Investors splurged on Miami-Dade retail condos with two separate deals in Wynwood and Coral Gables totaling $55.2 million.
In Wynwood, records show the Pérez family’s Related Group sold the 15,000-square-foot Casa Tua Cucina ground-floor retail space at their NoMad Residences project to a Sunny Isles Beach-based LLC led by Hernan Gleizer and Fernando Alpern for $33 million.
The acquisition was financed with a $26 million seller-carried mortgage tracing to Related Group, an analyst firm Vizzda confirmed. The deal breaks down to $2,200 per square foot.
The buyers plan to hold for the long term, Gleizer told The Real Deal. Casa Tua has a long-term lease, which records show the restaurant signed in April 2022.
Gleizer and Alpern’s LLC also owns the building’s other retail unit, a 5,000-square-foot space with two outdoor terraces totaling 870 square feet. The all-glass, flow-through space has frontage on both streets, allowing visitors to walk through from one side of the building to the other. It is on the market asking $95 per square foot, and the owners are interviewing prospective tenants.
Sunny Isles Beach-based Optimar International Realty, co-founded by Gleizer and Alpern, brokered the $33 million deal, with Fortune representing the seller. Optimar International invests in and represents groups acquiring prime retail assets in Miami and South Florida, and the company was a part of the LLC that bought the NoMad Wynwood retail spaces, Gleizer said.
NoMad Residences Wynwood, a short-term rental-friendly condo development which opened this year at 2700 Northwest Second Avenue, marks the London-based NoMad hotel brand’s first hospitality-branded residences. The brand is majority-owned and managed by Hilton and its original creator, Sydell Group founder Andrew Zobler.
The NoMad Residences Wynwood was developed by Related Group, Tricap and Sydell, with architecture by Arquitectonica and interiors by DesignAgency. The nine-story building features 329 fully furnished studio to two-bedroom condos, retail space that includes Casa Tua Cucina, fitness and wellness amenities, and a rooftop pool and upcoming restaurant by James Beard Award winning-chef Leo Robitschek that is expected to open later this year.
For the Coral Gables deal, records show an entity tied to Coconut Grove-based private equity firm Azora Capital, founded by Ravi Chopra, paid $22.2 million for 17 retail and mixed-use ground-floor condos totaling 27,600 square feet at Santona Corner, a mixed-use condo development consisting of a three-story building and a 56,400-square-foot, three-story parking garage with 178 spaces. Vizzda confirmed the sale price, seller affiliate ABC Realty and the buyer’s $12.8 million mortgage from Abanca USA, which matures in seven years.
The commercial condos are at 1430 South Dixie Highway, and the parking garage is at 1430 Madruga Avenue. Tenants in the building include popular cafe Madruga Bakery, a hair salon and furniture store.
Miami-Dade’s retail market tightened in the second quarter, with net absorption of 379,000 square feet pushing vacancy down 0.3 percent to 3 percent, the lowest in the region, according to Colliers. Leasing totaled 330,000 square feet, while asking rents rose 2.6 percent to $42.50 per square foot. More than 1.3 million square feet is under construction in the county.
In the Wynwood/Design District submarket, vacancy was 7.1 percent across 2.7 million square feet, with 7,590 square feet of Q2 net absorption and 28,150 square feet under construction. Average asking rents were $63 per square foot, not including the Miami Design District Associates-owned properties in the Design District neighborhood.
In Coral Gables, vacancy was 1.4 percent across 2.2 million square feet, with negative 809 square feet of Q2 net absorption and no space under construction. Average asking rents were $60 per square foot.
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