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Gindi’s ASG sells another Miami Design District building to Craig Robins and partners
Fully-leased property sold for $14M
A partnership led by Craig Robins continues expanding its market share in the Miami Design District, buying another retail building from the Gindi family’s ASG Equities.
An affiliate of Miami Design District Associates acquired 70 and 74 Northeast 40th Street for $14 million, a press release states. The buyer is a joint venture between Robins’ Miami-based Dacra, L Catterton Real Estate and New York-based Brookfield Properties. Greenwich, Connecticut-based L Catterton is a subsidiary of French luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton.
The seller, an affiliate of New York-based ASG, paid $14.6 million for the 4,500-square-foot building in 2015, records show. The single-story structure is divided into two spaces that are fully leased to The Orlean Group, a luxury wallpaper and fabrics store, and Ksubi, a clothing label worn by celebrities including rapper A$AP Rocky and reality television star Kylie Jenner, according to an online offering.
Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors marketed 70 and 74 Northeast 40th Street on behalf of ASG. Last month, the same brokers also represented ASG in the sale of an adjacent retail building at 80 Northeast 40th Street to Miami Design District Associates for $18 million.
The Dacra-led joint venture is the largest landowner in the Miami Design District, owning close to half a million square feet of luxury retail, high-end art gallery and fine dining space. Miami Design Center Associates’ tenants include LVMH brands Louis Vuitton, Christian Dior and Fendi.
Miami Design District Associates is also planning its first office building and first hotel in the neighborhood.
Meanwhile, ASG offloaded its entire Miami Design District retail portfolio to focus on a planned mixed-use project, the release states. In addition to the two buildings sold to the Dacra partnership, ASG sold a 5,000-square-foot store to Alo Yoga for $22 million in December.
ASG, led by Raymond Gindi, and its partner, Helm Equities, are developing Parterre 42, a $300 million office and retail complex planned for 4201 Northeast Second Avenue, on the northern edge of the Miami Design District. The joint venture paid $12.7 million for the development site in 2016.
“We remain bullish on the region and are fully committed to maintaining and growing our presence here,” George Karnoupakis, ASG’s head of asset management, said in a statement. “With these asset sales now concluded, we are focusing on our vision for the future via our ongoing development projects.”