Security Building in downtown Miami sells for $23.5M

Coast Capital Partners, a real estate investment, management and development company, sold the majority interest of the historic, mixed-use Security Building in downtown Miami for $23.5 million, The Real Deal has learned.

An affiliate of the Aventura-based company, which operates in the United States, Czech Republic and the Netherlands, sold 47 units in the 16-story building at 117 Northeast First Avenue to a partnership between Daniel Gohari, Rory Greenberg, Andrew Joblon and Ricky Weisfisch.

Gohari is a founding partner of the Xerxes Group, a New York City-based real estate investment and acquisition firm. Greenberg was previously senior vice president of the New York-based Witkoff Group and is now owner of RB Green Inc., according to his LinkedIn profile. Joblon is managing principal at Turnbridge Equities, and just purchased an entire block on Washington Avenue in South Beach for $36 million. Joblon declined to comment on the downtown Miami sale.

The property, also known as the Capital Lofts building, was built in 1926 and designated historic by the U.S. National Register of Historic Places in 1989.

Capital Loft Miami LLC owned residential and commercial units in the mixed-use building, and purchased the units out of foreclosure in September 2010 for an undisclosed amount, according to Miami-Dade County property records. Included in those is 44 residential condos and three commercial units totaling 4,366 square feet.

Tony Arellano of Metro 1 represented the seller, Capital Loft Miami. Devlin Marinoff of Whitehall Realty represented the buyer.