Galbut pays $10M for tire shop on Alton Road

Miami /
Jan.January 04, 2016 12:45 PM

A company linked to developer Russell Galbut just bought a tire shop on Miami Beach’s Alton Road for $10 million — almost 30 times what it last sold for in the 1980’s.

The building, located at 1575 Alton Road, measures 11,849 square feet and sits on a 15,000-square-foot lot.

It was first purchased by Firestone in 1986 for only $337,600. Two years later, the tire company was acquired by Bridgestone Corp. for a whopping $2.6 billion, and this property was passed along as a result.

After 29 years, the 11,849-square-foot building has again been sold, this time to a Miami limited liability company called ARRP Miami IV. It’s managed by David Smith and shares an address with Russel Galbut’s development firm Crescent Heights.

A listing for the Firestone property with brokerage HFF said it wasn’t encumbered by any historic designation, “freeing a new owner to complete an adaptive re-use of the existing improvements or develop a new mixed-use, multi-level structure up to 22,250 square feet.”

HFF’s capital markets team, led by Luis Castillo and Daniel Finkle, represented the seller, Castillo said.

Galbut is in the midst of developing a number of properties in Miami Beach, including the mixed-use project 1212 Lincoln Road. Plans for that project have met resistance from current tenants who are hesitant to make way for Galbut’s wrecking ball.

Crescent Heights is also working on the Wave, a mixed-use, four-building project that is projected to have 300,000-square feet of residential space, including 321 apartments, and approximately 50,000 square feet of retail space. The Wave will be located between Fifth and Seventh streets and between Alton Road and West Avenue.

Along with those two projects, the development firm has also received design approval for its plans to build a new 50,000-square foot project at 1901 Alton Road that will include a new 40,000-square foot Whole Foods Market.

In July, another company affiliated with Crescent paid $300 per square foot for an Alton Road parking lot.

For this Firestone purchase, Galbut’s company paid more than double that — $667 per square foot of land.


Related Articles

arrow_forward_ios
1665 Alton Road, Retail
After $39M sale, Robert Shor picks up another South Beach retail property
After $39M sale, Robert Shor picks up another South Beach retail property
Russell Galbut, Ballot
Miami Beach voters approve upzoning referendums
Miami Beach voters approve upzoning referendums
Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Michael Shvo and Norman Foster and renderings of The Alton (Getty, Wikipedia, Foster + Partners)
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach (Google Maps, SSHaving, CC BY-SA 4.0 - via Wikimedia Commons)
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Edgewater Florida (iStock)
Here are the resi projects planned for Miami’s Edgewater
Here are the resi projects planned for Miami’s Edgewater
 Rendering of Nema Miami with Russell Galbut and Bruce Menin (Crescent Heights)
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
Alan and Robert Potamkin and the property at 1695 Alton Road in Miami Beach (The Potamkin Prize, BHS)
Alan and Robert Potamkin rev up their real estate game with $10M Miami Beach purchase near Lincoln Road
Alan and Robert Potamkin rev up their real estate game with $10M Miami Beach purchase near Lincoln Road
arrow_forward_ios

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

Loading...