RKF has arranged the $26 million sale of a 22,248 s/f retail property located at 3800 Northeast Miami Court in the city’s Design District.
RKF’s Benjamin Mandell, John Ellis and Marty Arrivo represented the buyer, L3 Capital LLC, while the seller Tirrenia Developments, LLC, was represented in-house. The sale officially closed on January 20 at a price per square foot of $1,169 for the building and $1,906 psf for the land.
Located at the corner of NE Miami Court, the newly-constructed, two-story property is situated across from the Design District’s designer parking garage.
Currently the asset is occupied by Poltrona Frau Group Miami, which is the first and largest showroom for the luxury furniture brand in North America.
The architecturally distinctive building – known for its bold colors and geometric angles – includes Poltrona Frau owned-brands such as Cassina and Cappellini.
According to Mandell, the transaction is a key indicator of investor demand for well-located retail assets within the Design District, an area that is increasingly viewed as a destination for high-end fashion, art, design and culture. Luxury retailers such as Louis Vuitton, Hermès, Burberry, Emilio Pucci, Celine, Bvlgari, Valentino, Rolex, and Prada all currently have shops in the district, while Givenchy, Miu Miu, Tom Ford, Fendi and Marc Jacobs expect to open soon.
“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,” he said. “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.”
Chicago-based L3 Capital LLC, a real estate investment firm, has been steadily active in the Chicago, New York and Los Angeles markets, and has recently completed several deals in prime urban markets. The firm’s portfolio includes properties in Boston, New York, Washington, D.C., Miami, Chicago, Los Angeles, and San Francisco. RKF previously represented L3 Capital on acquisitions on Lincoln Avenue in Chicago.