Scott Robins and Philip Levine sell Sunset Harbour retail portfolio for $69M: sources

Asana Partners of Charlotte, North Carolina paid $1,120 psf for the portfolio

TRD MIAMI /
Jul.July 17, 2018 06:00 PM

Aerial photo of the retail portfolio, Scott Robins and former Miami Beach mayor Philip Levine (Credit: RobinsCompanies, Wikimedia Commons)

Developer Scott Robins and Florida gubernatorial candidate Philip Levine sold a retail portfolio in Miami Beach’s Sunset Harbour neighborhood for $68.75 million to Asana Partners, a real estate investment firm, sources told The Real Deal.

Robins and the former Miami Beach mayor sold the seven-building, 61,400-square-foot portfolio 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue to AP Sunset Harbour LP, a Delaware company.

The deal, which breaks down to about $1,120 per square foot, closed on Friday.

The properties hit the market in late December with HFF. Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF represented the seller. The brokerage declined to comment on the buyer.

Asana, founded by Terry Brown, Jason Tompkins and Sam Judd, is a real estate investment firm based in Charlotte, North Carolina. Brian Purcell, a managing director, could not immediately be reached for comment.

Robins, CEO of the Robins Companies, said he plans to invest the proceeds of the sale into buying more properties in downtown Miami and Wynwood.

Levine owns more than $100 million in real estate in Miami, Miami Beach, Okeechobee and New York. In the Democratic primary race for governor of Florida, Levine is running against fellow real estate developer Jeff Greene, Chris King of Winter Park, former U.S. Rep. Gwen Graham and Tallahassee Mayor Andrew Gillum.

Robins said it was time for him and Levine to move on from the Sunset Harbour portfolio. Together, they led the major redevelopment of the neighborhood. Sunset Harbour Shops was developed in a public-private partnership with the city of Miami Beach, which owns the adjoining parking garage.

Sunset Harbour tenants include Lucali, Flywheel Sports, Barry’s Bootcamp, Panther Coffee, Icebox Café, NaiYaRa, Dirt, Stiltsville and Ofa. The portfolio’s net operating income is expected to grow at a compound annual growth rate of 4.7 percent over the next 10 years, according to the offering. It sold fully leased, with rents ranging from about $60 per square foot to $100 per square foot, Robins said.


Related Articles

arrow_forward_ios
Daily Digest Miami

Miami Heat’s Udonis Haslem proposing affordable housing in North Miami, Crescent Heights and Terra score loan: Daily digest

Daily Digest Miami

Batmasian buys Deerfield Beach retail property, the Fed gears up for another rate cut: Daily digest

509 Collins Avenue and brokers Gabriel Britti, Ricardo Esteves and Ronnie Issenberg (Credit: Marcus & Millichap)

Allied Partners buys Walgreens in Miami Beach for $33M

A Neiman Marcus in Florida (Credit: Getty Images)

Neiman Marcus scores $27M loan for Galleria store in Fort Lauderdale

Daily Digest Miami

Stockbridge pays $117M for industrial deal in Miramar, Trump blames recession warning signs on a conspiracy: Daily digest

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

arrow_forward_ios