New York players enter Surfside market with $5M purchase
Buildings total 6,000 sf, which breaks down to $833 psf
November 20, 2015 02:25PMBy Katherine Kallergis
9569 Harding Avenue (inset: Dan Glaser)
Imperium Capital and RWN Real Estate Partners, both New York-based investors, closed on two retail buildings in Surfside on Thursday for $5 million.
Rowe Properties LLC sold the properties at 9415 and 9569 Harding Avenue, Imperium’s Dan Glaser told The Real Deal. Glaser said the area has a lot of growth potential, citing high-end residential development and the nearby Bal Harbour Shops.
New developments in the area include the Fendi Château Residences, a high-end luxury hotel developed by an Israeli-Turkish partnership and the Surf Club Four Seasons.
The buildings total 6,000 square feet, which breaks down to $833 per square foot. The lots total 7,500 square feet, according to county records. Glaser said he and his partners, Sam Schneider of Imperium and Ari Shalam of RWN, plan to hold onto both parcels in the long term.
“The tenants have several years left on their leases. We’ll see what the future holds,” he said.
Robert Rowe of Wesley Chapel, Florida, manages the seller’s LLC.
In September, an LLC paid $5.75 million for a 13,500-square-foot building at 9553 Harding Avenue. The retail strip is about a block away from Bal Harbour Shops, which has plans for a $400 million-plus renovation and expansion. The Whitman family owns the luxury retail development, and plans to add a new entrance, wider sidewalks, a new canopy, landscaping. Barneys New York will join the mall, as well as bigger stores for Neiman Marcus and Saks Fifth Avenue.
Imperium owns property on Lincoln Road, which it acquired in January 2014, according to Miami-Dade County records. Imperium and Centurion Realty paid $33 million for 643-657 Lincoln Road at the time.
Source: The Real Deal