Russell Galbut’s Crescent Heights lists Alton Road retail property for $5.5M
Developer Russell Galbut is looking to sell a piece of his Miami Beach pie.
A company tied to his development firm Crescent Heights listed a single-story, corner retail building at 1550 Alton Road for $5.5 million, The Real Deal has learned.
Sherwin-Williams Paints and York Lock & Key each lease half of the 5,000-square-foot building, according to Marcus & Millichap’s Alex D’Alba. D’Alba and Scott Sandelin are listing the property. The tenants’ leases, triple-net and double-net, expire with options in 2024 and without options in 2019.
D’Alba declined to name the seller, but property records show ARRP Miami II LLC owns the building. The entity lists the address of Crescent Heights and is controlled by David B. Smith, Mark Muhlrad and Marisa Galbut. It paid $4.5 million for the 7,500-square-foot lot in 2014. The building, built in 1938, has nine parking spaces.
Crescent Heights could not immediately be reached for comment.
The price breaks down to about $730 per square foot for the land and $1,100 per square foot for the building. It will net about $203,000 in income this year, marketing materials show.
Under CD-2 zoning, the site could be redeveloped with up to 9,999 square feet without activating parking requirements, D’Alba said, and with parking requirements, up to a five-story, 30,000-square-foot building, according to marketing materials. Nearby development in the pipeline includes Miami Beach’s first Trader Joe’s, a Michaels craft store, Whole Foods and Modani Furniture, according to a press release.
Crescent Heights has a number of projects underway on Alton Road. Construction is underway at the developer’s the Wave mixed-use project at 600 and 700 Alton Road, which will have 323 apartments, 63,000 square feet of commercial space and a clinic for Baptist Health South Florida. Galbut also wants to build a 25-story tower with 100 luxury condos at 500 Alton Road, instead of the five-story building with 163 apartments for which he already secured approvals.
Around the corner from the Sherwin-Williams site, Menin Hospitality has Bodega Taqueria & Tequila and Ricky’s on property owned by Crescent Heights. Galbut’s nephews, Jared Galbut and Keith Menin, run the hospitality company.