A $26 million sale in the Design District reportedly sets a record for the last four years.
Chicago-based real estate investment firm L3 Capital closed on the 22,248-square-foot two-story retail building Wednesday, according to a press release.
The custom-built high-end furniture showroom is located at 3800 Northeast Miami Court, just outside of the 11-block area being redeveloped by Dacra Developers, the Daily Business review reported.
Broker RKF represented the buyer. The seller, a company tied to furniture retailer Poltrona Frau Group Miami, bought the site in 2009 for $2.5 million and spent nearly $4 million on construction, according to public records.
“Not only has the volume of domestic and overseas capital pouring into Miami’s CRE market been rising dramatically every quarter since 2011, but Miami’s retail sector is fast becoming the hottest real estate segment of any of America’s gateway cities,” RKF’s Benjamin Mandell said in a statement. “New ownership at 3800 Northeast Miami Court will benefit significantly from redevelopment projects in the Design District, as well as new construction in nearby Wynwood and Midtown.”
The deal comes out to $1,169 per square foot for the building and $1,906 per square foot for the land. — Katherine Kallergis