The Real Deal Miami

KLNB picks up CVS building on Miami Beach’s Washington Ave

Washington Avenue is going through a major redevelopment with new hotels planned
By Keith Larsen | February 26, 2019 01:30PM

983 Washington Avenue (Credit: Google Maps)

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market.

KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based company.

Architect Kobi Karp designed the rebuild of the former office building to deliver it to CVS in 2017. CVS has a lease extending to 2035. The property was originally built in 1936.

The site hit the market for $21.4 million in February 2017, meaning it sold for 14 percent less than its initial listing price.

Club Invest Group LLC bought the building for $2.95 million in 2009, according to records. Developer Russell Galbut and his family members owned the property from 1977 until 2006, when he sold it for $3.4 million, records show.

Washington Avenue is undergoing a major redevelopment amid the city’s approval of measures that are designed to increase hotel space and retail and dining opportunities https://therealdeal.com/miami/blog/2015/05/28/miami-beach-pushes-to-invigorate-washington-avenue/ on the street. Lightstone Group is building a 202-key hotel at 915 Washington Avenue. Nearby, at 601 to 685 Washington Avenue, Imperial’s Michael Fascitelli and Eric Birnbaum are building a seven-story, 300-key hotel.