The Real Deal Miami

Baskir Capital buys Fogo de Chao building in Miami Beach’s South of Fifth

Partnership led by Myles Chefetz, Lyle Stern, Nelson Fox and Durfee Day sold the South Beach property
By Ina Cordle | June 05, 2018 05:00PM

836 1st St (Credit: Google Maps)

Baskir Capital Management just paid $15.25 million for a retail building in Miami Beach’s South-of-Fifth neighborhood, leased to the Brazilian steakhouse Fogo de Chao.

The New York-based private equity firm bought the building at 836 First Street from a partnership controlled by restaurateur Myles Chefetz, Lyle Stern, Nelson Fox and Durfee Day, said Noah Fox of Koniver Stern Group. The seller was represented by HFF’s Danny Finkel and Mark Mandel, in cooperation with Fox, he said.

The buyer was represented by Marcus & Millichap’s Scott Sandlin and Alex D’Alba. The building hit the market two years ago for $19.5 million.

Fogo de Chao will continue to operate in the 12,000-square-foot property, D’Alba said. The restaurant recently extended its lease and now has 10 years remaining, said D’Alba, who declined to provide lease terms. Fogo de Chao has operated there since 2008.

The owners paid $2.8 million for the building in 2005, records show, and renovated it in 2007.

Baskir Capital Management, led by Turkish investor Cengiz Baskir, buys single-tenant type assets nationally. The firm has about $1 billion in assets under management, D’Alba said.

The South-of-Fifth neighborhood has seen much redevelopment in recent years. Luxury condominiums like One Ocean, 321 Ocean and Louver House have been built, and several new restaurants have opened, including Forte Dei Marmi at 150 Ocean Drive and Planta at 850 Commerce Street.

In March, the Miami Beach Historic Preservation Board authorized the demolition of a 1920s-era home at 819 Second Street, paving the way for land use attorney Stephen Helfman and his wife, former television anchor Gerri Helfman, to build a modern, three-story mansion.