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

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

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

Z Ocean Hotel

Developers misrepresented Z Ocean Hotel’s dire finances: judge

Franco Bianchi and Eighty Seven Park  

Furniture exec moves into condo at Eighty Seven Park for $7M

4424 North Bay Road, and from right: Neil and Jennifer Sazant, Lindsay McMinn and Karen Stauber (Credit: Getty Images)

Waterfront lot on North Bay Road sells for $7M

Michael Comras and 1500 Washington Avenue (Credit: Google Maps)

Comras looks to sell Five Guys property on Washington Ave

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Continuum South Beach unit 606 and Dan Buettner (Credit: Douglas Elliman)

Is it the water? Longevity expert buys Continuum South Beach condo