The principals of Aventura-based BH3 just picked up the Orlean building at the entrance of the Miami Design District for $9 million, records show.
BH3 affiliate 3801 NMA LLC bought the building at 3801 and 3811 North Miami Avenue. The sellers are 170 NE 40 Street Inc, 85 NW 71 St LLC and 3D 85 LLC, which are entities controlled by Steven M. Rhodes.
The 4,211-square-foot building, built in 1956 and recently renovated, sits on a more than 8,000-square-foot lot. It sold for $2,137 per square foot for the building, and $1,116 a foot for the land, which is lower than sales prices closer to the district’s core.
BH3 principal Daniel Lebensohn said via text that the principals plan to maintain it as an income-producing property. “The possibilities for the future remain open with significant redevelopment rights,” he wrote. Tenants include Orlean, a Brazilian wall coverings and fabrics company, Baths to Go, and two Outfront Media signs.
The property was previously home to Pasha’s Group, a fast-casual Mediterranean restaurant chain based in Miami. Records show Pasha’s sold the building to the Rhodes-controlled entities in 2014 for $4 million.
The Design District — broadly defined as the area from Biscayne Boulevard to North Miami Avenue, and from the north side of 36th Street to 42nd Street, with the center the Paseo Ponti and First Avenue — is the subject of a multimillion-square-foot revamp that will ultimately include 120 stores and at least 15 eateries in the neighborhood by the end of 2018, said Craig Robins, president and CEO of Dacra, in The Real Deal’s March issue. Current tenants include Hermes, Tiffany & Co., Louis Vuitton and Dior.
BH3 is also part of the development team behind Prive at Island Estates, a luxury condo project under construction in Aventura.