Brickell portfolio owner adds piece for $7M

Miami /
May.May 09, 2014 12:00 PM

UPDATED, 2:00 p.m., May 10: A landowner in Miami’s Brickell area added another piece to its property assemblage in a $7 million transaction, The Real Deal has learned.

Watson Investigations acquired a small restaurant building at 842 Southeast First Avenue, which is adjacent to the nearly 34,000-square-foot site the company purchased through bankruptcy court in July 2013, according to Miami-Dade County records. The 2,819-square-foot building is currently occupied by Chicken Kitchen.

Ambassa Holdings sold the 8,000-square-foot property to Watson. The North Miami-based company paid about $1.9 million for the parcel in December 2004.

The transaction closed on April 30 and was recorded by the county on May 2.

A separate “agreement not to encumber or transfer property” was filed by Watson and DDH Investments, which is tied to Ugo Colombo’s CMC Group. DDH is identified in the filing as Watson’s lender, but no financing was recorded with the 842 Southeast First Avenue sale.

It has been widely reported over the past year that Russian oligarch Oleg Baybakov is a stakeholder in Watson, based on claims made by investor Jorge Arevalo, who was attempting the buy the site the company acquired through bankruptcy court. Arevalo unsuccessfully challenged Watson’s purchase and identified Baybakov as an investor in the company.

In fact, Baybakov is not involved in Watson at all, a Baybakov representative told TRD.

Correction: An earlier version of this article incorrectly identified Baybakov as the principal of Watson Investigations.


Related Articles

arrow_forward_ios
Ken Griffin, Development
“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami
“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
Grand Peaks Properties' Luke Simpson and Nick Simpson; renderings of the proposed Empire Brickell project (Corwil Architects, Grand Peaks Properties, Getty)
Grand Peaks proposes 26-story apartment tower in Brickell
Grand Peaks proposes 26-story apartment tower in Brickell
Ken Griffin and Adrienne Arsht with 3031 Brickell Ave (Getty, Atlantic Council, Oak Studios)
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Adrienne Arsht and the Coconut Grove estate (Arsht via Naomi.cherenson, CC BY-SA 4.0, via Wikimedia Commons, 3031 and 3115 Brickell Avenue photos provided by 1 Oak Studios)
Adrienne Arsht’s Coconut Grove estate sells for record $107M
Adrienne Arsht’s Coconut Grove estate sells for record $107M
Empira’s Rafael Aregger with 3025 and 3051 Southwest Third Avenue (LinkedIn, Revuelta Architecture International)
Swiss developer debuts in Miami with multifamily project
Swiss developer debuts in Miami with multifamily project
A rendering of the 830 Brickell office tower in Brickell, Miami and Vlad Doronin of OKO Group and Jonathan Goldstein of Cain International (OKO Group, Cain International)
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
arrow_forward_ios

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

Loading...