Nine months after planting a flag in South Beach, River Oaks Properties is now staking its place in the Miami Design District.
An affiliate of El Paso, Texas-based River Oaks, led by President Adam Frank, paid $27 million for a retail building at 111 Northeast 40th Street, records show. The property features two storefronts leased to shoemaker Birkenstock and luggage shop Rimowa.
The deal breaks down to nearly $3,800 a square foot for the two-story building that spans 7,106 square feet. It was completed in 2014. The property sold for $5.5 million above the previous sale price nine years ago.
The seller, an affiliate of Norfolk, Virginia-based Harbor Group International, led by president T. Richard Litton, Jr., paid $21.5 million for the building in 2016, records show.
In January, River Oaks paid $28 million for a two-story commercial building in Miami Beach’s South of Fifth neighborhood. The firm bought the property, leased to seafood restaurant Catch, from Miami-based retail and hospitality real estate investor Robert Rivani.
Primarily focused on acquiring retail properties in its home city in Texas, River Oaks dipped into the South Florida market in 2022. The firm acquired Shop Delray, a grocery-anchored shopping center in Delray Beach, for $25.5 million. Founded in 1959, River Oaks has a portfolio of more than 190 shopping centers and single-tenant retail properties, the firm’s website states.
The Miami Design District is arguably South Florida’s hottest retail submarket. Last month, Spanish billionaire Amancio Ortega’s family office, Ponte Gadea, picked up Atlas Plaza at 130 Northeast 40th Street for roughly $110 million. The property’s tenants include a Rolex store and Michael’s Genuine, one of the district’s longest running restaurants.
In July, Beverly Hills-based jeweler Ildico bought a two-story retail building at 3800 Northeast Second Avenue for $35 million. The fully leased property’s tenant roster includes hardwood flooring company Listone Giordano and luxury clothing retailers L’Atelier Paris Haute Design and CNCPTS Miami.
