Another Miami Design District building sells — for $28M

Property houses restaurant Oak Tavern

TRD MIAMI /
Mar.March 18, 2015 09:45 AM

Another building in the heart of Miami’s Design District sold Tuesday — this time for $28 million, as prices in the gentrifying neighborhood continue to rise, The Real Deal has learned.

The 17,391-square-foot retail/office/restaurant building, at 35 Northeast 40th Street,  was sold to an affiliate of Brooklyn-based RedSky Capital and London-based JZ Capital Management. It is the buyers’ second purchase in the Design District this month.

Douglas Elliman agent Fran Clougherty represented the seller, 35 NE 40th St. LLC, whose registered agent is broker Jeff Morr.

RKF’s Benjamin Mandell represented the buyer.

Last week, the same buyers purchased a nearby building at 1 Northeast 40th Street. That 19,436-square-foot building sold for $29.25 million.  RedSky and JZ Capital also paid $11 million for a 0.3-acre site at 2407 Northwest Second Avenue Wynwood in January, property records show.

Tenants in the property purchased on Tuesday include the popular restaurant Oak Tavern, which has an outdoor courtyard that fronts 40th Street. The three-story building, built in 1969, also has two retail tenants and two stories of fully leased office space, Douglas Elliman said.

The 12,500-square-foot property last sold for $2 million in 2004, Miami-Dade property records show.

Miami’s Design District is undergoing a transformation to a luxury shopping destination, spearheaded by Craig Robins, president and CEO of Dacra. By 2016, the 10-square-block district is expected to have more than 120 luxury-brand stores, a boutique hotel, 15 to 20 restaurants, luxury residential condos and lofts, galleries, furniture showrooms, as well as large-scale public art, design and graphic art installations.


Related Articles

arrow_forward_ios
Eighty Seven Park (iStock)

Eighty Seven Park’s priciest penthouse sells for $37M

Eighty Seven Park’s priciest penthouse sells for $37M
Residential sales surged in South Florida in the third quarter (Credit: iStock)

Single-family saves the day. Q3 resi sales up in South Florida

Single-family saves the day. Q3 resi sales up in South Florida
2120 Bay Avenue (Realtor)

Renter who sought to ride out pandemic in Miami Beach home sues owner, brokerage over alleged filthy conditions

Renter who sought to ride out pandemic in Miami Beach home sues owner, brokerage over alleged filthy conditions
Mark M. Rubin & Howard M. Lorber

Movers & Shakers: Related taps Douglas Elliman for condo sales & more

Movers & Shakers: Related taps Douglas Elliman for condo sales & more
1776 Bay Drive, Miami Beach (Courtesy of Douglas Elliman)

Waterfront Normandy Isles home sells for record $7M

Waterfront Normandy Isles home sells for record $7M
Michael Wekerle & 1000 Riviera Isle Drive (Credit: Google Maps and Isaiah Trickey/FilmMagic via Getty Images)

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M
100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

Lender closes on RedSky and JZ’s Wynwood assemblage

Lender closes on RedSky and JZ’s Wynwood assemblage
arrow_forward_ios

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

Loading...