Crescent Heights buys Staples building in Edgewater

It’s a block away from Crescent Heights’ HQ

Aug.August 16, 2019 06:00 PM
Russell Galbut and 3000 Biscayne Boulevard (Credit: Haute Living and Google Maps)

Russell Galbut and 3000 Biscayne Boulevard (Credit: Haute Living and Google Maps)

Crescent Heights added to its massive portfolio along Biscayne Boulevard in Miami.

The Miami-based company, led by Russell Galbut, paid $14 million for the Staples-leased building at 2121 Biscayne Boulevard, according to Marcus & Millichap.

Property records show BG7 LLC sold the 20,388-square-foot building, built in 2008. The company is tied to J and R Managers LLC and is managed by Richard Kohan, John O’Neil, Norma Castillo and Dora Somma.

The Staples property last sold in 2013 for $17.4 million. It’s a block away from Crescent Heights’ headquarters.

Marcus & Millichap’s Rani Hussami was the listing broker. Colin Rockson of Marcus & Millichap represented the buyer.

The property is zoned T6-36, which allows for up to 150 units per acre, according to the release. Records show the building sits on just under an acre of land. It’s just outside of an Opportunity Zone.

In an interview with The Real Deal earlier this year, Galbut said that Crescent Heights has built over 150 projects nationwide valued at about $12 billion. In addition to 500 Alton, it’s developing a massive mixed-use project farther north on Biscayne Boulevard and at least two Airbnb-branded apartment complexes.

At 3000 Biscayne Boulevard, it plans to build 800 residential units and more than 600,000 square feet of retail and office space. The firm assembled the site over nearly two decades, paying more than $40 million through multiple deals.

Earlier this month, companies tied to Galbut sold the shuttered Sanctuary Hotel in Miami Beach for $14.4 million to Blue Road. Marcus & Millichap also brokered that deal.

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