Crescent Heights sells Miami Beach retail corner for $5.4M

Building is leased to Sherwin-Williams Paints and York Lock & Key

Aerial view of the building, listing brokers Alex D'Alba and Scott Sandelin, and developer Russell Galbut
Aerial view of the building, listing brokers Alex D'Alba and Scott Sandelin, and developer Russell Galbut

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.