North Miami Beach dermatologist pays $7M for South Beach properties

Deal includes former Out of the Closet thrift store and three apartments

Miami /
Mar.March 07, 2018 12:30 PM

1510 Alton Road

A company tied to North Miami Beach dermatologist Dr. Alam Berke paid $7.15 million for a pair of buildings on Alton Road and West Avenue in South Beach.

Berke’s Bulldog Capital Investments LLC picked up the former Out of the Closet thrift store building at 1510 Alton Road and the three-unit apartment building immediately west at 1509 West Avenue. Records show the seller is Heritage Investors LLC, which bought the properties from the AIDS Healthcare Foundation in 2014 for nearly $4.6 million.

Berke referred comment to his son, Steve Berke, a former candidate for Miami Beach mayor and a marijuana activist. Steve, who is also CEO of cannabis media company Bang Digital Media, said the LLC is planning to secure a tenant for the space.

Together, the buildings have 10,420 square feet of leasable space and 15,000 square feet of land, according to the listing.

The apartment building site includes a parking lot with seven parking spaces. That building could be knocked down and used as parking for the retail, allowing the new owner to charge higher retail rents and set up parking meters, according to the marketing materials..

Scott Sandelin and Alejandro D’Alba of Marcus & Millichap represented Heritage, marketing materials show. The seller’s entity is led by Sham Kamlani.

A handful of properties on Alton Road have been listed or sold in recent months. In August, Russell Galbut’s Crescent Heights sold the building at 1550 Alton Road for $5.4 million. The developer is also building the Wave, a mixed-use project at 600 and 700 Alton Road with apartments, commercial space and a Baptist Health South Florida clinic. A new Whole Foods and Trader Joe’s are also planned for Alton Road.


Related Articles

arrow_forward_ios
A photo illustration of 12203 Tillinghast Circle in Palm Beach Gardens (top) and 6300 North Bay Road in Miami Beach (Getty Images, Old Palm Golf Club, Coldwell Banker)
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot (Rendering courtesy of 1664 Meridian Ave General Partner LLC)
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
From left: Monroe Capital’s Theodore Koenig, Steve Witkoff, HFZ's Ziel Feldman and Benny Shabtai with the Shore Club (Monroe, Witkoff, HFZ, Getty)
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Carillon Miami Wellness Resort at 6801 Collins Avenue in Miami Beach (Google Maps, Getty)
Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
Juan Jose Zaragoza and Fernando Perez-Hickman with 429 Lenox Avenue (LinkedIn, Google Maps)
Madrid-Miami JV buys WeWork leased office building in South Beach for $37M
Madrid-Miami JV buys WeWork leased office building in South Beach for $37M
Austin Rosen and 6417 Pine Tree Drive Circle (Zillow, Getty)
Hit repeat: Music exec Austin Rosen buys next-door waterfront Miami Beach home for $12.5M
Hit repeat: Music exec Austin Rosen buys next-door waterfront Miami Beach home for $12.5M
Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)
Former low-income South Beach apartments hit market as possible hotel conversion
Former low-income South Beach apartments hit market as possible hotel conversion
arrow_forward_ios

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

Loading...