Michaels building on Alton Road hits the market for $47.5M

The newly built retail building on Alton Road in Miami Beach home to Michaels just hit the market for $47.5 million, The Real Deal has learned.

Saber Real Estate Advisors developed the 110,000-square-foot building, called 1800 Alton, last year on the former site of a Chevron gas station.

Marcus & Millichap’s Brett Chetek, Alex Perez and Chris Garavaglia of the Chetek Group have the listing.

The five-story building features nearly 32,000 square feet of retail space on two floors and three levels of parking, with 136 spaces in 78,000 square feet. It was designed by architect Kobi Karp.

The property is 94 percent leased to three national tenants with leases extending more than 10 years, according to marketing materials. Michaels opened in November, occupying almost 23,000 square feet. Citibank opened last week, with 5,000 square feet, and Starbucks has signed a lease for about 2,300 square feet, and is expected to move in this summer, Chetek said.

A fourth space with about 1,800 square feet is available and is being marketed to restaurants and retailers, he said.

Saber Real Estate Advisors, based in New York and Aventura, paid $7.3 million in 2015 for the gas station and service center on a half-acre lot at the corner of Alton Road and 18th Street. The developer scored a $22.25 million construction loan in 2017. Amicon Construction completed the building last year.

Chetek said Saber planned to sell the building after completing it. “They are merchant builders and their strategy for the building was to buy the gas station, redevelop the site and sell it and make a profit and move on to the next project,” he said.

Developers have targeted that strip of Alton Road at the edge of the Sunset Harbour neighborhood near Lincoln Road in recent years. Nearby, Rock Soffer, Elion Partners and members of the Sredni family are building 17 West at 1698 Alton Road, which will house Miami Beach’s first Trader Joe’s. The five-story building will also have loft-style apartments, townhomes, residential amenities, and a parking garage with about 160 spaces.

 

Retail-driven developments aim to revitalize South Miami

Investors and developers have been quietly flocking to South Miami with a retail-driven mindset.

The upscale city bordering Coral Gables has drawn interest from both national and local players as they look to affluent South Florida suburbs for investment opportunities.

Last fall, Federal Realty Investment Trust and its two local partners, Grass River Property and the Comras Company, announced they bought the majority interest in the Shops at Sunset Place for $110 million. The goal is to revamp the aging outdoor mall, which serves as an anchor for downtown South Miami. New tenants so far include outdoor furniture store Frontgate.

In the meantime, a number of smaller projects along South Dixie Highway are banking on South Miami’s potential.

Nearby residents may be familiar with the construction site at 5998 South Dixie Highway, once home to the popular New Chinatown restaurant. The building, which sold to investment firm Greenstreet Real Estate Partners for $5.6 million in 2013, has been razed to make way for a restaurant and office project.

Michael Comras, who’s handling marketing and leasing, told TRD that the new 16,000-square-foot building will have offices on the second floor totaling about 3,300 square feet, three restaurants on the ground floor, and onsite parking. The roughly 31,000-square-foot plot fronts South Dixie Highway, Southwest 73rd Street and 59th Court. “It’s really set up to be a great gathering spot,” Comras told TRD.

Amicon Construction is working on the ground-up development, slated to open in about a year.

J.P. Perez, project manager, said the new two-story building will be a combination of concrete and structural steel with a coral stone facade, anodized bronze and impact glass. The second story walkway will overlook the ground level, and the building will also feature aluminum railings and wood grain porcelain. STA Architectural Group designed the development, which will be set back 40 feet from the curb fronting South Dixie Highway.

A five-minute walk away, the former MacDonald’s Imperial Cleaners store is being gutted, broken up into new retail spaces, and completely renovated. Beilinson Gomez Architects is redesigning that project, at 5840 Southwest 71st Street. McKenzie Construction and Craft are working on the exterior, including coating the outside with an engineered wood product, according to a spokesperson for McKenzie.

And in between both projects is 5887 Sunset Drive, where Comras said the owner is creating a pedestrian paseo between that building and the SunTrust bank branch. “We’re taking an existing building and expanding it,” he said.

Asking rents for ground floor retail space in the area are between $65 a foot and $75 a foot, with the property at 5998 South Dixie Highway “on the higher end of the spectrum,” Comras said. Those restaurants will be a mix of casual and upscale – but not fast food.

East of Sunset Place, the Wendy’s at 6601 Red Road sold to a group of partners for $9 million in November. They eventually plan to redevelop the 38,000-square-foot lot, which is technically in Coral Gables. And on the other side of U.S. 1, closer to the planned South Miami projects, a developer purchased the lease for land near the South Miami Metrorail station in May. Treo Group paid $13 million for the site, which has a five-year development timeframe.

