L3 Capital of Chicago has acquired a building in the fast-moving Miami Design District market for $18.7 million. Trading for just over $1,521 per square foot the 12,292-square-foot building is located at 3946 North Miami Avenue. The sellers, a partnership between TriStar Capital and Principal Real Estate Investors, paid $10.6 million for the property in 2014. L3 Capital in Chicago was represented by RKF Senior Director Benjamin Mandell.
“L3 Capital has been steadily active in prime urban markets and had been patiently waiting for the right asset to invest in to increase their presence in arguably the hottest luxury retail submarket in America,” said Mandell. “Investors will continue to see tremendous value within these emerging and re-emerging retail corridors like the Design District. This deal signifies that the Miami market has plenty of room for healthy 2016 deal activity.”
