Local downtown real estate investor Shai Ben Ami, Broker-Principal of Urban Core, represented Centro Retail Downtown, an entity managed by Ben-Ami along with Israeli public company partner Mishorim Investments, as well as the buyer, Ocean Bank, in the sale and purchase of a 4,350-square-foot ground floor retail condo at Centro, a 37-story Downtown Miami residential tower located at 151 Southeast 1st Street.
Ocean Bank purchased the asset for $5,000,000, equating to $1,150 per square foot, doubling Mishorim’s original investment. Ocean Bank currently occupies the space, along with Poke OG, a casual sushi and poke restaurant and Mr. OmaKase, a sushi bar.
“Demand continues at a dizzying pace as new projects in Miami’s urban core bring a flurry of more shops, more restaurants, and, ultimately, more foot traffic to the area – a perfect scenario for Ocean Bank to capitalize on,” commented Ben Ami.
Ben Ami, along with Mishorim Investments, purchased the retail condo in August 2016, which represented the partnership’s first Miami acquisition. Newgard Development Group, the developer behind Centro, the residential tower dedicated exclusively to loft-style living, sold the retail condo to Mishorim Investments for $2,125,000, or $488 per square foot.
Upon obtaining 100% occupancy of the vacant property within 6 months of the acquisition, the partnership refinanced a CMBS loan ($2.7M) only 18 months after the purchase.
The retail space offers high-visibility street frontage in the heart of downtown Miami and boasts connected urban living – retail, restaurants, sports, dining, entertainment, and numerous transportation options all within walking distance.
Close to Biscayne Boulevard, Bayfront Park, and the waters of Biscayne Bay, and adjacent to the Miami Riverfront, Centro, which features the first dedicated car2go hub in Miami, is located in the absolute epicenter of Downtown.