The Office Depot site in Miami Beach’s Sunset Harbour traded for $28.5 million, The Real Deal has learned.
EOS Wellness Real Estate Miami LLC bought the 19,700-square-foot retail building on the 0.6-acre site at 1771 West Avenue, according to a source. Records show the seller is The George Jay II Limited Partnership.
Paul Snitkin of Anderson Carr represented the seller. Aaron Butler of Avenue Real Estate Partners and Jordan Karp represented the buyer.
Butler and Karp confirmed the deal price but declined to identify or confirm the purchasing entity. The name of the limited liability company that bought the building was provided by a source.
It’s unclear who is the investor or firm behind EOS Wellness Real Estate Miami. The entity is registered in Delaware and purchased the site all cash, meaning no mortgage was recorded.
Sunset Harbour, a neighborhood in South Beach fronting Biscayne Bay, has experienced some redevelopment in recent years. Much of this started with former Miami Beach Mayor Philip Levine and developer Scott Robins’ renovation and facelift of a roughly seven-building retail portfolio in Sunset Harbour that they sold for $68.8 million in 2018. The properties that traded are at 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue.
In April, Ronny Finvarb scored a $19 million construction loan for a five-story mixed-use project with two ground-floor restaurants and 12 condos at 1790 Alton Road.
One of the biggest recently completed Sunset Harbour projects is the Eighteen Sunset office building at 1759 Purdy Avenue. The developers are Deco Capital Group, led by Bradley Colmer, and RWN Real Estate Partners, part of billionaire Marc Rowan’s family office.
Also, Wayne M. Boich, CEO of Miami Beach-based Boich Investment Group, plans a six-story building at 1920 Alton Road with 25,200 square feet of offices, 8,300 square feet of restaurants and three condos. Bruce Beal, president of Related Companies, and Andrew Mathias, former president of SL Green, are partnering on the project individually.
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