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
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Clockwise from left: A rendering of Water Street Tampa, Ian Schrager, Jeff Vinik, Patrick Mahomes, rendering of Tampa Edition, Bill Gates and Tom Brady (Photos via Getty; Water Street Tampa/Photo Illustration by Kevin Rebong for The Real Deal)
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Jon Paul Pérez and Jorge Pérez with renderings of One Island Park (Related)
Related wins Miami Beach board approval for office project on Terminal Island
Related wins Miami Beach board approval for office project on Terminal Island
Randy Frankel and One Ocean (Getty)
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
arrow_forward_ios

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

Loading...