Prudential spends $19M on new Little Havana development

Candy millionaire developed the self storage building

Miami /
Sep.September 05, 2017 11:00 AM

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
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Todd Michael Glaser with renderings of the project (Aztec Group)
Developers of Little Havana mixed-use project score $27M construction loan
Developers of Little Havana mixed-use project score $27M construction loan
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...