UK billionaire Mike Ashley buys Walgreens property near 1 Hotel South Beach

Building is across the street from 1 Hotel & Homes

Miami /
Jun.June 25, 2018 01:38 PM

2300 Collins Avenue and Mike Ashley (Credit: Getty Images)

Mike Ashley, the British billionaire founder and CEO of Sports Direct, just closed on a Walgreens-leased property on Collins Avenue in Miami Beach.

Ashley, who also owns Newcastle United Football Club, paid $8 million for 50 percent of the fee simple ownership of the land and 100 percent of the leasehold interest in the property at 2300 Collins Avenue, across the street from 1 Hotel & Homes South Beach, according to the agents involved in the deal.

Ashley also closed on the remaining 50 percent of the fee simple ownership for roughly $3 million to $4 million, Danny Anysz, a broker involved in the leasehold sale, estimated.

Ashley, whose net worth is pegged at about $3.6 billion, also owns residential real estate on Miami Beach’s La Gorce Island.

Marcus & Millichap’s Alex D’Alba and Scott Sandelin, along with Anysz and Steve Falus of Optimar International Realty, brokered the deal. The property hit the market in early 2017 for $10.75 million with Marcus & Millichap.

Walgreens has about seven years left on its current lease term with a rent increase every five years. Its final renewal option ends in 2045. The two-story, 16,705-square-foot building was constructed in 1955 on a nearly 11,000-square-foot lot.

Records show James Christopher Bishop, as trustee of the Candice Sara Bishop Reed Gift Trust, sold 50 percent of the property. Lefa Inc., led by Abe Lechter of Pennsylvania, owned the other 50 percent.

Lefa Inc. sold the leasehold interest and half of the property. Walgreens is subleasing the building. Anysz said he expects Ashley to eventually redevelop the site.

The property is also within walking distance of the Chetrit Group and Ari Pearl’s Collins Park Hotel site, which they are redeveloping.

It’s also two parcels away from a parking lot owned by West Collins Land Investors LP, a company tied to Barry Sternlicht’s Starwood Capital Group and Richard LeFrak, who co-developed 1 Hotel & Homes. Sternlicht may redevelop that site into a new headquarters for Starwood.


Related Articles

arrow_forward_ios
Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)

Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida

Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Chris Bosh and his North Bay Road home, 6396 North Bay Road (Getty, One Sotheby’s International Realty)

Chris Bosh sells waterfront Miami Beach mansion for $15M

Chris Bosh sells waterfront Miami Beach mansion for $15M
Miami-Dade condo sales and the Ritz-Carlton Residences, Miami Beach (Google Maps)

Miami-Dade condo sales and closed dollar volume jump after slow start to year

Miami-Dade condo sales and closed dollar volume jump after slow start to year
Pierre Pomerleau and Eighty Seven Park (8701 Collins Avenue, Miami Beach)

Canadian construction mogul buys another condo at Eighty Seven Park

Canadian construction mogul buys another condo at Eighty Seven Park
Billionaire hedge fund manager Dan Loeb and renderings of 6440 North Bay. (Third Point, To Better Days Development)

Billionaire hedge funder Dan Loeb buys waterfront Miami Beach estate: sources

Billionaire hedge funder Dan Loeb buys waterfront Miami Beach estate: sources
Phil Collins is in contract to sell his waterfront Miami Beach mansion amid a legal battle with his ex-wife, Orianne Bates. (Getty, Coldwell Banker Realty)

Phil Collins finds buyer for waterfront Miami Beach estate listed for $40M

Phil Collins finds buyer for waterfront Miami Beach estate listed for $40M
International Inn at 2301 Normandy Isle, Miami Beach (Google Maps)

Miami Beach approves 8-story addition for International Inn

Miami Beach approves 8-story addition for International Inn
Jorge Perez and Jon Paul Perez with Terminal Island (Getty, iStock)

Related gets height increase needed for Terminal Island office project in Miami Beach

Related gets height increase needed for Terminal Island office project in Miami Beach
arrow_forward_ios

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

Loading...