JSRE Acquisitions buys Miami Beach retail building for $35M

New York investor matches purchase price for Romero Britto's nearby gallery
By Eric Kalis | May 16, 2014 01:00PM

From the South Florida website: A Lincoln Road retail building traded for $34.5 million, the same price Romero Britto’s nearby gallery commanded last week, The Real Deal has learned.

New York-based JSRE Acquisitions acquired the 716-720 Lincoln Road property on Wednesday, exactly one week after Britto’s 818 Lincoln Road gallery was purchased by a Montreal-based company. JSRE picked up the 6,943-square-foot building through a company called 718 Lincoln Owner. No financing was recorded.

Thai Investment Group of Miami is the seller. Ronald Felton signed the deed as president of the company. It owned the 7,500-square-foot South Beach property for 21 years before selling it to JSRE.

The building was originally constructed in 1936. It located between the H&M and Forever 21 stores.

Cache and American Apparel occupy the two retail spaces in the building, according to Robert Futterman’s RKF, which handles leasing at the property.