edelstein make Design District buys

Company, developer complete separate purchases totaling more than $20M

April 16, 2014 11:15AM
By Eric Kalis

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The NEST building (inset: David Edelstein)

The NEST building (inset: David Edelstein)

Thor Equities continued building its portfolio in Miami’s Design District with a $9.6 million acquisition, while developer David Edelstein picked up two properties in the district for $10.6 million, The Real Deal has learned.

Both transactions closed within the past week. New York-based Thor completed the $9.6 million purchase of the NEST building at 120 Northeast 39th Street on April 9, according to Miami-Dade County records. NEST is a European furnishings retailer run by Sara Colombo, wife of developer Ugo Colombo.

CMC Group, Colombo’s Miami-based company, sold the 3,720-square-foot building to Thor. Mercantil Commercebank gave Thor a $5 million loan for the acquisition.

Thor’s latest move follows its $5.7 million purchase of a small building at 53 Northeast 39th Street, a block away from Dacra and L Real Estate’s $1 billion mixed-use development.

Two days before Thor’s acquisition of 120 Northeast 39th Street, Edelstein’s 3946 Miami Owner bought a retail building and small vacant parcel at 3946 North Miami Avenue traded for $10.6 million. Lion Design District of Miami Beach sold the properties to the Edelstein-managed company.

Edelstein wants to build a mixed-use development in nearby Wynwood through a partnership that includes New York real estate heavyweight Robert Futterman. The project would include 264 residential units, 39,000 square feet of retail space and 19,200 square feet of offices.

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