Mast Capital sells South Beach Walgreens for $9M

UPDATED, June 3, 1:00 p.m.: Mast Capital cashed out of a prime retail property in South Beach, selling a Walgreens store for $9.4 million.

An entity managed by Rodolfo Fuentes of Miami bought the 15,020-square-foot retail building at 524 Jefferson Avenue, near Washington Avenue, according to a press release.

Anthony Mameli with Go SoFlo Commercial Real Estate represented the buyer.

Scott Sandelin and Alejandro D’Alba led a Marcus & Millichap team that listed the property for the seller, an affiliate of Mast Capital, the Coconut Grove-based real estate development and investment firm led by founder and CEO Camilo Miguel Jr. The affiliate paid $6.7 million for the store in 2016, records show. It was built in 1995 on a 0.7-acre lot.

Mast Capital is on a development binge. Last month, the firm and its partner, Boston-based Rockpoint paid $10 million for a YMCA site in Palm Springs that the joint venture intends to redevelop into a 264-unit apartment complex.

In March, Mast Capital and another partner, Miami Beach-based Starwood Capital Group, launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach. The same month, Cipriani announced it is branding Mast Capital’s new 80-story condominium tower in Miami’s Brickell neighborhood.

In February, another Mast Capital joint venture scored a $70.5 million construction loan for a 342-unit apartment building on the Miami River.

Walgreens-anchored buildings have been in hot demand. In February, Steven Swanson II, managing partner at Chicago-based Swanson Development Group, flipped a Walgreens in Miami Shores for $8.2 million. The investor sold it for a $3.3 million gain three months after buying the property.

In January, Miami architect Kobi Karp and his wife, Nancy, paid $5.7 million for a Walgreens-leased property in Delray Beach that sold for $2 million above its previous sale price a year earlier.