Latvian investor buys North Bay Village shopping center

The original developer of the building, the Greenwald Group, sold the retail space

Nov.November 25, 2019 12:50 PM
Shoppes at the Lexi with Kirk Olson and Drew Kristol

Shoppes at the Lexi with Kirk Olson and Drew Kristol

A wealthy Latvian family paid $6.5 million for a shopping center in North Bay Village.

Lexi Commons LLC, managed by real estate agent Val Zevel and Ilmax LLC, purchased the 19,438-square-foot retail space at 1700 John F Kennedy Causeway. Records show Ilmax LLC is controlled by Leonids and Maksims Esterkins, who are real estate investors from Latvia.

The strip center, called the Shoppes at the Lexi, is on the ground floor of the Lexi Condominiums. Property records show Lexi Development Co Inc. sold the two retail units, which take up the entire ground floor. The company is tied to the Greenwald Group.

Marcus & Millichap’s Drew A. Kristol and Kirk D. Olson were the listing brokers, according to a release. Monica Lenghea with Julie’s Realty represented the buyer.

It was on the market for nearly $7 million.

The building was built in 2007 by the Greenwald Group. The 164-unit, 19-story building was designed by Kobi Karp.

Retail tenants include a Humana Elite Healthcare medical office, Julie’s Realty and Sushi Erica. It’s fully leased. Humana’s recently signed a 10-year lease, according to the online listing. Other tenants include D’Bella Pizza and Fast Signs.

The quiet town of North Bay Village may soon see some new development. About two years ago, a Malaysian developer proposed a 19-story 240-foot tower with 54 units at 7918 West Drive.

Earlier this year, developer Metronomic opened an office in North Bay Village to work on at least three developments in the area.

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