Office, retail condos at One Flagler sell for $10M

Miami /
Oct.October 01, 2015 04:10 PM

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.


Related Articles

arrow_forward_ios
East End Capital’s Jonathon Yormak, BentallGreenOak’s Sonny Kalsi and 100 Biscayne Boulevard. (East End Capital, BentallGreenOak)
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
Ryan Shear and Michael Simkins (VC Consulting)
E11even condo tower planned for downtown Miami reaches 90% of units under contract in two months
E11even condo tower planned for downtown Miami reaches 90% of units under contract in two months
Rendering of Grand Station Apartments with Alex Rodriguez, Oscar Rodriguez and Ricardo Vadia (Getty, Rovr/Illustration by Alexis Manrodt for The Real Deal)
Downtown Miami apartment tower — with A-Rod as an investor — launches leasing
Downtown Miami apartment tower — with A-Rod as an investor — launches leasing
Rendering of Baccarat Miami (Credit: ArX Solutions)
Miami condo craze returns as developers look to seize the moment
Miami condo craze returns as developers look to seize the moment
PMG principals Kevin Maloney (middle), Ryan Shear (left) and Dan Kaplan with a rendering of Waldorf Astoria Miami (PMG, Muse Residences, Rendering via ArX Solutions)
Waldorf Astoria Miami, planned as the tallest resi tower south of Manhattan, launches sales
Waldorf Astoria Miami, planned as the tallest resi tower south of Manhattan, launches sales
Blackstone’s Jon Gray and 2MiamiCentral (Getty, iStock)
Blackstone buys MiamiCentral office buildings for $230M
Blackstone buys MiamiCentral office buildings for $230M
Simon and David Reuben with One Thousand Museum (Getty, iStock)
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
Marquis Miami (Wikipedia Commons, iStock)
Unstable connection: Internet company sues Marquis Miami condo association
Unstable connection: Internet company sues Marquis Miami condo association
arrow_forward_ios

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

Loading...