German firm picks up Midtown Miami retail properties for $23M
Rüger Holding KG paid $923 psf for two buildings totaling 25K sf
Block Capital Group sold a pair of retail buildings near Midtown Miami to a German buyer.
Rüger Holding KG, headed by René Gerdom, paid $23 million for the adjacent properties at 3300 North Miami Avenue and 30 Northwest 34th Street, according to a press release.
An affiliate of Miami-based Block Capital, led by principals Gustavo Miculitzki and Martin Miculitzki, sold the two buildings totaling 24,925 square feet. The buildings, completed in 1925 and 1949, are across the street from the retail portion of Midtown Miami. Both properties have had several additions between 1952 and 1970, according to records.
A Marcus & Millichap team led by Alex Zylberglait, Alejandro D’Alba and Scott Sandelin represented the seller and the buyer, the release states. Robert Bhat, also with Marcus & Millichap, arranged acquisition financing. The deal equates to $923 a square foot.
The two properties spanning nearly 1 acre can be redeveloped into a mixed-use building with accommodations for retail and office uses, but Rüger doesn’t have any plans to do so at this time, a Marcus & Millichap spokesperson told The Real Deal.
In 2015, Block Capital paid a combined $16.3 million for the buildings, which share a 30-space surface parking lot, according to records.
The properties sold at full list price after a marketing campaign that yielded offers from international, national and local buyers, D’Alba said in a statement. Tenants include Citibank, 305 Kicks, Calligaris, Wynwood Tattoo, and Galerie Monnin.
German investment in South Florida commercial real estate has intensified in recent months. In December, Union Investment, a subsidiary of Germany’s DZ Bank Group, paid $79.5 million for a Publix-anchored retail plaza in Boynton Beach, and $226.5 million for a 12-story apartment complex in Fort Lauderdale.