After $39M sale, Robert Shor picks up another South Beach retail property

Investor buys vacant Alton Road property months after selling nearby strip to Michael Shvo

Miami /
Sep.September 07, 2022 02:30 PM
1665 Alton Road, Retail

1665 Alton Road (Comras Company, Getty)

Investor Robert Shor just can’t keep himself away from South Beach.

Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, Shor is back to buying, scooping up a vacant retail property across the street for $10 million.

Through an affiliate, Shor bought a commercial condominium at 1665 Alton Road from an entity tied to Orlando Garcia of Coral Gables-based Secured Debt Investments, according to records. The 9,000-square-foot condo is on the ground floor of a two-story building immediately north of the 1111 Lincoln garage and retail building.

Irma Figueroa and Vicki Freeman of the Comras Company represented the seller. Seth Gadinsky of Gadinsky Real Estate represented Shor.

In June, Shor sold the 60,000-square-foot commercial strip across the street at 1656-1680 Alton Road, as well as an adjacent 0.2-acre parking lot at 1677 West Avenue, to Michael Shvo, who plans to redevelop the property into a 250,000-square-foot office and retail complex. The property includes the former Epicure Gourmet Market & Café building.

Shor said an Ace Hardware store on that strip, set to close next year, will reopen in April in the vacant retail space he bought this week.

Alton Road, a main north-south connector on the western end of Miami Beach, is poised for more development after city residents in August approved a zoning referendum that allows for bigger projects in the Alton gateway area.  The vote allows developers Russell Galbut and David Martin of Terra to build a taller mixed-use project at 710 Alton Road.





    Related Articles

    arrow_forward_ios
    Lil Wayne and 6480 Allison Road in Miami Beach (Getty Images, Become Legendary/Douglas Elliman Realty)
    Lil Wayne lists Miami Beach mansion for $30M
    Lil Wayne lists Miami Beach mansion for $30M
    Moto Capital Group's Marcos Lima with 350 Ocean Drive (Loopnet, LinkedIn, Getty)
    Toronto firm picks up Ocean Drive hotel for $39M
    Toronto firm picks up Ocean Drive hotel for $39M
    TJX Companies' Carol Meyrowitz and a rendering of the Homesense store (TJX Companies)
    Homesense to open first store in Southeast at Sawgrass Mills
    Homesense to open first store in Southeast at Sawgrass Mills
    Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
    Lease roundup: Quest takes space at One Biscayne Tower & more
    Lease roundup: Quest takes space at One Biscayne Tower & more
    John Howard Kunkel with 1030 Stillwater Drive (LinkedIn, Google Maps)
    50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
    50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
    Black Lion's Robert Rivani with One Thousand Museum
    Robert Rivani’s Black Lion snags One Thousand Museum restaurant space
    Robert Rivani’s Black Lion snags One Thousand Museum restaurant space
    Red South Beach at 3010 Collins Avenue, Tom Assouline and August “Gussie” Busch (Instagram/gussiebusch, Google Maps, Getty)
    Busch family partners with Assouline Capital to buy Red South Beach hotel
    Busch family partners with Assouline Capital to buy Red South Beach hotel
    Balzebre Investments' Robert Balzebre with 8710 Southwest 72nd Street
    Winn-Dixie sues landlord over leaky roof at South Miami store
    Winn-Dixie sues landlord over leaky roof at South Miami store
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...