South Beach institution, David’s Café, sells for $9.89M

The owners of South Beach landmark David’s Café have accepted an offer of $9.89 million for their restaurant. The Gonzalez family paid just $1.9 million for the property in 2009.

“David’s Cafe has been a wonderful cafe and an institution on the beach for a long time, and it’s sad to see it go, but the value of the real estate to investors was just incredible,” Jonathan Carter, senior director at Miami Beach-based brokerage Comras Co., told the Daily Business Review. “It’s a hard corner in Collins with a freestanding facility for retail, and you just don’t have that come along.”

New York investor Gideon Asset Management purchased the restaurant at 1058 Collins Avenue.

Michael Comras, president of Comras Co., represented the seller. Michael Silverman, a senior associate with the same company, represented the buyer.

Currently there are no immediate plans to redevelop the property, which sold for $1,140 per square foot, according to Carter. The building “was mostly sold on the basis of what the future rents would be for 8,688 square feet of retail space,” he added. [DBR] – Christopher Cameron