Here are South Florida’s top 5 retail sales from February

Stair Property Management's $43M purchase of Pointe at Wellington tops the list

Miami /
Mar.March 21, 2019 11:30 AM

From top left, clockwise: Pointe at Wellington Green, Whitworth Farms, 983 Washington Avenue, Minotti building in the Miami Design District, Upland Building Miami Beach

Pointe at Wellington Green – Stair Property Management | $43 M

A Colorado partnership sold the Pointe at Wellington Green shopping center for $43 million.

The Centre at Wellington Green Ltd. sold the 21-acre property at 10100 Forest Hill Boulevard to the Pointe at Wellington LLC, a company led by Plantation investor Daryl Stair of Stair Property Management.

The seller is controlled by Alan Cogen of Boulder, Colorado. The partnership paid $7.75 million for the property in 2002.

The 107,368-square-foot shopping center, is 96 percent leased, anchored by LA Fitness. Other tenants include Saito’s Japanese Steak House, Sports Clips, Five Guys, Jamba Juice, Olive Garden, Don Ramon Cuban Cuisine and Franco’s Italian Restaurant.

Whitworth Farms – Juster Development Company | $19.4M

A joint venture between MMG Equity Partners and Global Fund sold a Publix-anchored shopping center in Boynton Beach to Juster Development Company.

Whitworth Farms, at 12425 Hagen Ranch Road, sold for $19.35 million. Dennis Carson of CBRE was the listing agent for the property, which sold at 96.1 percent leased.

The MMG joint venture paid $11.2 million for Whitworth Farms in March 2013, records show.

CVS-anchored building on Washington Avenue – KLNB | $18.3 M

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.

Minotti building in the Miami Design District – DDC Group | $15.5 M

The Safra family sold the Minotti building in the Miami Design District to DDC Group, led by Nader Hakakian and his son Daniel Hakakian.

Property records show 3817 NE 2nd Owner LLC, an affiliate of New York-based J. Safra Real Estate, sold the 9,770-square-foot building at 3801 Northeast Second Avenue to JJ 3801 Realty LLC, which is controlled by Hakakian, for $15.5 million. The price equates to $1,586 per square foot.

Minotti, a high-end Italian furniture factory, has its showroom at the building, which was originally built in 1924 on a nearly 13,000-square-foot lot.

Upland building Miami Beach – Leopold Friedman | $15M

Crescent Heights sold a commercial building in South Beach, home to the Upland restaurant, to a nursing home owner for $15 million.

Leopold Friedman, who owns the Bronx nursing home Citadel Rehabilitation and Nursing Center in Kingsbridge, acquired the four-story, 32,000-square-foot building at 49 Collins Avenue. It hit the market in 2017.

The deal, which breaks down to under $500 per square foot, includes the 7,500-square-foot upscale restaurant and a 180-space parking garage. The property sits on a 13,000-square-foot lot next to the Related Group’s One Ocean, about a block away from Joe’s Stone Crab.


Related Articles

arrow_forward_ios
A photo illustration of 12203 Tillinghast Circle in Palm Beach Gardens (top) and 6300 North Bay Road in Miami Beach (Getty Images, Old Palm Golf Club, Coldwell Banker)
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot (Rendering courtesy of 1664 Meridian Ave General Partner LLC)
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
From left: Monroe Capital’s Theodore Koenig, Steve Witkoff, HFZ's Ziel Feldman and Benny Shabtai with the Shore Club (Monroe, Witkoff, HFZ, Getty)
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Carillon Miami Wellness Resort at 6801 Collins Avenue in Miami Beach (Google Maps, Getty)
Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
Juan Jose Zaragoza and Fernando Perez-Hickman with 429 Lenox Avenue (LinkedIn, Google Maps)
Madrid-Miami JV buys WeWork leased office building in South Beach for $37M
Madrid-Miami JV buys WeWork leased office building in South Beach for $37M
Austin Rosen and 6417 Pine Tree Drive Circle (Zillow, Getty)
Hit repeat: Music exec Austin Rosen buys next-door waterfront Miami Beach home for $12.5M
Hit repeat: Music exec Austin Rosen buys next-door waterfront Miami Beach home for $12.5M
Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)
Former low-income South Beach apartments hit market as possible hotel conversion
Former low-income South Beach apartments hit market as possible hotel conversion
arrow_forward_ios

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

Loading...