Thor unloads Design District properties: $128.3M

Buyers Redsky and JZ Capital Partners have spent more than $233M in the district

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

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

From left: 663 to 667 Lincoln Road, Joe Sitt, Tony Arellano and Devin Marinoff (Credit: DWNTWN REALTY ADVISORS)

Thor Equities lists Lincoln Road building for $17.5M

David and Leila Centner and the Centner Academy (Credit: Getty Images, Google Maps)

Owners of new Miami Design District school hired mayor’s law firm to represent them in zoning appeal

CocoWalk at Coconut Grove

The Weekly Dish: Cote NYC heads to Miami, Sushi Garage opening at CocoWalk & more

Alex Karakhanian, Chaim Cahane, and 45 Northeast 41st Street

Investors under contract to buy Opportunity Zone property in the Design District

Thor Equities CEO Joseph J. Sitt and a rendering of 852 Collins Avenue (Credit: Thor Equities)

Mazel Tov! Kosher restaurateur buys South Beach commercial property

4136 North Miami Avenue and David and Leila Centner (Credit: Pintrest)

Centner Academy owners score approval to convert Buena Vista building into preschool

Owners of KYU Wynwood to open new concept, Laid Fresh, nearby

Owners of KYU Wynwood to open new concept, Laid Fresh, nearby