Prudential spends $19M on new Little Havana development

Candy millionaire developed the self storage building

TRD MIAMI /
Sep.September 05, 2017 11:00 AM

641 Northwest 12th Avenue

Prudential just paid $18.5 million on a new self storage facility in Little Havana, property records show.

Broward Havana LLC, a company owned by Bruce Weiner of Atlanta, sold the five-story development at 641 Northwest 12th Avenue to an affiliate of Madison, New Jersey-based Prudential Variable Contract Real Property Partnership.

Weiner made his fortune in candy. He sold his company to Tootsie Roll in 2004 for nearly $200 million and has since made headlines for his collection of micro cars and vintage candy, according to published reports.

The 101,000-square-foot self storage building was recently built by Brickell Group Construction and designed by Blistein Design Associates. Records show Weiner’s company paid $2.57 million for the development site in 2005 and financed construction with an $8.45 million mortgage last year.

The Prudential partnership paid more than $180 per square foot for the building, which is near the Miami River. Prudential’s PGIM Real Estate is has $49 billion of net assets under management, according to its website.

Deep-pocketed investors are increasingly picking up commercial sites that have not yet been redeveloped in Little Havana. Multifamily developer J. Milton & Associates is moving forward with its plans for a 12-story apartment building at 1000 Northwest Seventh Street near Marlins Park and the river.

In June, a group of investors that includes David, Daniel and Brian Lombardi of Lombardi Properties and Jared Brunnabend of Bayshore Investment Partners paid $3.1 million for a retail strip at 2055 Southwest Eighth Street.


Related Articles

arrow_forward_ios
(Credit: iStock)

Miami board OKs self-storage freeze

Little Havana assemblage and Carlos Fausto Miranda

Presidente Supermarkets owner lists Little Havana assemblage for $22M

Daniel Weinstein, John Guitar and Phil Marchese

Movers & Shakers: MCSS hires self-storage exec as managing partner & more

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

TIAA sells Weston warehouse for $33M

7600 West Mcnab Road and Todd Ruderman

Prolific self-storage operator is a buyer in North Lauderdale

900 Southwest Seventh Street and a Calle Ocho rooster (Credit: Google Maps, Phillip Pessar | Flickr)

Apartment building in Little Havana flips for $6M

LeBron James with a rendering of Unknwn Wynwood (Credit: Getty Images)

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

Daily Digest Miami

Soffer in talks to buy Diplomat resort in Hollywood, 1-800 PetMeds founder sells Miami Beach house: Daily digest

arrow_forward_ios
Loading...