The strip club Dean’s Gold in North Miami Beach has traded hands for $23.5 million, with plans to redevelop it into a mixed-use project.
Aventura real estate investors and developers CK Holding Group and Privé Land Banking said they partnered to purchase the 2.2-acre development site at 2355 Northeast 163rd Street, at the northeast corner of U.S. 1 and Biscayne Boulevard and 163rd Street.
The property is currently home to the single-tenant retail building under a triple-net lease to Dean’s Gold, but is located within a district recently rezoned for high-density redevelopment.
“There are very few development sites in South Florida featuring such a valuable combination of main thoroughfare visibility and access, proximity to affluent neighborhoods and flexible development potential,” Prive Group CEO Javier Rabinovich said in a statement.
CBRE’s Calum Weaver and Gerard Yetming brokered the sale.
“163rd & Biscayne is a ‘main and main’ location in North Miami Beach that serves as the gateway to both Aventura and Sunny Isles,” Weaver said in a statement. “The opportunity was well received in the market due to its prime location and in-place cash flow.”
Miami-Dade property records show the seller as 276 163rd LP, whose managing member is Gary B. Crouch. That entity purchased the site for $16.5 million in September 2014. The 11,342-square-foot building was built in 1977.
The buyers said they are currently developing plans for a mixed-use development on the site, to be designed by Miami-based Arquitectonica.
Privé Group told The Real Deal that it is also partnering with CK Holding on an office condo project just west of Aventura. Forum Aventura will have 12 stories with ground level retail condos and a rooftop terrace. It is also being designed by Arquitectonica, with landscaping by Roberto Rovira. Rabinovich told TRD that office condo prices will begin at $460 per square foot.