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Craig Robins and partners add retail building to Miami Design District portfolio
Dacra, L Catterton Real Estate and Brookfield paid $18 million for a store currently leased to Italian furniture and cabinetry maker
Craig Robins and his partners have a new addition to their Miami Design District portfolio, picking up a retail building for $18 million.
An affiliate of Miami Design District Associates acquired a 5,668-square-foot store at 80 Northeast 40th Street, records and Vizzda show. Miami Design Center Associates is a partnership between Robins’ Miami-based Dacra, L Catterton Real Estate and New York-based Brookfield Properties. L Catterton is a Greenwich, Connecticut-based subsidiary of French luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton.
Devlin Marinoff and Tony Arellano with Dwntwn Realty Advisors brokered the deal on behalf of the seller, ASG Equities, led by New York’s Gindi Family. In 2014, ASG paid $16 million for the property.
The building, which underwent a major renovation by ASG, is currently leased to Boffi De Padova, an Italian luxury furniture and cabinetry maker, an online offering states. The lease generates a net operating income of $701,800 annually.
Miami Design District Associates owns close to half a million square feet, consisting of 15 buildings known as Oak Plaza and Paradise Plaza, in the Miami Design District. Under Robins’ stewardship, the joint venture has transformed the Design District into an arts, luxury goods and fine dining destination. Louis Vuitton, Christian Dior and Fendi are some of the LVMH brands that have planted flagship stores in the Design District.
Last year, Miami Design Center Associates obtained $250 million in refinancing for Paradise Plaza, a 120,000-square-foot retail and restaurant complex with a 7,800-square-foot garage. Paradise Plaza’s tenant roster includes Chanel, Gucci and Off-White.
Miami Design District Associates is also expanding beyond retail and restaurants. In 2022, the joint venture announced it would develop Ursa, its first office building at 30 Northeast 39th Street.
The same year, the joint venture partnered with Qatari firm Constellation Hotels Holding, developer Nadim Ashi’s Fort Partners and New York-based private equity firm Raycliff Capital to buy 2.5 acres on the same block as the planned office building. The group paid $165 million for the assemblage that runs along Northeast 39th and 40th streets from North Miami Avenue to Northeast First Avenue.
Last year, ASG sold another Design District retail building for $22 million to Alo Yoga, an athletic clothing retailer.