Location Ventures buys South Beach office, retail property for $20M

Buyer assumed $14M mortgage from seller

Miami /
May.May 14, 2021 09:45 AM
1260 Washington Avenue and 1234 Washington Avenue with Location Ventures CEO Rishi Kapoor (Google Maps, Location Ventures)

1260 Washington Avenue and 1234 Washington Avenue with Location Ventures CEO Rishi Kapoor (Google Maps, Location Ventures)

Location Ventures scooped up two commercial buildings along Miami Beach’s Washington Avenue for $20 million.

The Coral Gables-based real estate investor bought the retail property at 1260 Washington Avenue and the adjacent office building at 1234 Washington Avenue from an affiliate of Miami Beach-based Fryd Properties, led by Jonathan Fryd, records show. Location Ventures assumed a $14 million mortgage.

Fryd Properties bought the 10,697-square-foot retail building and three-story office building in 1994 for $2.8 million, property records show.

Retail tenants include Chicken Brasa, Harat’s Pub and BurgerFi.

Location Ventures, led by Rishi Kapoor, also develops, manages and sells residential and commercial real estate, according to its website. Its current development projects include the 65-unit condominium at 551 Bayshore Drive in Fort Lauderdale’s Central Beach neighborhood. The firm scored $14.4 million in equity financing for the project in February.

The South Beach properties are within Miami Beach’s entertainment district and a block from Collins Avenue. The city just imposed a 2 a.m. last-call for alcohol sales between Ocean Drive and Collins Avenue, south of 16th Street, after an outpouring of spring breakers this year, and in an effort to reinvent its image.

Other commercial projects in the pipeline in Miami Beach include Chetrit Group’s 280-key Collins Park hotel between Park and Washington avenues and 20th and 21st streets. The developer just scored a $63 million construction loan for the development.

Russell Galbut recently turned plans into the city to transform the closed Bancroft Hotel at 1501 Collins Avenue and an attached commercial building into Class A, membership-based offices.





    Related Articles

    arrow_forward_ios
    An aerial view of the land with the buyer Dacar Management’s Alberto Micha-Buzali (Google Maps, LinkedIn)
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    From left: Miami Beach mayor Dan Gelber, real estate developer Stephen Ross, and the Deauville Beach Resort in Miami Beach (Getty Images, Google Maps, iStock)
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Cognito's John Backus and 7960 Biscayne Point Circle (LinkedIn, Zillow)
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    369 North Hibiscus Drive (Villazzo Realty, iStock) Buddhist, Mansion
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Residential sales fall in Southern Florida
    Residential sales fall in April across South Florida
    Residential sales fall in April across South Florida
    arrow_forward_ios

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

    Loading...