Firm of Thomas Conway sells Little Haiti retail buildings – South Florida Business Journal – The Business Journals
A group of investors purchased neighboring retail buildings in the Little Haiti neighborhood of Miami for a combined $18.15 million.
River Esquinas LLC, managed by Thomas Conway in Miami, issued three deeds to partners Big Big Allapattah LLC, 8200 NE 2nd Ave LLC, Mr Taft Ex 82 LLC, and Allapattah in the Sky LLC. The buyers are managed by Crunch Fitness founder Douglas H. Levine, Scott E. Solomon, Daniel Robert, and Levine, respectively.
The deal covers the 23,142-square-foot retail center on 1.2 acres at 8200 N.E. Second Ave. and the 8,844-square-foot retail strip on the 30,197-square-foot lot at 201 N.E. 82nd St. The combined price per square foot worked out to $567 a square foot, an amount unheard of in Little Haiti several years ago.
The retail buildings were acquired for a combined $6.25 million in 2018. They were renovated, some long-standing tenants left, and new tenants moved in. Recent tenants include Primal Fit Miami, Harper Juice, Hachidori Ramen Bar, Frudeco Bakery, and La Santa Taqueria.
This is part of a trend of major investment in Little Haiti as more people and businesses move to the neighborhood, although some residents are concerned the higher prices will lead to gentrification.
Levine used Big Big Allapattah to sell a retail center in Allapattah in May, so this deal could appears to be reinvesting some of those proceeds into another property. His real estate company is called Big Move Properties.
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