Triarch Investment Group,an Aventura, Fla.-based owner/developer of shopping centers, office properties and free-standing retail, acquired a 23,221-square-foot development site at 666 71st Street in Miami Beach, Fla., for $2.8 million, according to Newmark Grubb Knight Frank (NGKF), which arranged the sale on behalf of the seller, regional accounting firm Gerson, Preston, Robinson & Co., CPA.
The commercially zoned site, which includes a 7,990-square-foot single-story office building, sits on a major intersection at the northern gateway to South Beach. It is accessible from 71st Street, Indian Creek Drive and Carlyle Avenue.
The address has served as the seller’s headquarters for the past several decades, according to David Preston, a managing director in NGKF’s Miami office. The firm plans to relocate to the Biscayne Boulevard corridor next year.
“It’s a great time to invest in the Miami Beach area, which has historically been defined by its limited availability of commercial development opportunities,” said Mr. Preston. “We expect to see North Beach retail continue to grow and strengthen over the coming years, as buyers and users are priced out of an ever-tightening South Beach market.”
Triarch’s most notable real estate holdings is its One Turnberry Place, a 136,000-square-foot Class A office building, and Aventura Town Plaza, a mixed-use office and retail complex, both in Aventura, Fla. The developer owns additional commercial properties across Florida, Georgia and North Carolina.
Ian Ludmir with The Real Estate Club represented Triarch in the investment deal.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
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