Lombardi Properties sells Pinecrest retail building for $6M

The Lombardi family’s real estate company sold a fully leased Pinecrest retail building for $5.8 million.

Miami-based Lombardi Properties, through an affiliate, sold the one-story property at 12441 South Dixie Highway to Carbonell Property Management, managed by Javier and Claudia Carbonell, according to records. The buyers borrowed $3.7 million from Amerant Bank for the purchase.

Marcus & Millichap brokers Drew Kristol and Kirk Olson represented the seller. Alex Zylberglait, also of Marcus & Millichap, represented the buyer.

The 6,950-square-foot building was constructed in 1959 on half an acre, property records show.

Tenants include Custom Pools of Pinecrest, AT&T and Meat N’ Bone meat products store.

Lombardi Properties paid $3.5 million for the property in 2018, according to records.

The company is also a brokerage and investor that has been active in Miami’s Wynwood neighborhood. It is owned and led by David Lombardi, who runs it with his sons, real estate associates Daniel and Brian Lombardi.

Lombardi Properties invested roughly $400,000 in capital improvements in the Pinecrest property, including replacing the roof and air conditioning units, and repairing the building, said Daniel Lombardi.

The firm has been diversifying its real estate holdings, buying retail buildings in Little Havana, as well as Publix-anchored strip shopping centers in Fort Myers and Kissimmee, he said.

In June, an entity managed by Lombardi Properties sold a 1.5-acre site in Wynwood for $22 million to Rilea Group, which plans the 225-unit, 12-story Mohawk at Wynwood. Construction is expected to start in 2023.

Wynwood and downtown Miami property owner and developer Moishe Mana bought a Wynwood retail building at 350 Northwest 24th Street and 301 and 311 Northwest 23rd Street for $16.4 million in 2016 from Lombardi.