RedSky Capital purchased a retail building in Miami’s Design District for $24 million. Built in 1972, the building at 21 N.E. 39th Street offers 8,310 square feet. The seller, MAD DD LLC, a company controlled by Miami Beach broker/developer Michael Comras, paid $4.26 million for the building in 2011. The deal was financed with a $33 million loan from Apollo Commercial Real Estate Finance, which may be an indication of a redevelopment plan.
With about 900,000 square feet of luxury retail brand development, Miami’s Design District has attracted major deals from firms like RedSky, Thor Equities and Wharton Equity, which have paid premium prices for buildings with an eye towards redevelopment or luring top-end tenants.
“It’s really awesome how the whole west side of the Design District has been consolidated with fewer owners that will allow the area to transform quickly and consolidate with the east side,” Comras said. “It creates a good opportunity to create a great mixed-use project should someone decide to do that. Bringing residential, office and hotel now would further enhance the impact on the Design District.” Comras also stated that he he doesn’t know what RedSky will do specifically with the building.
