The Real Deal Miami

South Beach retail site sells for $18M

More than double its last selling price
By Katherine Kallergis | January 26, 2015 01:30PM

500 South Pointe Drive in Miami Beach

500 South Pointe Drive in Miami Beach

A prime piece of South Beach retail space sold recently to a Montreal-based company for $18 million.

An affiliate of the Development Group of South Florida sold the retail building just north of South Pointe Park and west of the Continuum South Beach on Jan. 15, Miami-Dade records show.

Tenants include TD Bank, Danny Jelaca Salon and Dolce Vita Gelato Cafe.

500 South Pointe Investments bought the 30,000-square-foot building and took over the Development Group’s $10 million mortgage.

Christina Cuervo is listed as a manager on the Development Group’s corporate filing. The property, located at 500 South Pointe Drive, was last sold in 2006 for $7.8 million.