ASRR’s Asian partners want out at Miami Arts & Entertainment District site

Property is valued at $51M after $33M purchase

Jul.July 10, 2017 03:00 PM

Arts & Entertainment District site and Alex Sapir

One month after ASRR Capital announced plans to build a massive 1.7 million-square-foot complex on a block-long swath of land in Miami’s Arts & Entertainment District, its Asian partners want out, The Real Deal has learned.

ASRR’s partners, Chinese construction company CNMB International and the Hong Kong-based G-Resources, are looking to sell the site or their stake in it, according to documents filed on the Tel Aviv Stock Exchange. 

The three partners closed on the eight-parcel assemblage at 18th Street and Northeast Second Avenue in June for $33 million, splitting the investment evenly between them. The property was then appraised in preparation for the second-quarter reports, and valued at $51 million as of June 30, according to documents filed with the Tel Aviv Stock Exchange, though the appraisal has not yet been finalized. 

CNMB and G-Resources are now looking to sell the property, or their stake in it, at the appraised value. ASRR stated in the TASE report that it will consider buying its partners out.

ASRR, a publicly traded company in Israel, was jointly led by Alex Sapir and Rotem Rosen until last month, when Sapir bought out Rosen’s share for $70 million. 

Plans for the site include two towers, one rising 60 stories and a second rising 40 stories, with up to 1,200 rental units, plus retail and office components. 

ASRR declined to comment. CNBM International was not immediately available for comment.

Related Articles

From left: Mick Duchon, Eloy Carmenate, Tara West, Alex Sapir, Oren Alexander, Jay Philip Parker, Dean Bloch

Movers & Shakers: Sapir announces sales team for Surfside project, Franklin Street taps retail head & more

Arte by Antonio Citterio, Alex Sapir and Gerard Guez

Alex Sapir’s business partner buys condo unit at Sapir’s luxury Arte

Carlos Melo and the property

Melo Group grabs more land north of downtown Miami for $28M

From left: Peter Mekras, Martin Melo, and Carlos Melo, with Art Plaza

Melo Group lands $142M refi for Art Plaza

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Daily Digest Miami

Gil Dezer, Related complete Residences by Armani/Casa, hedge funder, wife drop $105M for Palm Beach estate

Rendering of Arte by Antonio Citterio, Jay Parker and Alex Sapir (Credit: Blackhaus)

Elliman taking over sales of Alex Sapir’s Arte project in Surfside