Infinity sells Ocean Drive building to Apple Core for $33M

Infinity invested $6M into the mixed-use building

TRD MIAMI /
Dec.December 24, 2019 12:30 PM
Steve Klein, David Berg and 1200 Ocean Drive 

Steve Klein, David Berg and 1200 Ocean Drive

UPDATED, Dec. 24, 1:05 p.m.: New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned.

Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive, across from the beachfront Lummus Park, said Infinity partner David Berg. The company acquired the property from Goldman Properties in 2016 for $15.25 million.

Apple Core Holdings is led by co-founder and CEO Steve Klein, and co-founders and senior partners Kenneth Greif, Larry Horn and Will Kohane, according to its website.

Aaron Labovitz of Newmark Knight Frank represented the buyer, Core Ocean Drive LLC, as well as the seller in the off-market deal.

The three-story South Beach mixed-use building was previously home to the prominent gay bar and restaurant called The Palace. It was built in 1958 on a 7,322-square-foot lot, and Infinity invested $6 million into restoring and renovating the property after securing approval from the Miami Beach Historic Preservation Board. The building was designed by Miami Modern architect Gilbert Fein.

The renovations involved upgrading the plumbing, electrical and other infrastructure, as well as reconfiguring the ground floor. Renovations were completed in the third quarter of 2018.

The ground-floor retail space totals a little over 5,000 square feet, plus a 1,000-square-foot lobby.

Infinity leased the ground-floor retail space to Xperience Restaurant Group’s Pink Taco, a Mexican concept. Pink Taco is expected to open in an indoor and outdoor space in mid-January, according to a press release.

SobeNY, a New York-based firm that operates luxury and short-term rentals, occupies the second and third floors, which were also renovated by Infinity.

Berg said that Infinity plans to re-invest the proceeds of the sale into a property via a 1031 exchange in Miami Beach, Washington, D.C., Philadelphia or New York.

At least two hotels sold on Ocean Drive this year. In August, the U.S. arm of Henley paid nearly $35 million for the Lord Balfour Hotel at 350 Ocean Drive, which re-opened as a Life House hotel.

A month earlier, Crescent Heights sold the Bentley Hotel at 510 Ocean Drive for $28 million to a company led by hotelier Shadi Shomar.


Related Articles

arrow_forward_ios
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
David Martin, Rene Gonzalez and Glass 120 Ocean Drive (RGA, Google Maps)

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects
BridgeInvest Alex Horn, Variety Hotel at 1700 Alton Road in Miami Beach

Lender files to foreclose on new South Beach hotel

Lender files to foreclose on new South Beach hotel
Todd Leebow and Glass in South Beach (Credit: AMM, Seaside Properties Group)

Ohio steel family sells South Beach condo for 48% off ask

Ohio steel family sells South Beach condo for 48% off ask
955 Alton Road (Credit: Google Maps)

Jimmy Resnick sells Alton Road retail building for $9M

Jimmy Resnick sells Alton Road retail building for $9M
Rendering of Rooftop Cinema Club at 1212 Lincoln and Russell Galbut

Russell Galbut’s Crescent Heights wants a rooftop movie theater at 1212 Lincoln project

Russell Galbut’s Crescent Heights wants a rooftop movie theater at 1212 Lincoln project
Alan Lieberman with Chesterfield Hotel South Beach at 855 Collins Avenue and Riviera Loft Hotel at 2000 Liberty Avenue

Alan Lieberman’s South Beach Hotel Group lays off 700

Alan Lieberman’s South Beach Hotel Group lays off 700
Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M
arrow_forward_ios

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

Loading...