A company affiliated with Canadian investor Danny Lavy just paid $10.1 million for two commercial condos at the One Flagler office tower.
The deal covers all of One Flager’s first and second floors, together measuring 22,316 square feet. The first floor houses 10,926 square feet of retail space, while the second floor has 11,390 square feet of offices.
One Flagler LLC, which is linked to Lavy, paid roughly $425 per square foot for the two condos, Miami-Dade County records show — a big premium over the average $345 per square foot that the leasing firm told The Real Deal when closings were first recorded in September.
“In two years, both floors will become retail,” Lavy told TRD. “I’m not really so concerned for downtown Miami over the next five to ten years. I’m hoping downtown will be great.”
Existing tenants include Continental National Bank, Pizzarium, Wine & Tigella, Muscle Designers, MetroPCS, a perfume distributor and Yes! WorkSpaces.
Doris Suttin of Doris B. Suttin Realty and Shai Ben-Ami of Sterling Equity Commercial represented the buyer, Lavy said. Fabio Faerman of Fortune International Realty represented the seller.
Lavy has been active in the downtown Miami market, particularly along Flagler Street. He’s joined by Israeli investor Moishe Mana, who made headlines this year with his continued commercial purchases throughout downtown and Wynwood.
One Flagler is a newly converted office tower that’s owned by Midgard Management. In late 2014, the company brought on Newgard Development Group as part of a joint-venture to convert the building’s 143,000 square feet into commercial condos.