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

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.

 

Related Articles

arrow_forward_ios
Edition Residences unit 901 (Abraham Henandez)
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
Akoya and Oceana Bal Harbour (Google Maps)
Miami-Dade’s condo sales show a summer slump
Miami-Dade’s condo sales show a summer slump
Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
Hussain Sajwani with the vacant property at 8777 Collins Avenue (Farees Jamal, CC0, via Wikimedia Commons, LoopNet, Eleventh Judicial Circuit of Florida)
Damac closes on acquisition of Surfside collapse site for $120M
Damac closes on acquisition of Surfside collapse site for $120M
Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)
Former low-income South Beach apartments hit market as possible hotel conversion
Former low-income South Beach apartments hit market as possible hotel conversion
Stephen Ross, Mayor Dan Gelber and Frank Gehry with rendering of redevelop oceanfront Deauville project (Getty, Dan Gelber)
Steve Ross’ plan to redevelop oceanfront Deauville into Frank Gehry-designed project heads to Miami Beach voters
Steve Ross’ plan to redevelop oceanfront Deauville into Frank Gehry-designed project heads to Miami Beach voters
Oceana Bal Harbour
Oceana Bal Harbour condo sells for $12M
Oceana Bal Harbour condo sells for $12M
arrow_forward_ios

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

Loading...