3300 North Miami Avenue (inset: David Edelstein)
About six months after buying a retail property that borders Wynwood and Midtown Miami, TriStar Capital has flipped the parcels for $13 million, RKF confirmed to The Real Deal.
The TriStar affiliate, 33 Midstar Buyer, sold the 25,790-square-foot site at 3300 North Miami Avenue to Block Capital Group. RKF Senior Directors Ben Mandell and John Ellis, and Executive Vice President Drew Schaul represented TriStar, according to a press release. Gaston Miculitzki of Brightway Properties represented the buyer, which is a partnership between the Miculitzki family and Cabi Developers.
In June, David Edelstein, who heads New York-based TriStar Capital, sold 2601 and 2637 North Miami Avenue also for $13 million to a partnership between Vitality Holding and Cabi Developers. Vitality Holding is managed by GRHS real estate attorney Yanina Miculitzki, who represents Latin American investor and developer clients primarily from Argentina, according to the firm’s website.
Before Edelstein bought the 17,380-square-foot building for $10.2 million in May, it sold for $330,000 in 1986, Miami-Dade County records show. The building, which is occupied by stores such as Alessandra Gold, The Color House and Omega Decor, will be demolished and the property will be delivered vacant.
“This purchase allows Vitality Holding to develop a distinct retail property to complement neighboring retailers at The Shops at Midtown and cater to the area’s growing residential population,” Mandell said in a statement.
The site is across the street from the Shops at Midtown, a 645,000-square-foot outdoor shopping center that spans four city blocks. On Wednesday, developer Alex Vadia sold a 6.6-acre site between 2900 to 3010 Northeast Second Avenue to AMLI Residential, a Chicago-based developer of luxury apartments, for $55 million.
In July, TriStar spent $65 million on Atlas Plaza in Miami’s Design District, home to Michael’s Genuine Food & Drink, Rolex, Longchamp, Trend by Sebastien James, and Markowicz Fine Art, among other tenants. – Katherine Kallergis
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