Miami Beach investors pick up Surfside retail building for $8.6M

Building, leased to Citibank, RazzleDazzle and Real Estate Transactions Inc., traded for $950 psf

TRD MIAMI /
Jun.June 26, 2017 02:00 PM

A retail building along Harding Avenue in Surfside just sold for $8.6 million to Miami Beach investors.

Property records show Harding Avenue at Bal Harbour LLC, Harding Avenue at Surfside LLC and Surfside Retail Properties LLC sold the property at 9525-9537 Harding Avenue. The buyer is ErikDavid LLC and 9525/37 Harding Avenue, entities controlled by Joseph Cohen and Mathilde Yehezkel of Miami Beach.

May-May and Carlos Horcasitas, property managers, manage the selling entities.

CBRE’s Todd Weintraub represented the buyer and seller. Weintraub said companies managed by Cohen own other properties in Surfside and Miami Beach.

The 9,055-square-foot building at 9525-9537 Harding Avenue is leased to Citibank, RazzleDazzle Barbershop and Silvia Coltrane’s Real Estate Transactions Inc. It was built in 1952 and has been renovated, according to a press release.

Retail rents in the area are north of $50 per square foot, triple net for new deals, Weintraub said, with the expectation that they will keep rising. He declined to provide lease terms for Citibank, RazzleDazzle or Coltrane’s office.

The building traded for about $950 per square foot, which is in line with recent sales in the business district. In September, New York-based Benedict Realty Group flipped the corner building at 9564 Harding Avenue for nearly $1,000 per square foot for a total of $25 million.

The once-sleepy town, which is sandwiched between North Beach and Bal Harbour, is now seeing major investment. Two projects, Fendi Château Residences and the Four Seasons Residences at the Surf Club, opened over the past year in Surfside. Weintraub said in the release that new residential projects are likely to continue fueling retail and restaurant sales on Harding Avenue.

“Surfside as a market is trending. Rental rates are on the move, [and] national credit tenants are gravitating toward Surfside,” Weintraub said, using UPS, AT&T and Publix as examples. While current zoning doesn’t allow for significant development, “I would speculate that [redevelopment] will occur one day,” he said.

The nearby Bal Harbour Shops also recently secured approvals to nearly double in size.

 

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