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The Real Deal Miami

Brickell Heights commercial space sells to Miami Beach investors for $17.5M

Sale breaks down to about $910 psf
By Katherine Kallergis | July 07, 2017 10:30AM

Brickell Heights, Jon Paul Perez and Hernan Gleizer

The Related Group sold three commercial units at Brickell Heights to a pair of Miami Beach investors for $17.5 million, property records show.

Haim Yehezkel and Avi Dishi of 7441 Collins Avenue LLC bought commercial space at the recently completed condo development at 850 South Miami Avenue. Yehezkel and Dishi sold the two buildings at 7441 Collins Avenue and 7449 Collins Avenue in North Beach to Sandor Scher last week for $14 million.

Related Vice President Jon Paul Perez signed the deed transfer of ownership for Brickell Heights commercial units 1, 2 and 3. The commercial space totals 19,237 square feet, with 9,277 square feet on the ground floor and 9,960 square feet on the mezzanine level, Hernan Gleizer, broker and president of Optimar International Realty, said. Gleizer represented the buyer.

The sale breaks down to about $910 per square foot.

Yehezkel and Dishi, who own retail property in Miami and New York, bought the units with tenants in place for the corner ground floor retail space, Capital One and Rosetta Bakery. Asking rent is about $200 per square foot, Gleizer said. He called the space a “landmark corner” across from Brickell City Centre, which opened the 500,000-square-foot shops in November.

Related delivered the twin-tower, 690-unit development in June. Amenities include a three-story, 30,000-square-foot Equinox gym, a 6,000-square-foot SoulCycle studio, a pool deck, movie theater, gyms, spas and party rooms. It also has about 35,000 square feet of office space on five floors, according to Gleizer. Asking rent for the office space goes up to about $50 per square foot, full service.

Related is also building SLS Lux, a 450-unit luxury condo and 78 condo-hotel suite tower at 801 South Miami Avenue. Lux is set to open later this year.