Triarch Capital Group just picked up a retail building along Biscayne Boulevard in North Miami Beach for $6.55 million, property records show.
The 15,000-square-foot retail building at 14652 Biscayne Boulevard is leased to Boga Style Home. Online marketing materials show its lease is set to expire in about three years, with four five-year renewal options that would run through 2044.
The seller, Glazer Entreprises LLC, is a Hallandale Beach-based company led by Ofer Glazer and Ron Davidson. Records show the company paid $6 million for the property in 2005. It sits on nearly a 1-acre lot close to Turnberry Associates and LeFrak’s planned $4 billion SoLē Mia mixed-use project.
Just last month the SoLē Mia partners paid $17 million for a Costco site right across from the Boga Style Home furniture store.
Demand for retail in the area is high, according to a recent Marcus & Millichap report. Net absorption in Aventura totaled 317,000 square feet in the first quarter of 2018, the second highest amount after the Miami Airport submarket, which saw net absorption of 491,000 square feet.
Triarch Capital has grown its commercial investment portfolio since being founded in 1996 by Daniel Halberstein, Mario Grosfeld and Jorge Linkewer. The firm controls about 4.5 million square feet of commercial properties, according to its website.
Earlier this year the company bought two of three adjacent office towers in West Palm Beach for $22.5 million. Houston Astros owner Jim Crane is redeveloping the third into a 190-room hotel.