Thor, Edelstein make Design District buys

Miami /
Apr.April 16, 2014 11:15 AM

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.


Related Articles

arrow_forward_ios
AJP Real Estate’s Alberto Pérez and Thor Equities’ Joseph Sitt with Wynwood Walk and MedSquare Health medical offices ( AJP Real Estate, Thor Equities)
Lease roundup: AJP, Mas fully lease Kendall medical offices
Lease roundup: AJP, Mas fully lease Kendall medical offices
Thor Equities' Joe Sitt rendering of 2724 Northwest Second Avenue (Thor Equities, DWNTN Realty Advisors)
Thor Equities lists Wynwood dev site for $32M
Thor Equities lists Wynwood dev site for $32M
CMC Group’s Ugo Colombo, Valerio Morabito and the rendering of Onda Residences (CMC Group, Valerio Morabito)
Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos
Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Tricap's David Edelstein, Related's Nick Perez and a rendering of NoMad Residences Wynwood (Getty, Related)
Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
CMC Group's Ugo Colombo and a rendering of Vita at Grove Isle (Photos via Vita at Grove Isle)
Lawsuit aims to stop controversial Grove Isle project now developed by Ugo Colombo
Lawsuit aims to stop controversial Grove Isle project now developed by Ugo Colombo
From left: Masoud Shojaee of Shoma Group and Ugo Colombo of CMC Group (Shoma Group, CMC Group, iStock/Illustration by Steven Dilakian for The Real Deal)
Verdict upended: Judge throws out Masoud Shojaee’s $10M court win against Ugo Colombo affiliate
Verdict upended: Judge throws out Masoud Shojaee’s $10M court win against Ugo Colombo affiliate
Investments Limited’s President James Batmasian & wife Marta Batmasian; Thor Equities Group’s founder & CEO Joseph Sitt (Thor Equities Group, Investments Limited, Google Maps)
James Batmasian doubles down on downtown Delray Beach with $7M purchase
James Batmasian doubles down on downtown Delray Beach with $7M purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...