A group of Turkish investors paid $10.5 million for a commercial building in Midtown Miami, with plans to develop a mixed-use tower.
Furkan Bayoglu and other investors bought the two-story, 12,500-square-foot building at 175 Northeast 36th Street from David Feinberg, according to records and real estate database Vizzda. The buyers took out $6.2 million in seller financing.
Doris Suttin of Doris B. Suttin Realty, and Steve Leeds of Green Capital Realty Advisors represented the seller. Baris Guler of VR Business Brokers represented the buyers.
The building, completed in 1921 on a quarter-acre lot, is now closed, though in its heyday housed restaurants. Most recently, Feinberg leased it for the sales office of the Hyde Midtown Condominium, according to Suttin.
Bayoglu and his partners are still hammering out project specifics, though he said they are inclined toward building a 20-story project, or the maximum height allowed with bonuses. The preliminary plan is for retail on the bottom floors, a hotel in the middle of the building and high-end condos on the top floors, with penthouses spanning over 3,000 square feet, Bayoglu said.
The deal marks the eight partners’ second South Florida purchase and the start of an aggressive investment strategy planned for the tri-county region, according to Bayoglu.
In December, they paid $2.1 million for a two-story, 9,600-square-foot retail building at 1500 East Commercial Boulevard in Oakland Park, according to records. They are holding it as an investment and have no redevelopment plans, Bayoglu said.
The investors have raised $65 million among themselves for South Florida purchases, with three other deals pending, he said.
Bayoglu’s real estate experience so far is abroad. He is the founder of Turkey-based TNL Commercial Real Estate, according to his LinkedIn.
While he declined to identify his investment partners, public records for the Miami and Oakland Park purchases show the purchasing entities tie to Cemil Tacir, Esra Ersönmez and Orhan Ogucu.
Midtown Miami, which was redeveloped with apartment and condo buildings, as well as retail and restaurants, is poised to experience more construction. AMLI Residential, which developed a 719-unit apartment complex at 3000 Northeast Second Avenue, wants to build a second multifamily project nearby at 3001 Northeast First Avenue.
Bayoglu’s building also is near Wynwood and the Miami Design District, both redeveloped neighborhoods in line for more construction. Last year, David Edelstein’s Tricap, Integra Investments and Alex Karakhanian’s Lndmrk Development paid $23 million for a 1-acre property at 3601 North Miami Avenue, at the border of Midtown Miami and the Design District. At the time, Edelstein said the partners plan a 20-story office tower with retail and restaurant space.