Lionheart Capital bought two parcels near the Miami Design District for $20 million, completing an assemblage and setting the stage for a mixed-use development. Both sites are on opposite ends of a block just north of the luxury shopping district. The slightly larger lot, which spans 5,350 square feet at 4240 NE Second Avenue, is Commercial Observer Read More Channel, Land, Sales, Miami Design District, Florida, South Florida, Miami, Lionheart Capital
Both sites are on opposite ends of a block just north of the luxury shopping district. The slightly larger lot, which spans 5,350 square feet at 4240 NE Second Avenue, is home to a single-story building leased to an IGK hair salon and one of Lionheart’s offices. The other site, at 4200 NE Second Avenue, spans 5,100 square feet and is vacant.
The purchase gives Lionheart full control of the eastern part of the block, which totals about half an acre. In 2003, the development firm led by Ophir Sternberg, had purchased a 15,000-square-foot lot, nestled between the new acquisitions, for $710,000, according to property records.
Lionheart plans to erect a three-story, 65,000-square-foot office and retail development, according to the firm’s website. A representative for the company, which is best known for having developed the Ritz-Carlton condo complex in Miami Beach, did not immediately respond to a request for comment.
The sellers — the ownership group of the Miami Design District that includes Craig Robins’ Dacra, the LVMH-backed private equity group L Catterton, and Brookfield Properties — are focusing their efforts elsewhere in the 18-block retail development.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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