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Announcement

Sunny Isles Beach

By
Cashflow In Miami
on
March 10, 2022

Sunny Isles Beach Update

18500 Collins Ave Suite A, Sunny Isles Beach, FL 33160

The city of Sunny Isles Beach acquired a retail building for $15.83 million in a move to head off more development.

NDPRE #14 LLC, managed by Martin Pico in Pinecrest, sold the 9,102-square-foot retail building at 18500 Collins Ave. to the city. The price equated to $1,739 a square foot, however the compensation was not paid in cash by the city. According to a city resolution from 2018 and a statement from seller affiliate MMG Equity Partners, the deal was a donation of property to the city in exchange for the seller receiving transfer of development rights (TDRs). The TDRs could later be sold to another developer in the city based on the amount of density that could have been built at 18500 Collins Ave. The TDRs are for about 56 residential units or 126,615 square feet.

The building is leased to a Navarro pharmacy and liquor store.

It last traded for $1.28 million in 2001. The building was constructed on the 33,764-square-foot site in 1988.

The lease with Navarro, a subsidiary of CVS, runs through 2026.

18401 Collins Ave, Sunny Isles Beach, FL 33160

Thunderbird hotel will be closed down within the next 6-12 months to make way for Bentley residences.

St Regis Sunny Isles Beach sales center will be opening this month

Bentley Residences sales office will be opening this month .

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