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

Purdy Lounge in Miami Beach (Credit: Facebook)

Last call for Purdy Lounge. Miami Beach bar announces closure

From left: Keith Menin and Russell Galbut, with the Domio Kaskades Hotel

Russell Galbut wants to sell another Miami Beach hotel

Antonio Sustiel and 266 South Coconut Lane (Credit: Facebook and Zillow)

The Flooring King buys a new palace in Miami Beach

802 West Dilido Drive with agents Dina Goldentayer and Miltiadis Kastanis (Credit: Douglas Elliman)

Developer gets $15.6M for Venetian Islands spec home

Todd Glaser, Rony Seikaly and a rendering of spec home at 1635 W 22nd Street (Credit: Mary Beth Koeth, Getty Images)

Todd Glaser, Rony Seikaly close on Miami Beach spec mansion

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Thomas O’Reilly, John Marshall, Ivan Chorney and Michael Martirena with Continuum North unit 1402/03 (Credit: Douglas Elliman and LinkedIn)

Tech entrepreneur sells Continuum unit to Neuberger Berman exec