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
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.