by Roberto Susi on July 10, 2019
As reported on the Real Deal (https://therealdeal.com/miami/2019/07/10/investors-buy-north-beach-assemblage-with-plans-to-redevelop/)
Investors Jefferson Brackin and Michael Bird paid $5.9 million for a commercial assemblage in North Beach, with plans to redevelop the property.
Brackin and Bird’s Nobe Creek LLC bought the three properties at 666 71st Street, 6994 Carlyle Avenue and 6980 Carlyle Avenue in Miami Beach, said Jose Sasson of Axiom Capital Advisors.
Sasson represented the seller, North Beach Capital LLC, an affiliate of Aventura-based Triarch Capital Group, led by Daniel Halberstein, Mario Grosfeld and Jorge Linkewer. The off-market deal closed on Friday, Sasson said. It has not yet cleared records.
The properties include two vacant buildings: one of nearly 8,000 square feet, built in 1967; and the other of about 1,400 square feet, built in 1935; as well as parking lots, records show. In all, the land totals 20,415 square feet. The sale price equated to $289 per square foot for the land.
The seller had paid $2.6 million for the properties in 2014, according to records.
Sasson said the site has significant redevelopment potential.
The partners are considering an adaptive reuse project of the currently vacant site, while evaluating redevelopment opportunities, Bird said via email.
North Beach is seeing increased interest from investors and developers, amid voters’ and the city of Miami Beach’s approval of upzoning.
Property owners are now able to build twice as much as they were previously allowed in the North Beach Town Center District, an area that includes the properties Brackin and Bird purchased. The district mainly consists of retail plazas, vacant lots and apartment buildings between Indian Creek Drive, Dickens Avenue, 72nd Street, Collins Avenue and 69th Street.
Among new developments planned is Silvia Coltrane and her partners’ mixed-use hotel and condo project at 72nd Street and Collins Avenue.
Last year, Brackin and Bird founded Fwd Group, an investment, development and management group that includes other partners. In May, Fwd Group paid $5.35 million for a building at 740 Alton Road in South Beach, where it is planning an adaptive reuse project.