Wednesday, February 8, 2023
The Property Reporter
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
The Property Reporter
No Result
View All Result
Home Office

R&B Realty Sells Midtown Miami Retail Building for $4.5M – Commercial Observer

PrR by PrR
2022-07-26
in Office
0
20
SHARES
152
VIEWS
Share on FacebookShare on Twitter


R&B Realty Group sold a retail building in Miami’s Midtown neighborhood for $4.53 million, according to Marcus & Millichap, which brokered the deal. 

The two-story property sits just north of Wynwood, across the street from the Target-anchored The Shops At Midtown Miami mall, at 3404 N Miami Avenue.

The buyer, private investor Adam Ramer, is unlikely to redevelop the 4,758-square-foot property — at least, not anytime soon — given that the Kitchen Social restaurant opened inside the locale in February with a triple-net lease.

The property is within the Wynwood Norte zoning district, created last year to spur affordable housing and permit large mixed-used developments in the residential area. 

Marcus & Millichap’s Glen Kunofsky and Richard Nardi of the Manhattan office, who procured the buyer, did not immediately respond to a request for comment. 

So-called “second-generation” real estate, properties that previously housed restaurants, are valued assets among food operators. In addition to boasting a chef’s kitchen, the properties  often already have most of the required permits, allowing restaurateurs to open quickly. 

“The continued demand for well located second-generation restaurant space in South Florida provided the perfect opportunity to sell a property that was no longer part of our core portfolio,” Shelby Rosenberg, R&B Realty’s head of development and acquisitions, said in a statement.

The New York-based firm is the developer behind Gateway at Wynwood, a mixed office and retail building less than a mile south, which nabbed startup OpenStore and luxury furniture store BoConcept as tenants. 

The seller paid $3.3 million in 2015 for the Kitchen Social building, which previously underwent a $2.5 million renovation in 2011, per Marcus & Millichap.

Marcus & MIllichap’s Scott Sandelin, along with Jonathan De La Rosa, marketed the property on behalf of the sellers, while John Horowitz served as the broker of record and assisted in closing the transaction. 

Julia Echikson can be reached at jechikson@commercialobserver.com.



Source link

Previous Post

All UH students interested in innovation, entrepreneurship may apply for new housing

Next Post

Some concerned about impacts of proposed BHI Limited development

Next Post

Some concerned about impacts of proposed BHI Limited development

RECOMMENDED

MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript

2022-08-04

Cedar Fair (FUN) Q2 2022 Earnings Call Transcript

2022-08-03

MOST VIEWED

  • Fox Lake hopes to bring hotel to Mineola lakefront site; ‘Recognizing our unique position on the Chain O’ Lakes is a key driver for our progress’ – Chicago Tribune

    753 shares
    Share 301 Tweet 188
  • Doubling Down With the Derricos’ Deon boasts about ‘buying up blocks’ & promotes real estate business after foreclosure

    193 shares
    Share 77 Tweet 48
  • Historic home on 32-acre site annexed into Elgin for new industrial development free to anyone who wants to move it

    156 shares
    Share 62 Tweet 39
  • Plas Glynllifon’s new owner speaks for first time on difficult challenge to renovate mansion

    119 shares
    Share 48 Tweet 30
  • Atlanta developer plans downtown Dallas towers

    94 shares
    Share 38 Tweet 24

Recent Posts

  • MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript
  • Cedar Fair (FUN) Q2 2022 Earnings Call Transcript
  • NYC’s First Half CRE Investment Sales Volume up 99 percent: Report – Commercial Observer
  • Designers share tips for bringing more color into your home
  • Colleges get creative to solve student housing squeeze

CATEGORY

  • Buying a Home
  • Hotel
  • Industrial
  • News
  • Office
  • Residential
  • Retail
  • Selling a Home
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Property Reporter

No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home

© 2021 Copyright Property Reporter