If the shoe fits, buy it and lease it back: Shoe retailer Aldo Group has sold a Miami Beach retail condo it occupies and signed a lease to remain in the space, the new owner told The Real Deal.
Aldo, which is based in Montreal, sold the 3,900-square-foot space at 751 Collins Avenue for $10 million. An entity tied to Forte Capital Management purchased the nine commercial units that make up the store through a 1031-exchange, Forte president Chaim Cahane told TRD. Seven residential condos on the second floor of the building were not included in the deal. Property records show that the property was built in 1952.
Forte paid $2,564 per square foot for the space and signed a triple-net, 10-year lease with Aldo Shoes USA. Cahane would not disclose financial terms of the lease.
The off-market deal was financed by a New York-based lender. Cahane said the the strength of the Collins Avenue retail market coupled with the right tenant made the deal attractive. The sale has not yet cleared Miami-Dade County records, and previous sales information is not available online.
In March, the building next door to Aldo sold for nearly $25 million, or $1,860 per square foot. Jamestown purchased that property, which is occupied by Victoria’s Secret until 2024.