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.
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.