Another Done Deal!! SOLD!

Wednesday, June 10, 2015
Tags:   Another Done Deal!! SOLD!

A group of local investors led by Lyle Chariff sold a retail development site in the emerging luxury shopping hotbed of the Miami Design District for $14 million to Wharton Equity Partners.


The deal represents a nice profit for 3711 Design District LLC, which acquired the 11,336-square-foot lot at 3711 N.E. 2nd Ave. for $8 million in 2013. The former home of Power Studios, the property is on the north side of the Interstate 195 overpass at the gateway to Dacra’s big retail project.
Chariff said the ownership group included his partner at Chariff Realty Group Mauricio Zapata and Leonard Abess, the former owner of City National Bank of Florida. They secured approval for a two-story building with 20,000 square feet of retail and a 9,000-square-foot rooftop entertainment/event deck. Chariff said they finished the wells and electrical transformers on the site so it’s ready to start construction. It would take eight to nine months to complete, he said.
“My plan and intention the whole time was to develop the property since I had inside information on leasing and acquisition in the area,” Chariff said. “Wharton first came into the picture a year ago. They were more than happy to pay more when all the entitlements were there.”
Chariff said he probably left money on the table because he believes the building would be worth $30 million when completed. But he’ll remain involved in the project. He said New York-based Wharton retained him as the broker for the building. Asking rents are $110 per square foot on the ground floor and $65 per square foot on the second floor.

Chariff said that’s well below the asking rates around $250 per square foot in the center of the Design District.
While there’s not a great deal of pedestrian traffic in the Design District now as the infrastructure is being finished, Chariff said retails have posted strong sales of luxury goods.
“We are seeing less of the non-high street retailers and more higher end corporate people looking for space, people with a long-term vision for the area,” Chariff said.

LEAVE A COMMENT
 
Name
 
Email Address
 
URL
 
 
Comment
 
< Back
 
73 NE 40 ST-DESIGN DISTRICT RETAIL 73 NE 40 ST-DESIGN DISTRICT RETAIL73 NE 40th Street is a brand new slice of modern elegance, articulated within th...
Noticias sobre o mercado imobiliario em Miami
Visit our Chairff Mobile website
South Beach Web Cam, Live South beach Webcam Miami Realtors Client login Points Of Interest Selling Commercial Marketing Plan
Chariff Realty Group
5801 Biscayne Boulevard,
Miami, FL 33137
Phone: (305) 576-7474
Fax: (305) 576-7494
Email: info@chariff.com
LEASED! ANOTHER DONE DEAL
Romero Britto’s gallery to move to 532 Lincoln Road After more than two decades at...

SOLD! Another Done Deal!!
Jugofresh owner Matthew Sherman has sold the Biscayne Boulevard site in MiMo that he had...

ANOTHER DONE DEAL!! CHARIFF INKS IN PINK
Two pink houses, two new deals. Lyle Chariff and Mauricio Zapata, partners in Chariff Realty...

Another Done Deal!! SOLD!
A group of local investors led by Lyle Chariff sold a retail development site in the emerging...

ANOTHER DONE DEAL! SOLD!
A Design District property across the street from the Palm Court Garage has traded hands...

Miami Design land prices Soar!!
Commercial land prices have gone sky high in the Design District over the past year or so,...

Sales heat up in area from Wynwood to Design District - “It’s become a very hot, targeted area,” Chariff told TRD.
A vacant lot west of Midtown Miami has sold for $980,000, The Real Deal has learned, as...

Boulevard 57 gets new name, management, renderings revealed
Boulevard 57, an eight-story condominium tower planned for Miami’s Biscayne Boulevard,...

Bank of China and Deutsche Bank to Loan $600M for Miami Design District Development
A trio of lenders—Deutsche Bank, Bank of China and the French banking network Crédit...

Another Done Deal-SOLD!
2400 NE 2nd Ave Miami, FL. A 10,000-square-foot office building on 13,000 Sq. Ft of land...

< Visit Our Chariff Realty Group Blog

Today's Real Estate News and Advice Updated: Sunday, December 17, 2017

What To Do When Your Home Isnt Selling

When sellers start the home-selling process, no one wants to think "What would happen if my ...
> Full Story

How to Keep Your Mortgage Approval Approved

You know how tough it is to qualify for a mortgage.

Proof youve got a long-term job with a...
> Full Story

Why The Next Two Weeks May Be The Best Time To Buy New Construction All Year

If youre looking to buy a home and you would really like to get something in escrow before t...
> Full Story

How To Create Year-Round Home Curb Appeal

Exceptional curb appeal will add to the enjoyment and value of your property and home. Maint...
> Full Story

Using Your Homes quot;Deadquot; Equity

Question. Our house is free and clear. We have a 100,000 home equity line of credit, ...
> Full Story

Ask the HOA Expert: Repercussions When A Board Throws Out A Member Decision

Question: What are the possible repercussions when a board throws out a member decisi...
> Full Story

REALTOR Analysis Of Tax Bill Is Worth Examining

It is no secret that the National, State, and Local Realtorreg; associations are strongly op...
> Full Story

Why Chinese Real Estate Investors Are Still Flocking To Canada

Despite taxes on foreign real estate buyers in the Vancouver and Toronto areas, Chinese inte...
> Full Story

Purple Power: How To Use Pantones 2018 Color Of The Year

Seeing a whole lot of purple recently? Its not an homage to Prince. Its Pantones Color of th...
> Full Story

The Introverts Guide to Hosting Holiday Get-Togethers

So you somehow got roped into hosting a holiday get-together this year, which means dozens o...
> Full Story

Copyright © 2017 Realty Times®. All Rights Reserved