Retail space at 900 Biscayne hits market for $10.4M

The spaces have a net operating income of $420,000

Jan.January 25, 2016 11:15 AM

Restaurant and retail space at 900 Biscayne

Retail space at 900 Biscayne has been listed for sale for $10.4 million, or $811 per square foot.

Fabio Faerman

Seven retail spaces on the ground floor of the 63-story tower hit the market, listing agent Fabio Faerman told The Real Deal. All together, the triple-net retail spaces have a net operating income of $420,000, he said.

The units, which total 12,821 square feet, are 85 percent occupied. Tenants include Libar Steakhouse, Star Foods Market & Bistro and a Venegas International Group office.

Unit 101, 102, 103, 104 and 105 are on the market. Libar Asian is working on the buildout for a 3,600-square-foot space in unit 101 in the southeast corner, according to marketing materials. That unit is divided into three spaces, which also includes Star Foods, in a 1,700-square-foot space, and a vacant 1,700-square-foot business center.

Libar Steakhouse is in units 102 and 103. Those units total nearly 2,400 square feet. Venegas is working on the buildout of an 1,800-square-foot space, Faerman said. Elia Group, a 1,200-square-foot Greek restaurant, is in unit 105.

Property records show that LLCs managed by Antonio E. Magraner own the units. The LLCs paid a combined $9.5 million for them in 2008.

Faerman, of Fortune International Realty, said he is looking for a buyer who knows the area is growing and is looking for a triple-net investment.

900 Biscayne was completed in 2008. The bottom three floors of the building are retail and restaurant space. La Mancha, a seafood eatery and steakhouse, closed at the tower over the past year.

The 63-story, mixed-use tower has 513 luxury condos. In November, a federal judge awarded $23 million to the condo contractor in a case related to two subcontractors’ alleged faulty construction. Basketball star Kevin Durant, who plays for the Oklahoma City Thunder, had owned a penthouse there until selling it for $3.15 million in May.

The building is adjacent to the construction site of Zaha Hadid’s One Thousand Museum, a 83-unit condo tower with prices starting at $5.5 million.

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