Thor unloads Design District properties: $128.3M

Miami /
Feb.February 09, 2016 01:30 PM

Less than three years after it began assembling a war chest of properties in Miami’s Design District, Thor Equities has just sold eight sites to Redsky Capital and JZ Capital Partners for $128.285 million.

The nearly two-block purchase adds to Brooklyn-based Redsky Capital and London-based JZ Capital Partners’ growing portfolio in the district, where the joint venture partners have invested more than $233 million in recent months.

New York-based Thor, led by Joseph Sitt, had paid a total of $46.8 million for the properties it just sold, all of which the firm purchased in 2013 and 2014, Miami-Dade property records show.

The properties include:

  • 3995 North Miami Avenue, purchased for $5.4 million in May 2014;
  • 10 Northeast 40th Street;
  • 28 Northeast 40th Street;
  • 40 Northeast 40th Street;
  • 50 Northeast 40th Street (all four part of a $20 million bulk purchase in May 2014);
  • 53 Northeast 39th Street, purchased for $5.65 million in March 2013;
  • 3925 North Miami Avenue;
  • 15 Northeast 39th Street, together with 3925 North Miami Avenue, purchased for $15.75 million in April 2014

In January, Thor doubled its investment when it sold four other properties to Redsky and JZ for $60 million: 55 Northeast 39th Street, 56 Northeast 40th Street, and 75-81 Northeast 39th Street in Miami. 

In the past year, Redsky and JZ have been on a buying spree in Miami’s Design District, also paying $23.95 million for 45 Northeast 39th Street in September, and $24 million for the retail property at 21 Northeast 39th Street, in July.

In March, Redsky and JZ paid $28 million for the site of the former Oak Tavern, at 35 Northeast 40th Street, and the same month, the firms paid $29.25 million for the property at 1 Northeast 40th Street.

Thor still owns property in the Design District, after having bought the site of a United States Post Office at 70 Northeast 39th Street, in November for $43 million.

By the end of next year, the Design District is expected to have more than 120 luxury-brand stores, a boutique hotel, 15 to 20 restaurants, luxury residential condos and lofts, galleries, furniture showrooms, as well as large-scale public art, design and graphic art installations. Dacra President and CEO Craig Robins has led the area’s transformation. In 2015, blockbuster transactions in the Design District included the $65 million sale of Atlas Plaza, home to Michael’s Genuine Food & Drink, Rolex and Longchamp, among other tenants. Russell Atlas sold those properties, on 39th and 40th streets, to David Edelstein’s TriStar Capital in September.

Correction: A previous version of this story had an incorrect address and seller for Thor’s post office site. 


Related Articles

arrow_forward_ios
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)

Goldman Properties buys Wynwood property for discounted $5M

Goldman Properties buys Wynwood property for discounted $5M
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

Lender closes on RedSky and JZ’s Wynwood assemblage

Lender closes on RedSky and JZ’s Wynwood assemblage
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)

Thor Equities sues to evict Stefano Ricci from Miami Design District

Thor Equities sues to evict Stefano Ricci from Miami Design District
Steve Madden and 663 Lincoln Road (Getty, Google Maps)

Steve Madden vacates Lincoln Road lease

Steve Madden vacates Lincoln Road lease
Remy Jacobson, Jean-Marc Jacobson, 4141 North Miami Avenue (Credit: Google Maps and REALTOKEN)

Remy Jacobson allegedly in default on Design District loan: lawsuit

Remy Jacobson allegedly in default on Design District loan: lawsuit
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)

Developer of Aman-branded towers in Miami Beach scores $35M loan

Developer of Aman-branded towers in Miami Beach scores $35M loan
Clockwise from top left: 3995 North Miami Ave., 5 Northeast 39th St., 1 Northeast 40th St. through 35 Northeast 40th St. (Credit: Google Maps, iStock)

Lender lists troubled RedSky’s Miami Design District portfolio

Lender lists troubled RedSky’s Miami Design District portfolio
arrow_forward_ios

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

Loading...