Surfside developer pays $12M for restaurants, retail on Collins

Transacta is developing a 175-room Marriott Residence Inn in Surfside on 96th Street

TRD MIAMI /
Jan.January 07, 2016 11:15 AM

A Surfside-based developer bought four commercial buildings on Collins Avenue in Miami Beach  including the site of the popular Buenos Aires Bakery  for $12 million, or nearly $690 per square foot.

An affiliate of Transacta Developers, which focuses on hotel and residential developments, purchased the buildings at 7118, 7124, 7134 and 7140 Collins Avenue. Denny’s occupies the corner building in a 2,885-square-foot space; Buenos Aires Bakery in a 4,120-square-foot space; Golden Hair Hands Salon, Master Sang’s TNT martial arts school and a Bank of America – in 10,432 square feet of space.

Miami-Dade County property records show the buildings, which total 17,437 square feet, were built between 1951 and 1966 and sit on a 25,000-square-foot lot. Richards Capital Limited sold the parcels, according to county records. The company, managed by Natalie S. Packman, acquired the buildings in 1994 for an undisclosed amount.

The buyer is involved with projects such as a 175-room Marriott Residence Inn on Collins and 92nd Street, according to Transacta CEO Silvia Sabates Coltrane’s LinkedIn profile. The firm is also “negotiating the acquisition” of a second hotel site in Miami Beach, her profile reads.

Transacta financed the Miami Beach sale with a $7.2 million mortgage from Lion Financial. Both transactions closed on Dec. 31. Benedict Realty Group closed on a commercial building also in Surfside – on Harding Avenue and 96th Street – for $18 million before the end of 2016.

 

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