By Brian Bandell
Tristar Capital turned a quick 27 percent profit by flipping a retail building in the Midtown Miami neighborhood.
Back in May, the New York-based real estate group led by David Edelstein acquired the 17,380-square-foot building at 3322 North Miami Avenue and 23 N.W. 33rd Street for $10.23 million. Tristar recently sold the property for $13 million to Block Capital Group, managed by Martin Miculitzki.
RKF Senior Director Benjamin Mandell, Executive Vice President Drew Schaul and Senior Director John Ellis represented Tristar affiliate 33 Midtown Buyer in the deal. The buyer was represented by Gaston Miculitzki of Brightway Properties.
The new price equates to $748 per square foot for the building. it was previously leased to Visions Art Gallery, but RKF said it will be delivered to the buyer completely vacant.
“We are pleased to have gotten such a significant return for TriStar in a short period of time,” said Mandell. “It’s a great opportunity for the buyer, as there’s currently very little vacancy in Midtown…This purchase allows Block Capital Group to develop a distinct retail property to complement neighboring retailers at The Shops at Midtown and cater to the area’s growing residential population.”
The building sits on a 25,790-square-foot site on the edge of the Wynwood neighborhood. Midtown Miami has seen an influx of retail, hotel and multifamily development while Wynwood has become a hot spot for art, bars, restaurants and shops, with more residential development planned.