Azora Exan expanded its Miami Beach commercial portfolio by acquiring a retail property near Lincoln Road.
An affiliate of Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, paid $16 million for the three-story building at 1000 17th Street, according to a press release and the brokers who worked on the deal.
Jordan Gimelstein and David Spitz with Miami Beach-based InHouse Commercial represented the seller. Mike Sullivan and Sam Singer with Vertical Real Estate represented the buyer.
The seller, an entity managed by Miami Beach commercial real estate developers Scott Robins and Philip Levine, paid $1.4 million for the property in 2007, and completed the nearly 19,000-square-foot building in 2014, records show. Levine was also Miami Beach mayor from 2013 to 2017.
The building hit the market earlier this year with an asking price of $19 million, said Jared Robins with InHouse Commercial. The seller received offers from two other bidders from New York.
Source: The Real Deal