Security Building in downtown Miami sells for $23.5M

Miami /
Jun.June 30, 2015 01:30 PM

Coast Capital Partners, a real estate investment, management and development company, sold the majority interest of the historic, mixed-use Security Building in downtown Miami for $23.5 million, The Real Deal has learned.

An affiliate of the Aventura-based company, which operates in the United States, Czech Republic and the Netherlands, sold 47 units in the 16-story building at 117 Northeast First Avenue to a partnership between Daniel Gohari, Rory Greenberg, Andrew Joblon and Ricky Weisfisch.

Gohari is a founding partner of the Xerxes Group, a New York City-based real estate investment and acquisition firm. Greenberg was previously senior vice president of the New York-based Witkoff Group and is now owner of RB Green Inc., according to his LinkedIn profile. Joblon is managing principal at Turnbridge Equities, and just purchased an entire block on Washington Avenue in South Beach for $36 million. Joblon declined to comment on the downtown Miami sale.

The property, also known as the Capital Lofts building, was built in 1926 and designated historic by the U.S. National Register of Historic Places in 1989.

Capital Loft Miami LLC owned residential and commercial units in the mixed-use building, and purchased the units out of foreclosure in September 2010 for an undisclosed amount, according to Miami-Dade County property records. Included in those is 44 residential condos and three commercial units totaling 4,366 square feet.

Tony Arellano of Metro 1 represented the seller, Capital Loft Miami. Devlin Marinoff of Whitehall Realty represented the buyer.


Related Articles

arrow_forward_ios
Renderings of the approved tower
Lions Group NYC buys downtown Miami dev site to build apartment tower
Lions Group NYC buys downtown Miami dev site to build apartment tower
The Holiday Inn at 340 Biscayne Boulevard in Miami and attorney Linda Worton Jackson
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Black Lion CEO Robert Rivani with SLS Lux Brickell (LinkedIn via Rivani, Facebook via SLS Lux Brickell)
Black Lion buys SLS Lux Brickell retail condo for $14M
Black Lion buys SLS Lux Brickell retail condo for $14M
Related CEO Jorge Pérez, President Jon Paul Pérez and the waterfront property (Related, CBRE)
Mexican firm buys former Related Group downtown Miami HQ for $24M
Mexican firm buys former Related Group downtown Miami HQ for $24M
Monarch Alternative Capital CEO Michael Weinstock and Citigroup Center (Getty, Citigroup Center)
Here’s what tenants pay at Downtown Miami’s Citigroup Center
Here’s what tenants pay at Downtown Miami’s Citigroup Center
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Steven Witkoff and 700 North Miami Avenue (Google Maps)
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
Senior Vice President at CP Group Brett Reese with One Biscayne (CP Group, One Biscayne)
JV buys One Biscayne Tower in downtown Miami for $225M
JV buys One Biscayne Tower in downtown Miami for $225M
arrow_forward_ios

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

Loading...