While property investment is still underway, tenants have already moved into other spaces.

In the fall, a shared office space firm opened across the street from Sunset Place, at 5790 Sunset Drive. Around the same time, Denmark-based cafe concept Dr. Smood opened its store steps away at 5801 Sunset Drive.

“We’re really strong believers in the South Dixie corridor,” Comras said. “There’s just a lot of room for improvement.”

Saber Real Estate Advisors nabs $22M construction loan for South Beach retail project

New York and Aventura-based Saber Real Estate Advisors bagged a $22.25 million construction loan for a new South Beach retail development.

Property records show FirstBank provided the financing to Saber 1800 LLC for the property at 1824 Alton Road. Saber, led by former Blackstone and Related Companies executive Michael Klinger, also broke ground on the five-story, 110,000-square-foot project.

Michaels Craft Stores is expected to occupy the entire second floor and a portion of the ground floor of the building. The site was previously a gas station, which Saber acquired in 2015 for $7.3 million.

The Miami Beach Design Review Board approved the new commercial project last year, which includes a 160-seat restaurant, 11,561 square feet of ground floor retail space, 15,400 square feet of second floor retail space and 130 parking spaces on two upper levels. Kobi Karp designed the building. Amicon Construction Services is the general contractor.

FirstBank’s Mahesh Pattabhiraman and Elsie Alvarez arranged the financing.

Developers have been targeting the strip of Alton Road near the intersection of Lincoln Road in recent months.

The project is near a property that just sold to Deco Capital Group and RWN Real Estate Partners. The joint venture paid $7.43 million for the building at 1671-1673 Alton Road, with plans to renovate and raise rents, and redevelop as a possibility in the future.

What Goes Around Comes Around opens in Sunset Harbour and the Fontainebleau

What Goes Around Comes Around, a designer vintage store, has opened a new boutique in Sunset Harbour and a shop-in-shop in the Fontainebleau Miami Beach.

The South Beach store marks the first South Florida location for the retailer, which has locations in New York City, Beverly Hills, Long Island, New York and the Hamptons.

What Goes Around Comes Around has leased 1,300 square feet at 1800 Bay Road in Sunset Harbour. The store offers handbags, apparel and accessories, with items from such designers as Chanel, Hermès, Louis Vuitton, Gucci and Missoni, according to a release.

Greenstreet Partners developed the new building at 1800 Bay Road. Jonathan Carter of Comras Company handles leasing. He told The Real Deal last year that What Goes Around Comes Around has signed a lease, as did Green Monkey, which is relocating from its current Sunset Harbour location and will occupy the entire second story or about 3,500 square feet.

Dr Smood, a cafe specializing in organic food and drinks, with locations in Wynwood and South Miami, is also leasing ground floor space in building, Carter previously told TRD. He declined to disclose the leasing terms for any of the tenants.

In addition to What Goes Around Comes Around’s new stand-alone boutique, the shop-in-shop has opened at the Fontainebleau, at 4441 Collins Avenue in Miami Beach.

Founded by Gerard Maione and Seth Weisser, What Goes Around Comes Around launched its vintage store in New York’s SoHo in 1993. — Ina Cordle

Belgian diamond mogul buys Venetian Islands home for $6.6M

A company controlled by Fabrice Finkelstein of the Belgian diamond family paid $6.6 million for a waterfront Venetian Islands home.

Records show Kib 1 LLC bought the seven-bedroom, two-story home at 314 West San Marino Drive from Albert and Margo Lee Hofeldt.

The Belgian corporation Finkelstein includes Finkelstein Diamonds, commercial and residential real estate arms, a water distribution company, Cartier and Piaget distributors, and a valet parking and related services company, according to its website. Corporate records show the buyer of the Miami Beach home, Fabrice Finkelstein, lists the firm’s Belgian headquarters as its address.

Calibre International Realty’s Julian Johnston listed the 6,658-square-foot home for $7.9 million, according to Realtor.com. The house, built in 1980, was redeveloped in 2003 with interiors by Allen Saunders. It features an infinity edge pool, hot tub, dock, terraces and a summer kitchen.

Listed for $1,187 per square foot, the Hofeldts sold it for $991 a foot. The Venetian Islands house sits on a 10,500-square-foot lot.

Johnston could not immediately be reached for comment.

First Look: The New Turkish Consulate

 

Buildout for the new consulate is valued at more than $1 million. Amicon Construction is putting the finishing touches on Turkey’s new Miami consulate.

Turkish-born and U.S.-based Murat Mutlu designed the 7,500-square-foot space in the Brickell City Tower, at 80 Southwest Eighth Street.

