Related Group to get $23M for Brickell Heights retail space

Miami /
Sep.September 03, 2014 12:00 PM

The Related Group has a deal in place to sell two retail spaces in its Brickell Heights development for about $23 million combined, The Real Deal has learned.

Related, which is building the mixed-use project at South Miami Avenue and Southeast Ninth Street in collaboration with Crescent Heights, has the retail space under contract in two separate transactions, according to Hernan Gleizer, CEO of Optimar International Realty and head of the firm’s commercial division. Gleizer represented the buyers in both deals. The transactions will close when the developers receive occupancy permits upon the project’s completion.

In the more expensive deal, a New York investor paid $17.5 million for a two-story space totaling 21,484 square feet, according to Gleizer, who would not disclose the specific buyer. The space will have nearly 9,800 square feet on the ground floor when the project is completed. Related and Crescent hope to finish the development during the third quarter of 2016.

A group of South American investors teamed up to acquire the other retail space for $5.4 million. They picked up 8,015 square feet of ground floor space.

The developers also have a deal with luxury fitness club Equinox to occupy more than 3,000 square feet at the project.

Brickell Heights “will have great exposure on South Miami Avenue for restaurants and retailers,” Gleizer told TRD. “This is much better than Brickell Avenue, with real street-level retail space.”

Carlos Rosso, president of Related’s condo division, confirmed the transactions. He cited “an offer that we couldn’t refuse” for the decision to sell the retail spaces instead of leasing them.

“South Miami Avenue is becoming Brickell’s own Lincoln Road,” Rosso said in a written statement. “Anchored by our own SLS Lux and Brickell City Centre to the north and SLS Brickell to the south, these seven city blocks are poised to become Brickell’s major pedestrian center. That is why we are bringing chefs like Michael Schwartz and Jose Andres, or brands like Equinox and Soul Fitness Cycle Studio, to redefine South Miami Avenue.”


Related Articles

arrow_forward_ios
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
Related's Jorge Pérez and Jon Paul Pérez, Teddy Sagi and a rendering of the White House Inn
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
A rendering of the project with Related's Jorge Pérez and Jon Paul Pérez (Chisholm Architects)
Jorge Pérez’s Related Group buys Princeton apartment dev site for $8M
Jorge Pérez’s Related Group buys Princeton apartment dev site for $8M
The Real Deal's Hiten Samtani with Gil Dezer, Keith Menin, Jon Paul Pérez and Todd Michael Glaser
South Florida’s thriving condo market is sustainable, with financing flowing: developers panel at TRD Miami event
South Florida’s thriving condo market is sustainable, with financing flowing: developers panel at TRD Miami event
Teddy Sagi and Jorge Pérez with a rendering of the development
Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach
Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach
Camilo Miguel of Mast Capital with East, Miami and Kieran Bowers of Swire Properties with The Conrad (Getty, Facebook via EAST, Miami)
Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M
Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M
Arnaud Karsenti, managing principal of 13th Floor Investments (iStock, 13th Floor)
Brickell church votes to sell waterfront land to developer for condo tower
Brickell church votes to sell waterfront land to developer for condo tower
arrow_forward_ios

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

Loading...