Investor sells Miami Beach’s Club Monaco building to NY restaurant group for $24M

Miami /
Sep.September 22, 2016 12:00 PM

Nashville investor Ben Willingham just sold his Collins Avenue retail building to an affiliate of the Riese Organization, a New York restaurant group, for $23.8 million.

The deal covers 624 Collins Avenue, a two-story commercial building that measures 8,445 square feet. It was built in 1922 and is leased to Club Monaco, a mid-priced clothing chain owned by Ralph Lauren.

The transaction came through a complicated web of deeds: two entities controlled by Willingham sold the Riese affiliate a 94 percent interest in the property for $22.56 million.

Then, Willingham sold the remaining six percent interest in two separate deals to Patrick Maxell and Georgeanne Chapman, two Nashville residents, for $1.24 million. The intermediaries then transferred their interests to Riese for the same dollar amount.

Riese, headed by Dennis Riese, financed its purchase with a $10 million loan from New York Community Bank. The organization is known for its expansive restaurant holdings in New York, most of which are fast food or fast casual.

That could be changing, however. According to a 2013 profile of the group in Crain’s, the Riese Organization is looking to expand into upscale restaurants after filling its coffers with $85 million from a Times Square property sale.

A request for comment to Riese was not immediately returned.


Related Articles

arrow_forward_ios
Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
A unit in Continuum South Beach was the top sale last week (Luxhunters for ONE Sotheby’s International Realty)
Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach 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...