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

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

TRD 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
citizenM founder Rattan Chadha, Russell Galbut and a rendering of 1212 Lincoln

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
1 Hotel South Beach (Credit: Google Maps)

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement
David Martin, Rene Gonzalez and Glass 120 Ocean Drive (RGA, Google Maps)

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects
Venetian Islands estate (Credit: Paul Stoppi)

Venetian Islands estate with $1M aquarium hits the market for $34M

Venetian Islands estate with $1M aquarium hits the market for $34M
Ziel Feldman and Richard Branson with renderings of the Shore Club (Credit: Getty Images)

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished
Mitchell Kaplan and Books & Books at 927 Lincoln Road (Google Maps) 

Books & Books closes its chapter on Lincoln Road

Books & Books closes its chapter on Lincoln Road
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
arrow_forward_ios

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

Loading...