The Consulate General of the Republic of Turkey’s new consulate features a modern, monochromatic design, and ballistic-rated glass, wall paneling and doors, Amicon project manager Jay Richmond told The Real Deal. He said the cost of the buildout was more than $1 million. It includes a reception area with multiple teller stations.

“When you’re doing a high-security buildout, you’re dealing with materials from specialty manufacturers with long lead times,” Richmond said.

While the space opened in time for the Turkish election in November, the consulate is still tweaking finishes and has yet to hold a grand opening reception.

Other tenants of the 33-story office building include Uber, Verizon, Lamex Agrifoods, Inlingua Language School, Chase Bank, Moye restaurant, the Beacon Council and the Consulate General of Japan. Property records show that Banyan Street Capital owns the building.

Brickell City Tower is currently 87 percent occupied with two new leases that will bring its occupancy up to 93 percent, Danet Linares, vice chair of Blanca Commercial Real Estate, told TRD. Blanca is the building’s exclusive leasing agent.

The Turkish consulate signed a 10-year lease about a year ago and moved into a temporary space in the building before the new office was ready. “Their space required a complete renovation,” Linares said.

Amicon also built out the space of the French consulate in the Espirito Santo building nearby at 1395 Brickell Avenue.

 

Brown Jordan Opens Design District Store

Luxury outdoor furniture company Brown Jordan has opened its store on the border between Midtown Miami and the Design District. 

The showroom, on Northwest 36th Street and Northeast Second Avenue, marks the retailer’s second freestanding location in the United States. Amicon Construction worked on the build-out, which included a perforated, custom-made ductal façade and the incorporation of materials like repurposed Miami-Dade County pine, which Amicon sourced from an existing Design District structure, coral rock and organic concrete flooring.

The building also features a rooftop deck with a custom Brown Jordan outdoor kitchen for special events and designer showcases.

The new store spans 8,600 interior square feet and was designed by architect Miami-based Touzet Studio, which is also behind the new Apple Store on Miami Beach’s Lincoln Road, as well as the planned Nike store. More than 30 collections and a selection of luxury home goods are on display at the store, according to a press release.

Chariff Realty Group developed the property. An LLC managed by Lyle Chariff and Avra Jain owns the building where Brown Jordan opened, according to Miami-Dade County property records. Sales information is not available online. – Katherine Kallergis

Dr. Smood, a new health-oriented cafe, to open in SoFla

Dr. Smood, a new cafe concept specializing in organic food and drinks, has begun a build-out in South Miami and Wynwood, The Real Deal has learned.

Denmark-based Dr. Smood is making its debut at 5801 Sunset Drive in South Miami and at 2230 Northwest Second Avenue in Miami’s Wynwood neighborhood. Both will open this fall, with a third in the works for Miami Beach. Amicon Construction is the general contractor, according to a press release.

Rene Sindlev, founder of Pandora Jewelry, is the company’s primary shareholder. Both eateries will feature an abundance of natural light, custom walnut wood slats on the ceilings, tile-cladded concealed doors, Carrera marble counter tops and library millwork throughout.

In addition to Amicon, Dr. Smood has brought on Italian design firm Quincoces-Dragò & Partners and Miami-based G. Alvarez Architects.

Abingdon Square Partners, a Brooklyn-based investment and development company, owns the Wynwood building where Dr. Smood will open later this year. The single-story building, near Mana Wynwood, was constructed in 1954, according to Miami-Dade property records. Abingdon paid $5.15 million for the site in 2013.

Courtney Sunset LLC owns the South Miami site. The Coral Gables-based LLC paid $1.4 million for the property, also a single-story building, in 1998. It was built in 1953 and is near the Shops at Sunset Place. — Katherine Kallergis

Brown Jordan Nearly Completed

Amicon Construction built out the 8,500-square-foot showroom

Rendering of Brown Jordan in Miami

Construction on Brown Jordan, a new luxury furniture store on the edge of Miami’s Midtown and Design District, is nearly completed, The Real Deal has learned. 

Amicon Construction is working to finish the new showroom on Northeast 36th Street and Northeast Second Avenue, which will be Brown Jordan’s second freestanding location in the United States. The first is in Costa Mesa, California.

Chariff Realty Group owns the building, and Touzet Studio is the architect.

The 8,500-square-foot showroom, scheduled to open soon, incorporates local design elements such as repurposed Miami-Dade County pine, which Amicon sourced from an existing Design District structure, coral rock and organic concrete flooring. It also features a rooftop terrace.

The building’s exterior includes a perforated, custom-made ductal façade, according to Amicon.

In the Design District, Amicon has also completed luxury interiors for Jason of Beverly Hills, Chrome Hearts and Miu Miu, which is part of the Prada House.