Regal Acquisitions, a real estate investment firm headquartered in New York City, has acquired the 35,482 s/f retail component of 2000 Collins Avenue in South Beach, Miami, from Madison Capital.
Situated between 20th and 21st streets and between Collins Ave and Liberty Avenue, the site is located across the street from the Setai hotel.
The property is anchored by CVS. Other tenants include Joe & The Juice, Sweet Liberty Brothers, Orange Blossom Restaurant, Hennah Nail Salon, and the Anthony Liggins Gallery. It is also home to Raspoutine, a nightclub owned by the Bagatelle Group.
The majority of the Regal Acquisitions portfolio is situated in New York City and its surrounding metropolitan area. In addition to the new Miami Beach acquisition, the company’s other properties are located in the greater Philadelphia area and in Las Vegas.
“After concentrating our attention on New York City, Regal Acquisitions has begun to invest in properties in other metropolitan areas,” said Alex Smith, co-managing partnerof Regal Acquisitions. “We’re aiming to emulate our formula for success in multiple locales.”
“By our reckoning, the Miami area seems poised for a post-COVID-19 comeback, and that’s what attracted us to this site,” said Joey Cohen, co-managing partner of Regal Acquisitions. “This venue has a strong anchor, combined with a tenant base offering an appealing food-and-beverage mix.”
The company did not disclose the purchase price for the retail property, but Madison acquired the retail along with a six-story parking deck for $57.3 million in 2016.
The Regal Acquisitions team was led by Sean Dainese. The buyer’s attorney was Marc Gurell of Seyfarth Shaw LLP. The seller, New York-based Madison Capital, was represented by Joseph Ash and Isaac Shabot of Kassin Sabagh Realty.