Office Depot in Miami Beach’s Sunset Harbour Sold for $28.5 Million
The Office Depot site located in Miami Beach’s vibrant Sunset Harbour neighborhood has been sold for $28.5 million. This significant real estate transaction marks another chapter in the evolving landscape of this popular South Florida area.
Overview of the Property Sale
- Location: 1771 West Avenue, Miami Beach, FL
- Size: 19,700 square feet on a 0.6-acre lot
- Buyer: EOS Wellness Real Estate Miami LLC
- Seller: The George Jay II Limited Partnership
Key Players Involved
- Representatives for the Seller: Paul Snitkin of Anderson Carr
- Representatives for the Buyer: Aaron Butler and Jordan Karp of Avenue Real Estate Partners
What’s Next for Sunset Harbour?
The purchase comes amid ongoing redevelopment efforts in Sunset Harbour, a neighborhood known for its stunning views of Biscayne Bay and its trendy retail scene. This area has seen revitalization since the major renovations led by former Miami Beach Mayor Philip Levine and developer Scott Robins, who renovated a portfolio of seven retail buildings in 2018.
Recent Developments
As Sunset Harbour undergoes transformation, several key projects are underway:
-
Eighteen Sunset Building: A notable mixed-use office development at 1759 Purdy Avenue, brought to life by Deco Capital Group and RWN Real Estate Partners, affiliated with billionaire Marc Rowan.
-
Road Construction: Ronny Finvarb secured a $19 million construction loan for a new five-story project at 1790 Alton Road, which will house restaurants and residential condos.
- Future Ventures: Wayne M. Boich plans a new six-story building at 1920 Alton Road, comprising 25,200 square feet of office space, 8,300 square feet of restaurants, and three residential condos. This project involves collaboration with Bruce Beal and Andrew Mathias.
Investment Insights
The acquisition of the Office Depot site illustrates a trend among investors keen on capitalizing on Miami Beach’s real estate opportunities. EOS Wellness Real Estate Miami LLC purchased the property outright with cash, signaling investor confidence in the market. However, details regarding the firm or investor behind EOS remain unclear, as the entity is registered in Delaware.
Community Impact and Future Trends
Sunset Harbour’s Evolution
The recent sale and ongoing projects suggest a bright future for Sunset Harbour, as increasing interest in mixed-use developments reshapes the neighborhood. The combination of retail, dining, and residential spaces alludes to a balanced and vibrant community atmosphere.
Encourage Engagement
To stay updated on trends and developments in Miami Beach’s real estate market, be sure to follow relevant real estate news outlets and community announcements.
This ongoing transformation in Sunset Harbour continues to attract not only developers but also residents and investors alike, showcasing the area’s growth potential. For those looking to invest or relocate, Sunset Harbour is undoubtedly an area to watch.