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Store Capital pays $27M for Design District office building
Current tenant, Istituto Marangoni Miami, recently signed new 30-year lease
Store Capital picked up a fully leased office building in the Miami Design District for $27.2 million.
An affiliate of Scottsdale, Arizona-based Store acquired the seven-story building completed in 1926, records and Vizzda show. Current tenant Istituto Marangoni Miami, a fashion school, recently signed a new 30-year lease, according to Vizzda and records.
Citibank provided the buyer with a mortgage, but the amount is not listed in the loan documents, records show.
The seller, an affiliate of San Francisco-based real estate firm Stockbridge paid $22 million in 2018 for the site at 3704 Northeast Second Avenue, records show. The same year, Stockbridge renovated the building, Vizzda states.
Led by CEO Mary Fedewa, Store is one of the nation’s largest real estate investment trusts focused on net-lease and single-tenant properties, according to the firm’s website. Store, which is short-hand for “Single Tenant Operational Real Estate,” has a commercial portfolio of more than 3,206 properties worth more than $15 billion, the website states.
Store has an extensive office, educational and retail holdings in South Florida. In 2017, the company paid the city of Miami Gardens $9.5 million for a 15.3-acre site at 17321 Northwest 7th Avenue, records show. Store developed the property into Miami-Dade’s first TopGolf facility. Store also owns Bird Road Plaza, a shopping center in Kendall, paying $3 million for it in 2015.
Last year, Store acquired a single-story building in Doral for $2.6 million, records show. It is leased to a preschool.
Deals in Miami’s Design District have picked up recently. Last month, New York-based ASG Equities sold a retail building at 80 Northeast 40th Street leased to Boffi De Padova, an Italian luxury furniture and cabinetry maker. Miami Design District Associates — a partnership between Craig Robins’ Miami-based Dacra, L Catterton Real Estate and New York-based Brookfield Properties — paid $18 million for the property.
In December, ASG, led by CEO Raymond Gindi, sold another Miami Design District building for $22 million to Alo Yoga. The Beverly Hills-based athletic wear maker has one of its stores at the property.