Developer Scott Robins and Florida gubernatorial candidate Philip Levine recently listed their retail portfolio in Miami Beach’s Sunset Harbour neighborhood for sale, Robins confirmed.
The seven-building portfolio, which spans 61,400 square feet of leasable space and 1.66 acres of land, includes the buildings at 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue, according to marketing material. Listing brokers Luis Castillo and Scott Wadler of HFF expect the property to trade for $70 million or more, Castillo said. It hit the market in late December.
Robins, CEO of the Robins Companies, said Levine wants to sell because he’s focusing on running for governor. Levine was Miami Beach mayor from 2013 until November of last year. Robins plans to invest his proceeds in a new neighborhood, which he expects will be in the city of Miami.
The partners led the major redevelopment of the Sunset Harbour neighborhood. Sunset Harbour Shops was developed in a public-private partnership with the city of Miami Beach, which owns the adjoining parking garage.
Commercial rents in the buildings range from about $70 per square foot to $100 per square foot, Robins said. Tenants include Lucali, Flywheel Sports, Barry’s Bootcamp, Panther Coffee, Icebox Café, Jugofresh, NaiYaRa, Dirt, Stilstville and Ofa. The portfolio’s net operating income is expected to grow at a compound annual growth rate of 4.7 percent over the next 10 years, according to the offering.
“They’ve done a lot to create value and they’re taking advantage of timing in the market,” Castillo said.
HFF’s Manny de Zarraga and Danny Finkle are also listing the property.
The neighborhood is also home to the condominium project Sunset Harbour Yacht Club, a Whole Foods Market, Publix and Fresh Market. Other landlords include Greenstreet Partners.