Crescent Heights sells Miami Beach retail corner for $5.4M
Building is leased to Sherwin-Williams Paints and York Lock & Key
Crescent Heights just sold a corner retail building in Miami Beach.
Records show an affiliate of developer Russell Galbut’s company sold the property at 1550 Alton Road for $5.4 million to Espartano LLC, a Delaware company. The 5,000-square-foot building is leased to Sherwin-Williams Paints and York Lock & Key. The tenants’ leases, triple-net and double-net, expire with options in 2024 and without options in 2019, according to marketing materials.
The building, built in 1938, hit the market in May for $5.5 million with Marcus & Millichap’s Alex D’Alba and Scott Sandelin. Crescent Heights affiliate ARRP Miami II LLC paid $4.5 million for the property in 2014, which means it just sold it for $900,000 more in three years.
Marketing materials show the building will net about $203,000 in income this year.
D’Alba declined to identify the buyer. Galbut could not immediately be reached for comment.
The buyer, Espartano, is managed by accounting firm Paucar, Sistachs & Company, which also controls ownership of the building at 1454 Alton Road.
Espartano paid $1,080 per square foot for the Sherwin-Williams building and $720 per square foot for the 7,500-square-foot site. The land could be redeveloped with up to 9,999 square feet without activating parking requirements, and with parking requirements, up to a five-story, 30,000-square-foot building.
Miami-based Crescent Heights is busy 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.