Osaka restaurant space in Brickell sells for $6M

Investor paid $3M for two commercial condos when building was completed in 2014

The Brickell location (Brown Harris Stevens)
The Brickell location (Brown Harris Stevens)

A commercial space leased to the Peruvian restaurant Osaka traded hands for $5.9 million.

North Miami-based Lizmar International sold the 5,040-square-foot space to Speed Plaza, a Florida company led by Carlos Tovar and Luis Meir. The two commercial condos at 1300 Brickell Bay Drive in Miami are on the ground floor of the condo tower Brickell House. The restaurant has an additional roughly 800-square-foot terrace.

Osaka isn’t going anywhere. The restaurant, the first U.S. outpost for Osaka Cocina Nikkei, has eight years left on its lease, according to Fortune International Realty agent Luis Gautier. Fortune brokered the lease in late 2017 and Gautier represented the buyer in the latest sale. Osaka opened in late 2019. Its other locations are in Lima, Buenos Aires, São Paulo, Quito, Bogotá and London.

Gautier said the buyer, a Mexican group, financed its purchase with a $2 million loan from InterAudi Bank.

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Brown Harris Stevens agents Saad Hamdan and Philippe Diener represented the seller. Property records show Lizmar International paid $2.9 million for the units in late 2014 when the condo tower was completed.

The lease generates a net operating income of about $262,000 with 3 percent annual increases, according to a Loopnet listing.

The restaurant, with floor to ceiling windows, comes with eight parking spaces and valet.

Harvey Hernandez’s Newgard Development Group developed the 46-story Brickell House, which featured a robotic parking garage that allegedly failed to work correctly. In 2019, a Miami-Dade County judge awarded the condo association $40.6 million from the development group, BrickellHouseHoldings, over issues stemming from the garage. That was in addition to a $32 million settlement awarded to the condo association in 2018, paid by the elevator’s insurer, the Hartford Steam Boiler Inspection and Insurance Co.

Hernandez recently acquired a riverfront site in Brickell where he’s planning a three-tower development.