Prestige Imports expands in North Miami Beach with $13M deal

Seller also terminated lease with Walgreens, property's sole tenant

Jul.July 07, 2016 11:15 AM

Updated, July 8, 3:15 p.m.: For Prestige Imports, the corner of happy and healthy is right next door.

The exotic and luxury car dealer is expanding with the purchase of a former Walgreens next to its North Miami Beach dealership. There, it plans to expand Pagani Miami and Prestige Marine. 

A Prestige company paid $12.5 million for the roughly 17,000-square-foot building at 15050 Biscayne Boulevard, records show. The building will undergo $1 million in renovations and reopen in the fourth quarter as a design studio and showroom.

“The great visibility and proximity to our current showroom naturally attracted us to the location,” Brett David, Prestige CEO, said in a release.

Edco Miami LLC, an affiliate of Saxon Partners, sold the 1.2-acre site. Based in Hingham, Massachusetts, the real estate investment development and management firm focuses on retail and residential projects in New England and select U.S. markets, according to Saxon’s website.

In 2013, Saxon acquired the building, built in 2010, for $11 million. The Saxon affiliate terminated the lease with Walgreens when it sold the property to Prestige, according to county records. The store has already closed.

The land expansion isn’t the first for Prestige, which has Lamborghini Miami, Pagani of Miami and Lotus of Miami.

In September, the company paid nearly $15 million for the car wash and gas station one block north at 15100, 151800 and 15200 Biscayne Boulevard. At the time, Prestige CEO Brett David told The Real Deal he was planning on keeping that property as is.

An animal clinic stands between the Walgreens and the car wash.

A bevy of new developments is in the works for North Miami Beach. The dealership is across the street from Biscayne Commons and around the corner from SoLē Mia, the $4 billion, 183-acre master-planned community in North Miami that is aimed at revitalizing the long-vacant site of a former landfill.

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