The Real Deal Miami

Thor unloads Design District properties: $128.3M

Buyers Redsky and JZ Capital Partners have spent more than $233M in the district
Joseph Sitt, North Miami Avenue properties and Ben Bernstein

Thor’s Joseph Sitt, North Miami Avenue properties and Ben Bernstein

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.