CK Prive adds to North Miami Beach development site: $12.6M
47,600 sf property last sold for $2.5M in 2009
March 21, 2016 09:45AMBy Katherine Kallergis
16355 Biscayne Boulevard
CK Prive added to its North Miami Beach assemblage with a $12.6 million purchase of a liquor store along Biscayne Boulevard.
The joint-venture between Prive Land Banking and CK Holding Group now owns nearly 7 acres on Biscayne Boulevard in North Miami Beach, county records show.
CK Prive closed on the ABC Fine Wine & Spirits at 16355 Biscayne Boulevard in mid-March. The one-story, 10,871-square-foot building sits on a 47,611-square-foot plot.
Together with its property across the street on the west side of Biscayne Boulevard, and the property abutting the ABC store to the south, CK Prive now owns 6.9 acres of land in those two blocks.
ABC Fine Wine & Spirits sold the building, according to Miami-Dade County records. The Orlando-based liquor store chain paid about $2.5 million for the 1-acre lot in 2009, which means CK Prive paid five times the property’s previous sales price.
CK Prive hired Miami-based Arquitectonica to design a mixed-use project that will replace the Dean’s Gold strip club, which is next to the ABC. And across Biscayne Boulevard, the developer plans to redevelop its land into a mixed-use project with 400 rental apartments and ground-floor retail.
The city of North Miami Beach, long known for its mid-rise apartment buildings and traditional shopping centers, is undergoing a transformation. According to the preconstruction condo website CraneSpotters.com, there are nearly 8,000 new condo and rental units in the planning and presale phases of development on and around a stretch of Biscayne Boulevard between Northeast 151st Street and Northeast 176th Street, as of December. Moishe Mana, a key player in Wynwood and downtown Miami, purchased a property on Northeast 167th Street in February.
On the same block as the ABC store, Biscayne Park Development LLC has entered into an agreement to buy two parcels totaling nearly 4 acres. The LLC is controlled by Transamerican Development Corp. principal Albert Benalloun.
Source: The Real Deal