Ross Stores cashes out, sells Aventura location to local investors
27,380 sf building sold for about $598 psf
UPDATED Nov. 20, 1:20 p.m.: The parent company of Ross Dress For Less has cashed out on its Aventura location, selling it for $16.38 million, property records show.
The trade of the discount chain’s 27,380-square-foot building breaks down to about $598 per square foot. Three Aventura-based entities bought the big-box site at 18495 Biscayne Boulevard, records show. The companies, Yad MGD LLC, led by Jacobo Azout; Excess 18495 Biscayne LLC, led by Erwin and Jonatan Srendi and WWC Inc., led by Azount and Erwin Srendi, all own an even interest in the property.
The companies financed the deal with a $9.83 million loan from Israel Discount Bank of New York.
Engin Yergin and Steven Brodsky of Common Capital Partners brokered the deal.
Records show Ross bought the site in 1993 for $1.8 million. It was completed in 1994.
Big-box retail sites have been selling recently, amid mass closures of stores across the country. Just four blocks south of the Ross site, a mixed-use project will be replacing the former Sears at Aventura Mall with 315,000 square feet of retail, restaurants and entertainment tenants.
So far this year, nearly 188,000 square feet of new retail space was added to the Miami-Dade County market, mostly as part of mixed-use developments.