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Australia’s Harbour Outdoor buys Miami Design District building for nearly $7M
The site has an existing 3K sf retail building, but is zoned for redevelopment for up to 20 stories
Furniture design company Harbour Outdoor picked up a Miami Design District redevelopment site for $6.5 million.
The Sydney, Australia-based firm plans to open a flagship showroom inside the 3,224-square-foot retail building at 170 Northeast 38th Street, according to brokers involved in the deal. The site is zoned for a new development of up to 20 stories.
The seller is an affiliate of Aventura-based ESJ Capital Partners, the owner and developer of the Jungle Island theme park on Miami’s Watson Island, records show. ESJ bought the Miami Design District property, which abuts I-195, for $6.9 million in 2015.
Founded in 1976, Harbour Outdoor is led by brothers Harrison and Nicholas Condos. The company specializes in crafting handmade patio furniture that fuses traditional and modern elements in its designs.
The Australian company is following in the footsteps of another luxury brand furniture maker. Restoration Hardware is opening a flagship store in the Miami Design District, in a building owned by Apollo Commercial Real Estate Finance and the Comras Company.
Aaron Labovitz and Brandon Lumish, principals with Miami-based ABL Real Estate Partners, and Joyce Gato of Douglas Elliman represented Harbour Outdoor.
Labovitz said Harbour Outdoor has been looking to lease or buy a property in the Design District for a few years. “They found this opportunity and ultimately liked what they could do there,” Labovitz said. “They liked that there is a large outdoor area, and that they could have signage with exposure on the Interstate 195 highway.”
Tony Arellano and Devlin Marinoff, co-founders and managing partners of DWNTWN Realty Advisors, represented ESJ.
In the last seven years, DWNTWN Realty Advisors has handled 22 deals in the Design District totaling $205 million, Arellano said. The firm is also listing a retail building at 3740 Northeast Second Avenue in an Opportunity Zone that is next door to the site Harbour Outdoor acquired.
Nearby, DWNTWN Realty Advisors is handling leasing for developer Benjamin Norton’s Design 41. The retail building at 112 Northeast 41st Street has 44,029 square feet of office, retail and showroom space.