Thor Equities paid an eye-popping $1,598 per square foot for a relatively small site in Miami’s Design District, which is undergoing redevelopment as an upscale retail destination.
The real value could be what’s next door, where Dacra is building its high-end retail project.
Thor Equities has made some headline-grabbing purchases in the Design District in recent years, although those properties are not adjacent to this site. This summer, it paid $45.4 million for 50,622 square feet of retail and office space on 32,066 square feet of land from 10 to 50 N.E. 40th Street and at 3995 N. Miami Ave., plus another $15.75 million for the 10,593-square-foot building on a 9,167-square-foot lot at 3925 N. Miami Ave.
In March, Thor Equities paid $5.65 million for a 4,700-square-foot lot with a commercial building at 53 N.E. 39th Street. That location is separated from the two buildings that Thor Equities just purchased by a parking lot that it doesn’t own.
Looks like Thor has another deal on the horizon.
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