Capital Realty affiliate sells South Miami office and retail building for $5M
Building is roughly 83% occupied
An affiliate of Capital Realty Services sold a mixed-use office and retail building along South Miami’s Sunset Drive for $5 million.
Sunset One Properties sold the property at 5875-5887 Sunset Drive to 5875 Sunset Group, a Hollywood-based investment group led by Stanley and Michael Cohen, according to a deed.
The two-story building totals 10,463 square feet on 0.2 acres, property records show. It was built in 1926.
Sunset One Properties, a partnership that has common ownership with Coral Gables-based Capital Realty Services, bought the property in the 1970s for $120,000, said Robert Berrin, the manager of Sunset One Properties.
Capital Realty, led by Berrin and Isaac Fisher, is a sales, acquisitions, brokerage and property management firm, according to its website.
Berrin said the partnership was ready to cash out of the property. It renovated the first-floor retail in 2018.
The building is roughly 83 percent occupied, according to Berrin. Retail tenants include Uni K Wax Studio and Miracle Leaf medical marijuana clinic.
The property is near The Shops at Sunset Place, one of South Miami’s main attractions. Midtown Miami developer Midtown Opportunities bought Sunset Place in December for $65.5 million, a 40 percent discount from its previous sale price. Federal Realty Investment Trust, Grass River Property and the Comras Company had bought the mall in 2015 for $110.2 million.
In another recent office-retail property deal, Cofe Properties sold Pinecrest Town Center at 12651 South Dixie Highway to Orion Real Estate Group for $32 million, the same price the seller paid for the center six years ago.
In one of South Florida’s biggest commercial real estate sales this year, Titan General Partners bought a four-building office-retail portfolio along Powerline Road west of Boca Raton for $155 million.