Ocean Mall on Singer Island sells for $7.55M

Miami /
May.May 17, 2017 12:00 PM

The Ocean Mall on Singer Island in Riviera Beach just sold for $7.55 million.

Rosehill Group of Boca Raton, a joint venture between Duncan Hillsley Capital and Pebb Capital, bought the 67,000-square-foot oceanfront property at 2401 North Ocean Avenue. The seller was Garrison Investment Group of New York.

Garrison Investment Group had purchased the property in a 2013 foreclosure auction for $2 million, or about $30 per square foot. Now, the mall sold for about $112 per square foot.

It’s space is currently 53 percent leased. Tenants include restaurants Two Drunken Goats and Johnny Longboats, as well as beachwear store Wings and a Subway and 7-Eleven.

Mark King, senior advisor of SVN | South Commercial Real Estate was the broker. King told The Real Deal the buyer plans to bring in more restaurants and community based events to attract nearby residents.

“This is a wonderful asset in great demand,” he said. “Through our expansive and inclusive marketing we were able to create a competitive environment and exceed the seller’s expectations.”

Nearby, VistaBlue Singer Island, a 19-story, 58-unit condominium project by developer Third Palm Capital is under construction. Unit prices start $1.4 million to almost $8 million for penthouses. It is scheduled for completion in January 2018.


Related Articles

arrow_forward_ios
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

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

Loading...