Stoltz picks up Vizcayne retail site for $27M

Vizcayne towers in downtown Miami
Vizcayne towers in downtown Miami

A company tied to national real estate company Stoltz Management Company paid $27.2 million for retail space at Vizcayne, formerly known as Everglades on the Bay, in downtown Miami.

An affiliate of Coral Gables-based Fortune Capital Partners, RW 244 Biscayne Ret, sold the 66,207-square-foot commercial space at 244 Biscayne Boulevard, according to Miami-Dade County records. Fortune originally acquired it in an off-market deal in November 2010.

Keith D. Stoltz, Stoltz chairman, president and CEO, is listed on the buyer’s corporate records.

Stoltz also acquired a $20 million loan from Bank of America, according to county records. Tenants of the building include CVS, Smoothie King and Orange Theory Fitness. 

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Stoltz is based in Bala Cynwyd, Pennsylvania. The company owns and manages more than $1 billion worth of real estate, including retail, office, industrial and land, according to its website.

A CBRE listing shows the space is 66.8 percent leased and includes a 126-space parking deck. CBRE declined to comment.

Vizcayne, at 253 Northeast Second Avenue, includes two nine-story buildings and 849 units. The towers were completed in 2008, according to property records. Cabi Developers developed the project and Fullerton-Diaz was the architect. Dwyane Wade listed his penthouse unit there in 2013.