Location Ventures buys South Beach office, retail property for $20M
Buyer assumed $14M mortgage from seller
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.