Comras, partners sell Sephora building in South Beach to Cosentino subsidiary

Building materials company paid $1,400 psf for the property

Miami /
Jul.July 27, 2018 04:30 PM

721 Collins Avenue, Michael Comras and Eduardo Cosentino (Credit: Getty Images)

A group of investors led by Michael Comras sold a Miami Beach building leased to Sephora Cosmetics for $7.5 million.

CLB Associates Ltd., controlled by Comras, sold the 5,400-square foot building at 721 Collins Avenue to Prisma Properties LLC, a subsidiary of Cosentino North America.

Marcus & Millichap’s Kirk Olson and Drew Kristol represented the seller, whom they declined to identify. Steven O’Hara and Crystal Jutte of Mohr Partners brought the buyer.

The building hit the market late last year for nearly $9 million, or about $1,645 per foot. Sephora’s lease ends in January 2020 and the beauty retailer has the option to extend its lease for another five years, Kristol said.

It just sold for nearly $1,400 per foot. Records show the buyer, Prisma Properties, is managed by Leocadia Barnes Sanchez, Cosentino North America’s compliance manager and corporate secretary. Cosentino is part of the Cosentino Group, a Spanish, family owned stone and surfaces company whose brands include Silestone, Dekton or Sensa by Cosentino, according to Cosentino’s website.

Earlier this year, the company opened the Cosentino Miami City Center in the Miami Design District, and relocated its Americas headquarters to Coral Gables the previous year.

Kristol said the buyer was attracted to the Sephora lease, visibility along Collins Avenue and the “unused developable square footage.” Its current zoning allows for another 8,600 square feet of buildable commercial space, which comes out to about five additional floors of apartments or commercial square feet on top of the building.

The property’s net operating income is $488,553 a year until Sephora’s lease ends with a 6 percent cap rate, according to marketing materials. Sephora is owned by LVMH Moet Hennessy Louis Vuitton and has leased the building since it was completed nearly 10 years ago.

A spokesperson for Cosentino was not immediately available.


Related Articles

arrow_forward_ios
Michael Comras and Marc Roberts with Google Street View of the properties at 60 Northeast 11th Street, 6901 Biscayne Boulevard, 2222 Northwest Fifth Avenue and 172 West Flagler Street all in Miami (Google Maps, University of Miami)
Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries
Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries
The Oceana in Key Biscayne (Condo.com, iStock)
Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
José Isaac Peres with 57 Ocean penthouse (Multiplan Real Estate Asset Management, 57 Ocean, iStock)
Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
Damac Properties' Hussain Sajwani and the Surfside condo collapse site (Damac Properties, Getty Images, iStock)
Year since deadly collapse marked by condo reforms, new development in Surfside
Year since deadly collapse marked by condo reforms, new development in Surfside
Spot On Ventures' Robin Brown with The Hampton Inn by Hilton (LinkedIn, Hampton Inn)
Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
Starwood's Barry Sternlicht and Don Peebles III (Getty, Starwood, Integra, Comras JV)
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
arrow_forward_ios

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

Loading...