The Real Deal Miami

Sam Herzberg drops $32M on South Beach retail building

New York firm sells Walgreens-anchored property on Collins Avenue
July 17, 2014 12:45PM

501 Collins Avenue (inset: Sam Herzberg)

501 Collins Avenue (inset: Sam Herzberg)

A company led by Sam Herzberg paid $32 million for a Walgreens-anchored retail building in South Beach.

Herzberg’s D&R Design District acquired the two-story, 24,096-square-foot building at 501 Collins Avenue, according to Miami-Dade County records. A company tied to New York-based JSRE Acquisitions sold the property to D&R. It paid $30 million for the building in November 2012.

Wells Fargo Bank gave D&R a $20.1 million loan for the purchase.

Herzberg owns the Sterling Building on Lincoln Road. He sold a Design District portfolio to Thor Equities for more than $45 million in May.

Another Walgreens building in South Beach changed hands for $28 million last month. In that transaction, Walgreen Co. sold the 100 Lincoln Road building to the Nightingale Group and concurrently signed a short-term lease to remain at the property through at least July 2015. — Eric Kalis