South Miami’s Fox’s Lounge sells for $7.5M, buyer plans adaptive re-use

Miami /
Dec.December 08, 2016 03:00 PM

The once-popular Fox’s Lounge in South Miami has a new owner.

Fox’s Plaza, marketed as a redevelopment opportunity, just sold to an out-of-state buyer for its asking price of $7.5 million.

Rene Dahdah sold the properties at 7435 Southwest 61st Avenue and 6022-6030 South Dixie Highway to S. Miami Retail BH LLC, according to a press release. The site hit the market with Colliers International South Florida broker Marcos Puente in August. Tony Arellano of Metro 1 Commerical represented the buyer.

Puente said he received multiple offers at the asking price because of the lack of supply along U.S. 1.

“It’s definitely not unusual in this market to have full price or over ask for good, quality real estate, especially in markets like South Miami,” Arellano told The Real Deal.

State records show an attorney manages the buyer, a Miami-based entity. Arellano declined to identify his client, but said they are from outside of Florida. The deal, which closed Thursday, has not yet been recorded.

The buyer will renovate and re-lease the buildings, according to the release. The properties were marketed with approved plans for two four-story, mixed-use buildings with retail, office and apartments on the site, which currently includes two vacant buildings with 165 feet of frontage on U.S. 1 and land in the rear.

Asking rents will be in the $65 per-square-foot range. The plan is to bring in “interesting and creative tenants” like those in Wynwood, Arellano said. The project, in the drawing stage, will be completed within a year.

In all, the site has 48,350 square feet of land and 10,830 square feet of buildings. Dahdah, who paid $3 million for the parcels in 2009, closed Fox’s during the summer of 2015 with plans to build a mixed-use project himself. Fox’s, built in 1946, was open for nearly 70 years.

Downtown South Miami and parts of Coral Gables along South Dixie Highway have become increasingly attractive to investors and developers. Nearby projects include Paseo de la Riviera, a mixed-use development on the Holiday Inn site in the Gables, the planned redevelopment of the Shops at Sunset Place, and a handful of smaller retail projects in South Miami.

First National Bank of South Miami provided financing for the Fox’s deal, Arellano said. He declined to provide the loan amount.

George Befeler, partner at Homer Bonner Jacobs, represented Dahdah and Denise L. Ben-David, partner at Waserstein Nunez & Foodman, represented S. Miami Retail BH LLC, according to the release.


Related Articles

arrow_forward_ios
Senior Vice President at CP Group Brett Reese with One Biscayne (CP Group, One Biscayne)
JV buys One Biscayne Tower in downtown Miami for $225M
JV buys One Biscayne Tower in downtown Miami for $225M
From left to right: Miami Beach mayor Dan Gelber, Miami-Dade mayor Daniella Levine Cava, Miami mayor Francis Suarez and Surfside mayor Charles Burkett (Getty)
County, cities rush to inspect older buildings in wake of Surfside collapse
County, cities rush to inspect older buildings in wake of Surfside collapse
From left: 501 Northwest 46th Street in Miami, Global Horizons' Shai Yitzhaki, Guy Goldberg and 521 NW 49th Street in Miami (Google Maps)
Global Horizons buys Buena Vista and Little Haiti portfolio for $13M
Global Horizons buys Buena Vista and Little Haiti portfolio for $13M
Hilarie Bass (The Bass Institute) and 3591 Rockerman Road, Miami (Toni Schrager / Brown Harris Stevens Miami)
Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Moishe Mana and one of the properties that's located on Flagler Street. (Getty, Google Maps)
Moishe Mana expands downtown Miami assemblage with $27M purchase
Moishe Mana expands downtown Miami assemblage with $27M purchase
One Thousand Museum with developer Louis Birdman (Getty, One Thousand Museum)
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
arrow_forward_ios

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

Loading...