Home News Vornado Sells Miami Beach Building to BH Properties for $94M

Vornado Sells Miami Beach Building to BH Properties for $94M

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Stephen Ross of BH Properties and Stephen Ross of Volnad and 1100 Lincoln Road (BH Properties, Getty, Google Maps)

Steveros’ Bornado Realty Trust has sold a retail building at Legal Cinemas Anchor on Lincoln Road, South Beach, at a discounted price of $ 93.6 million.

Records show that New York-based Vornado sold its property to Los Angeles-based Steve Gozini’s BH Properties affiliate for 1100 Lincoln Road.

The price is 29% cheaper than Vornado paid the building $ 132 million in 2012. This follows BH Property’s affiliate who purchased a real estate mortgage in December from Paris-based lender Crédit Agricole Corporate and Investment Bank. show.

According to a filing with the Securities and Exchange Commission, listed Vornado reported that it defaulted on a $ 82.8 million non-recourse loan on the building last April. (The South Florida Business Journal first reported on the sale of a loan and the recent sale of a certificate to BH.)

According to property records, the four-story 253,000-square-foot building, including the garage, is located on 1.6 acres of land on the southeastern corner of Lincoln and Alton Roads. Built in 1999, Vornado $ 34 million Loan for 2017 refurbishment.

Tenants include Ben & Jerry’s, Romero Britto Gallery and Casper. Still, some tenants were closed after Vornado sued them for unpaid rent in 2020 during a pandemic, such as Banana Republic and Ladurée. The case has been resolved and the court filings show.

The transaction is as follows Vornado In the first quarter financial results announcement $ 720 million The value of real estate sales, including office and retail real estate.

This month, the company put up a 29-story office building for sale. 40 Fulton Street According to marketing sources, New York’s financial district is seeking $ 130 to $ 140 million.

BH Properties invests in unprofitable retail, offices, industry and condominiums across the United States with the goal of adding value to the property, the website says. The company does not list other South Florida properties.

BH purchased the office campus of 601 Potrelog Lande Drive in Monterey Park, Los Angeles County. $ 15 million this month.

South Florida Retail market The first-quarter vacancy rate in Miami-Dade County has been hit as it rebounds following a slump caused by a pandemic. 3.7%According to a Colliers report, it’s down from 4.5% in the same period last year. Offer rents averaged $ 40.82 per square foot, up 11.4 percent from $ 36.65 in the first quarter of 2021.

of Miami beachLos Angeles-based Robert Rivani’s Black Lion Investment Group has purchased a restaurant building at 200 South Point eDrive. $ 11.5 million During April.

This month, Capital Cove Investments purchased a two-story retail condo under the 4000Collins Avenue garage. $ 18 million..

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