Centro’s Ground Floor Retail Space Trades To Newly-Formed Partnership For $615 PSF
Centro, the Downtown Miami tower dedicated exclusively to loft-style living developed by Newgard Development Group, has sold its newly constructed 4,350-square-foot retail condo on the ground floor for $2,675,000, or $615 per square foot.
Gil Blutrich, CEO of Mishorim Development Group LTD, along with local partner Shai Ben Ami, purchased the 4,350-square-foot ground floor retail space at the 37-story tower.
The deal, which closedAugust 18, represents the new partnership’s first Miami acquisition.
Mishorim Development Group LTD is a publicly-traded company based in Israel with substantial holdings in Israel as well as the United States and Canada. Blutrich is the founder of Mishorim and has been in control of the company since its formation.
Ben Ami has negotiated several deals in Miami’s urban core involving high-profile Israeli businessman and investor Moishe Mana and Canadian real estate investor Danny Lavy. Most recently, Ben Ami represented Mana in the purchase of a 6,194-square-foot building at 110 East Flagler Street. Mana spent $4.5 million for the building. Ben Ami was also involved in Mana’s purchase of 107,000 square feet of retail space at 777 International Mall located at 141 East Flagler Street in Downtown Miami in a deal totaling more than $21 million. Ben Ami represented Mana’s company, 141 East Flagler LLC, in that purchase.
The retail space, located at 151 Southeast 1st Street, offers high-visibility street frontage in the heart of downtown Miami and boasts connected urban living – retail, restaurants, sports, dining, entertainment, and numerous transportation options all within walking distance.
“Demand will continue at a dizzying pace as new mixed-use projects in Miami’s urban core bring a flurry of new shops and restaurants to the area when they open,” commented Ben Ami. “While nothing is locked in yet, we have identified lots of interest from retail and restaurant concepts and we’re working with a few nationals.”
Close to Biscayne Boulevard, Bayfront Park, and the waters of Biscayne Bay, and adjacent to the Miami Riverfront, Centro, which features the first dedicated car2go hub in Miami, is located in the absolute epicenter of Downtown.
“As Miami continues to evolve into one of the most interesting destinations in South Florida, we are seeking additional commercial investment opportunities in a multitude of sectors within the Miami’s urban core and the CBD district at large,” added Blutrich.
About Mishorim Development Group Ltd.: Israeli public company Mishorim Development Group is engaged in the development and initiation of real estate, rental real estate, hotels, tourism and recreation in Canada and Israel. The Group owns rental properties, hotels and other assets totaling approximately 85,000 square meters and a land bank for development and improvement in the amount of 3,000 units and over -13 600 acres. The company’s business strategy includes identifying opportunities in stable locales and securing real estate opportunities with a combination of strategic and financial partners. For more information, please visit http://www.mishorim.com/.
About Newgard Development Group: The partners of Newgard Development Group have spent 15 years in the South Florida real estate market. Founded by Harvey Hernandez, Newgard’s highly skilled associates bring more than 40 years of combined experience in development, design and construction. Hallmarks of the Newgard approach to development include innovative luxury buildings in desirable, centrally located neighborhoods, pedestrian-oriented lifestyles and cutting-edge amenities. Property designs reflect a commitment to relevant architectural detailing and the attitudes of residents. By focusing on the unique qualities of each project, Newgard is able to ensure superior quality with exacting attention to detail, exceptional finishes and timely completion, every time. Newgard’s recent projects include, BrickellHouse and Solaris, both in Brickell, Gallery Art in the Miami Arts District and City Palms in Downtown West Palm Beach. For more information, please visit http://www.newgardgroup.com.
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