A shopping center in Miami’s Health District changed hands from one Boston-based private equity firm to another, with plans for a major facelift.
Taurus Investment Holdings paid a combined $30.5 million for Civica Center, a two-story, 47,000-square-foot retail center at 1050 Northwest 14th Street and an adjacent 4,200-square-foot building, according to a press release.
The shopping center alone sold for $26 million, records show. Rockpoint had paid $16 million for the property in 2013 and built the shopping center two years later, according to records. Tenants include a 7-Eleven, Dunkin’, Smoothie King and The Young U Montessori School.
A company affiliated with Russell M. Faibisch sold the adjacent two-story building at 1000 Northwest 14th Street. Records show the Faibisches bought the building in 2003 for $150,000. The structure was built in 1976.
Faibisch founded Surety Corp. of America, which provides surety underwriting services to over 650 bail bond agents across the nation. His son, who shares his name, founded Ultra Music Festival, according to published reports.
Taurus plans to expand the shopping center by 15,500 square feet, with medical offices and ground-floor retail, according to the release. It also plans to build a 460,000-square-foot medical office tower on the parking lot, which measures less than an acre.
Taurus has bought and developed more than 47 million square feet of commercial real estate, according to its website.
In March, Taurus Investment Holdings bought a 28-building, 1.9 million-square-foot Chicago-area industrial portfolio for $154 million.
The Rockpoint Group has been busy. In February, it closed on the purchase of a Los Angeles office tower for $303.4 million.
In May, Rockpoint and the Related Group scored a $69 million construction loan for a planned Boca Raton multifamily project.
In October, Rockpoint and The Altman Companies closed on a 30-acre development site in Miramar for $35 million, and at the same time sold a portion of the land to a joint venture for $6 million.