The Real Deal Miami

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

Deal includes former Out of the Closet thrift store and three apartments
By Katherine Kallergis | March 07, 2018 12:30PM

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.