The Real Deal Miami

SoFla’s biggest retail sales in September

Tiffany on Worth Avenue fetched the highest price: $20M
By Amanda Rabines |
Research by Laura Hanrahan
October 11, 2018 01:30PM

Tiffany & Co. at 259 Worth Avenue, Waterway Shoppes, Home Depot and 1560 West Indiantown Road, X Miami and 4600 North University Drive

Tiffany & Co. on Worth Avenue – Fortress Investment Group | $20M

After hitting the market in 2016 with an expected sale price of about $40 million, the Tiffany & Co. building at 259 Worth Avenue in Palm Beach sold for about half of that – but still marked the most expensive retail deal in September.

Fortress Investment Group paid about $1,220 per square foot for the 16,374-square-foot building, which sits on one of the most expensive retail streets in the United States.

A Madden Family Associates partnership is the seller. Tiffany has occupied the building since 1991. The company also has a flagship store in the Miami Design District.

Waterway Shoppes – Asuman G. Polat | $14.3M

Ross Realty Investments sold the Waterway Shoppes in Coral Springs as part of a larger three-building commercial portfolio sale totaling $42.95 million. The Waterway Shoppes, a 40,260-square-foot building, would come out to about $14.3 million if the deal was evenly divided between the three structures.

An LLC led by private investor Asuman G. Polat acquired the commercial portfolio. Tiktin Real Estate Investment Services’ Adam J. Tiktin and Alejandro Snyder represented the sellers.

Tiktin said Ross Realty spent about $14 million assembling the lots and developed the properties between 2006 and 2008.

Sports Authority – Home Depot | $8.1M

Home Depot made the third-largest purchase in September. The home improvement retailer paid $8.1 million for a former Sports Authority site in Jupiter. Home Depot will expand its existing 103,400-square-foot store next door at 1694 West Indiantown Road.

An entity tied to Kairos Investment Partners bought the former Sports Authority last year for $4.75 million. Sports Authority closed its doors in 2016, after the debt-strapped sporting goods retailer filed for Chapter 11 bankruptcy and put 320 store leases up for auction.

X Miami retail – Exan Capital | $6.3M

Tricera Capital’s sale of the retail space it bought from Property Markets Group netted a quick $3 million.

Miami-based Tricera entered into a preconstruction contract last year to buy the retail units at 230 Northeast Fourth Street for a little more than $3 million. Exan then sold the commercial space, which includes 6,520 square feet of retail and 1,752 square feet of patio space, to Exan Capital for $6.3 million. Tenants include GoGo Fresh, Oxxo Care Cleaners, Caffé Fiorino, Inari Sushi, and a new fast-casual pizza concept by the owner of Brickell’s Stanzione 87.

X Miami, a 32-story, 464-unit apartment tower, was completed earlier this year across from Miami Dade College’s Wolfson Campus.

4600 North University – ASA Properties | $5.9M

ASA Properties paid $5.9 million for a recently built shopping center in Coral Springs. Chipotle, Mattress One and Pielogy Pizza all signed 10-year leases at the 7,700-square-foot building at 4600 North University Drive.

It sold for $766 per square foot.

Records show the seller, Brightwork Real Estate, developed the building after paying $1.9 million for the property in 2016.

The September investment sales figures were compiled from Miami-Dade, Broward and Palm Beach counties’ property records.