Usually just an afterthought, the ground floor retail space at some of Miami’s new condo buildings can actually be quite valuable:
Centro’s Ground Floor Retail Space Trades To Newly-Formed Partnership For $615 PSF
MIAMI, FL – August 22, 2016
Centro, the Downtown Miami tower dedicated exclusively to loft-style living developed by Newgard Development Group, has sold its newly constructed 4,350-square-foot retail condo on the ground floor for $2,675,000, or $615 per square foot.
Gil Blutrich, CEO of Mishorim Development Group LTD, along with local partner Shai Ben Ami, purchased the 4,350-square-foot ground floor retail space at the 37-story tower.
The deal, which closed August 18, represents the new partnership’s first Miami acquisition.
Mishorim Development Group LTD is a publicly-traded company based in Israel with substantial holdings in Israel as well as the United States and Canada. Blutrich is the founder of Mishorim and has been in control of the company since its formation.
Ben Ami has negotiated several deals in Miami’s urban core involving high-profile Israeli businessman and investor Moishe Mana and Canadian real estate investor Danny Lavy. Most recently, Ben Ami represented Mana in the purchase of a 6,194-square-foot building at 110 East Flagler Street. Mana spent $4.5 million for the building. Ben Ami was also involved in Mana’s purchase of 107,000 square feet of retail space at 777 International Mall located at 141 East Flagler Street in Downtown Miami in a deal totaling more than $21 million. Ben Ami represented Mana’s company, 141 East Flagler LLC, in that purchase.
The retail space, located at 151 Southeast 1st Street, offers high-visibility street frontage in the heart of downtown Miami and boasts connected urban living – retail, restaurants, sports, dining, entertainment, and numerous transportation options all within walking distance.
“Demand will continue at a dizzying pace as new mixed-use projects in Miami’s urban core bring a flurry of new shops and restaurants to the area when they open,” commented Ben Ami. “While nothing is locked in yet, we have identified lots of interest from retail and restaurant concepts and we’re working with a few nationals.”
Close to Biscayne Boulevard, Bayfront Park, and the waters of Biscayne Bay, and adjacent to the Miami Riverfront, Centro, which features the first dedicated car2go hub in Miami, is located in the absolute epicenter of Downtown.
“As Miami continues to evolve into one of the most interesting destinations in South Florida, we are seeking additional commercial investment opportunities in a multitude of sectors within the Miami’s urban core and the CBD district at large,” added Blutrich.