The founder and CEO of Texas de Brazil has sliced off a piece of his Miami holdings with the $5 million sale of a unit at the Continuum South Beach.
Miami-Dade County records show that Salah Izzedin sold his three-story townhome at the Continuum to RS Group Housing LLC. Izzedin, chairman and CEO of Texas de Brazil, also led the Latina Oil Corporation and the Oceanic Oil Corporation, multimillion-dollar firms in the United States and Europe.
Izzedin founded Texas de Brazil in 1998, opening the first restaurant in Addison, Texas, according to his LinkedIn page. In South Florida, the restaurant chain has locations in Miami Beach, at 300 Alton Road, and at Dadeland Mall, Dolphin Mall, Palm Beach Gardens, Fort Lauderdale, Hallandale Beach and Palm Beach Gardens.
He purchased the 2,556-square-foot unit in 2008, property records show. Izzedin paid $3.33 million for the townhouse, which means he made about $1.67 million on the Continuum unit in about eight years. The new buyer, who paid $1956 per square foot, lists a Denmark address on its corporate filings.
The townhome, which has three bedrooms, three bathrooms and one half-bathroom, was listed for sale in October for $5.9 million. It also includes a private pool on the ground level and a Jacuzzi on the rooftop deck. Dario Stoka and Giorgio Vecchi of Brown Harris Stevens | Zilbert had the listing.
Izzedin also owns a 2,100-square-foot condo at Icon South Beach, nearby at 450 Alton Road. According to Miami-Dade property records, he paid $1.5 million for the unit when the tower opened in 2005.
Early in January, local celebrity restaurateur Myles Chefetz purchased a unit at the Continuum’s north tower for $7.9 million. And a unit owned by Continuum investor Stuart Eichner was listed for sale at $12.9 million. The Continuum, at 50 South Pointe Drive, includes a north and south tower designed by Sieger Suarez Architects. It was developed by Ian Bruce Eichner’s Continuum Company in 2008. The development sits on a 12-acre property and features two lagoon pools, a spa and gym, and 1,000 feet of beach frontage.