A joint venture between New York based RedSky Capital and JZ Capital Partners has closed on a retail building in Miami’s Design District for $23.95 million. The property is located at 45 N.E. 39th Street on a 9,400-square-foot lot across the street from the Buena Vista Post Office. Built in 1972, the 2-story, 8,553 square-foot building traded for just over $2,800 per square foot. The seller, Miami-based Tishman Corp., bought the property in 1992 for $107,000. Redsky stated they plan to “re-imagine the recently acquired building for future use while incorporating similar architecture and design elements as found elsewhere in the Design District”. RKF Senior Director Benjamin Mandell, VP Drew Schaul and Senior Director John Ellis represented the buyers in the transaction.
“Domestic and overseas capital has been pouring into Miami’s commercial real estate market and has been rising dramatically every quarter since 2011, making Miami’s retail sector one of the hottest of any of America’s gateway cities,” said Mandell. “And, with the Design District among the most in-demand retail markets in Miami, we are starting to see retailers make the move to the area to fill the remaining availability.”
