The street-front retail space at the Burleigh House in North Beach has sold for $6.775 million, or $725 per square foot.
County records show 71 Collins Holdings LLC sold the 11 commercial units that make up the ground floor retail space at 7125 Collins Avenue. The spaces are fully leased to tenants that include Subway, H&R Block and Weichert Realty.
The buyer is 9484 Harding Investments LLC, a Miami Beach-based entity controlled by Haim Yehezkel. Yehezkel is CEO of Elysee Investments, a commercial property management firm, according to its website. He is also part owner of New Rex Corp., which plans to build a valet parking garage with a rooftop supper club on Lincoln Road.
The Burleigh House units total 9,346 square feet and they last sold together for $3.85 million in 2014, according to property records. The seller is controlled by Abraham Chehebar of Weichert Realty, a tenant, and attorney Steven Schmutter. Ruben Conitzer, formerly of Goldmark Realty and now with Hudson Capital Realty, arranged the off-market deal. Cases Realty represented the buyer. The deal closed on March 25, Conitzer said.
Other tenants include Best Beach Realty, Concept Haus Design, American Visa LLC, Vlady & Lilly Tropical, Marina Beauty Salon, Smart Fixtronics and I Love Pizza. Property records show the 19-story, waterfront condominium was built in 1970. It includes 360 residential units ranging from one to three bedrooms.
The neighborhood of North Beach stretches from 63rd Street to 87th Street and westward to Biscayne Bay. The area is largely underdeveloped when compared with South Beach and the Mid-Beach area, but commercial activity has been heating up over the past year.
“When I look at North Beach, it’s like what South Beach was 20 years ago,” Conitzer told The Real Deal.
Plans last year to develop the Ocean Terrace historic district between 73rd Street and 75th Street were put on hold after voters rejected an FAR increase for the area. Voter approval is necessary on Miami Beach for up-zoning changes involving an FAR increase. Jeff Oris, economic development division director in the city’s Office of Tourism, Cultural and Economic Development, previously told TRD that North Beach has been largely “stagnant” over the past 20 or 30 years, but now “there are a number of people looking around and looking at the opportunity here. There are real estate investors that are looking and starting to assemble land, kind of waiting to see what the city is going to do, as well as waiting for that pioneer who comes in and does the first project to show that it can be done,” he said.