The Real Deal Miami

Midtown Miami developer buys former Toys “R” Us in Cutler Bay

4-acre site fronts South Dixie Highway
By Katherine Kallergis | January 29, 2019 03:50PM

19525 South Dixie Highway in south Miami-Dade County

A company led by Midtown Miami developer Jon Samuel just picked up a former Toys “R” Us property in Cutler Bay.

Samuel’s Trikon Cutler Bay LLC paid $7 million for the 39,000-square-foot building at 19525 South Dixie Highway in south Miami-Dade County. Samuel is a principal at Midtown Group and Trikon Capital, according to his LinkedIn profile.

A number of Toys “R” Us properties have sold in the months after the company announced it was closing all of its stores after filing for Chapter 11 bankruptcy. Further north on U.S. 1, the toy retailer sold the property at 8325 South Dixie Highway to Chevy dealer Arnaldo Bomnin for $25 million.

Samuel did not immediately respond to a request for comment.

The Cutler Bay store was built in 1983 and sits on more than 4 acres.

Other Toys “R” Us deals include one recent sale In Palm Beach. Baptist Health South Florida paid $15.8 million for the former toy store at 450 South State Road 7 in Royal Palm Beach, property records show. Treeco/Soder Royal Palm LLC, a company tied to The Real Estate Equity Company in New York, sold the site to Baptist. NAI/Merin Hunter Codman brokered that deal.

Toys “R” Us owned or leased at least 23 properties in South Florida, NAI/Merin Hunter Codman said.