Spanish investor pays $5.2M for La Petite Maison space at BrickellHouse

Restaurant space traded for more than $1,000 psf

Jul.July 25, 2017 03:30 PM

BrickellHouse and broker Fabio Faerman

A Spanish investment group paid $5.2 million for the ground-floor retail space leased to La Petite Maison restaurant in Miami’s Brickell neighborhood, property records show.

Invivas Miami Real Estate, a company tied to Grupo Invivas principal Jaime Garbisu, bought the 5,187-square-foot commercial unit at BrickellHouse. A Mexican investor, Infinity Commercial Investments, managed by Gerardo Madrigal Urango and Eloisa Alonso, is the seller. Fabio Faerman of Fortune International Realty/FA Commercial Advisors brokered the deal.

Demand for leased ground-floor retail space in Brickell is strong, Faerman said. The Related Group recently closed on sales of commercial units at its Brickell Heights development nearby, including the $12.2 million sale of the Equinox and Soul Cycle retail condos to the Related Companies.

The La Petite Maison space, at 1300 Brickell Bay Drive, was listed for $5.5 million at a 5 percent cap rate. It previously traded for $3 million, or nearly $580 per square foot, in November 2014, records show.

The commercial unit just sold for more than $1,000 per square foot.

La Petite Maison opened in February, marking the first outpost in the United States for the French Provençal restaurant that has locations in London and Dubai. It’s owned by Arjun Waney, a co-owner of Zuma and the recently shuttered Coya. Waney also launched successful import businesses that later became Pier 1 Imports.

The restaurant signed a 10-year triple-net lease plus options, Faerman said. In addition to the dining room, La Petite Maison has a 2,444-square-foot terrace.

Newgard Development Group completed the condo building in 2014.

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