Jimmy Resnick sells Alton Road retail building for $9M

Brazilian restaurant Coco Bambu previously leased the building

955 Alton Road (Credit: Google Maps)
955 Alton Road (Credit: Google Maps)

Miami Beach investor Jimmy Resnick sold a retail building on Alton Road for $9.25 million.

Hibiscus Alton Inc. sold the 16,441-square-foot building at 955 Alton Road in South Beach to 955 Alton Road MIA LLC, property records show. The building was previously home to Coco Bambu, a Brazilian seafood restaurant that closed more than a year ago.

Resnick bought the property for $420,000 in 1992, records show. Built in 1950, the building was designed by architect Norman Giller, and was once the headquarters of Miami Ad School and the long-time home of the Hibiscus Masonic Lodge.

The latest buyer is a Delaware company that lists insurance brokerage Lockton Companies’ address at the 777 Tower in Downtown Los Angeles.

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The building was available for lease with Avenue Real Estate, and includes an 8,348-square-foot ground floor and an 8,093-square-foot second floor, according to the listing. A tenant could subdivide both floors. The property also includes 18 parking spaces and outdoor dining.

About a year ago, investors Jefferson Brackin and Michael Bird paid $5.35 million for the building at 740 Alton Road.

Nearby, Russell Galbut’s Crescent Heights and its partner Terra are planning to build the Park on Fifth, a 44-story luxury residential tower at 500 Alton Road.