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

Miami /
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.


Related Articles

arrow_forward_ios
Ex-Sagamore Hotel owners set North Miami record with $11M home sale
Ex-Sagamore Hotel owners set North Miami record with $11M home sale
Ex-Sagamore Hotel owners set North Miami record with $11M home sale
Medical Properties Trust CEO Edward K. Aldag, Jr. with North Shore Medical Center (WikiMedia via John Nuno)
Medical Properties Trust expands South Florida portfolio with $276M buy
Medical Properties Trust expands South Florida portfolio with $276M buy
12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
Johnson & Wales sells more North Miami properties for $21M
Johnson & Wales sells more North Miami properties for $21M
Coronado Towers in North Miami (Google Maps, Getty)
North Miami condominium’s balconies deemed unsafe
North Miami condominium’s balconies deemed unsafe
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG pays nearly $60M for Johnson & Wales North Miami campus
PMG pays nearly $60M for Johnson & Wales North Miami campus
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG buying shuttered Johnson and Wales North Miami campus, planning redevelopment
PMG buying shuttered Johnson and Wales North Miami campus, planning redevelopment
An aerial of the proposed development site and warehouse with Sergio Rok and Jimmy Tate
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
North Miami Studios and two productions, “The Birdcage” and “Miami Vice" (Getty)
North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
arrow_forward_ios

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

Loading...