Crescent Heights lists Upland building in Miami Beach

Listing brokers expect SoFi building to sell for up to $20M

Oct.October 23, 2017 11:00 AM

Upland building and Russell Galbut

A company tied to Crescent Heights wants to sell a mixed-use building in South Beach, home to the popular Upland Miami restaurant.

The four-story, nearly 32,000-square-foot building, which includes the 7,500-square-foot restaurant and 180-space parking garage, hit the market unpriced, but listing brokers Scott Sandelin, Drew Kristol and Alejandro D’Alba of Marcus & Millichap expect it to sell for up to $20 million.

Property records show Southpointe Heights II owns the building at 49 Collins Avenue in the heart of the South-of-Fifth neighborhood of Miami Beach. It sits on a 13,000-square-foot lot next to the Related Group’s One Ocean and about a block away from Joe’s Stone Crab.

Upland, the second outpost of the New York City eatery led by restaurateur Stephen Starr and chef Justine Smillie, opened late last year at the newly completed building. The restaurant has a 10-year lease with options for two five-year extensions, D’Alba said. He declined to disclose rent rates.

The brokerage has received interest from investors with parking experience and also investors looking for passive income. D’Alba said the garage could also be reconfigured in the long term.

Last year, the nearby 12,000-square-foot building leased to Fogo de Chao hit the market for $19.5 million.

Crescent Heights, led by Russell Galbut and Sonny Kahn, recently sold a retail building on Alton Road and 15th Street for $5.4 million, slightly under the $5.5 million asking price.

The Miami-based developer is working on the Wave, a 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.

Crescent Heights could not immediately be reached for comment.

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