Retail units at the Burleigh House in North Beach sell: $6.8M

The commercial units total 9,346 square feet and they last sold together for $3.9M in 2014

TRD MIAMI /
Apr.April 04, 2016 02:30 PM

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.


Related Articles

arrow_forward_ios
Aria Mehrabi and renderings of the projects

Target-anchored mixed-use project planned for North Beach advances

Target-anchored mixed-use project planned for North Beach advances
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
Yamal Yidios and 7780-7810 Tatum Waterway (Ytech)

Court ruling overturns Tatum Waterway’s historic designation

Court ruling overturns Tatum Waterway’s historic designation
Diego Colmenero, Charlie Porchetto and a rendering of the hotel

Urbanica scores approval for new hotel in North Beach

Urbanica scores approval for new hotel in North Beach
Renderings of the projects with Aria Mehrabi

Robert Finvarb, Aria Mehrabi seek approval of mixed-use projects in North Beach

Robert Finvarb, Aria Mehrabi seek approval of mixed-use projects in North Beach
2101 Normandy Drive, Samuel Heskial and Marilina Apfelbaum (Credit: Google Maps)

Marc Shulman sells Normandy Isles building to French family office

Marc Shulman sells Normandy Isles building to French family office
Eighty Seven Park and David Martin

Eighty Seven Park condo sells for $18M to tax-motivated buyer

Eighty Seven Park condo sells for $18M to tax-motivated buyer
Rodney Martin and Eighty Seven Park (Credit: Eighty Seven Park by The Boundary)

Voya Financial CEO drops $12M on Eighty Seven Park condo

Voya Financial CEO drops $12M on Eighty Seven Park condo
arrow_forward_ios

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

Loading...