Miami retail property trades for $23M

The Sears showroom in Miami
The Sears showroom in Miami

A Miami retail building changed hands for more than $23 million, The Real Deal has learned.

The 40,600-square-foot building on 2.6 acres at 6605 South Dixie Highway was acquired by four companies in a transaction recorded on Friday, according to Miami-Dade County records. South Florida Residential LLC has an 89 percent stake in the purchase. Broker and investor Simon Karam is president of South Florida Residential.

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Wells Fargo Bank gave a $12 million mortgage to the buying companies.

Dadeland North Ltd. is the seller. Philip Leitman is the company’s president. County records do not indicate what Dadeland North paid for the property.

The building was constructed in 1980. Sears operates a home appliance showroom at the property.