The Real Deal Miami

South Beach building purchased for $3 million

By Erik Bojnansky | November 17, 2008 04:08PM

 
The former South Beach headquarters of Windjammer Barefoot Cruises was snatched up on the foreclosure auction block for $2.8 million by a real estate equity firm, according to the real estate agent who represented the buyer in the sale.

The Fifteen Group obtained the title for the 15,562-square-foot office building and 16,000-square-foot plot of land at 1747 Bay Road, near Purdy Avenue, in the first week of November, said the buyer’s representative, Francis Clougherty, a commercial agent with full-service real estate company Majestic Properties.

The Fifteen Group bought the property at an October 24 auction. After clearing the liens on the property, Fifteen Group’s total investment was $3.1 million, Clougherty said. The Fifteen Group plans to convert the ground floor into 15,000 square feet of retail, he said.

Clougherty said the neighborhood where the old Windjammer building is located, is “very commercially viable” right now, adding, “There is a lot going on.”

A Fresh Market was approved by the city to open up in that region just two months ago while developer Scott Robins is building a five-story parking garage.

The Fifteen Group, founded by brothers Mark and Ian Sanders, has an office each in Miami Beach, New York City and Los Angeles.

Windjammer, which once boasted having the largest fleet of tall sailboats in the Caribbean, went out of business last year.