Alta Developers has sold a retail condominium unit near the Miami Design District for $17.3 million, according to property records. The buyer of the space is JBL Asset Management, which acquired the 25,504-square-foot property on the ground floor of the Quadro condo building.
The property is located at 3900 Biscayne Boulevard and borders the railway tracks, east of the Miami Design District – an open-air luxury shopping centre. The transaction includes retail spaces that already house tenants such as The Shade Store, a 7th Avenue furniture store, and Waterworks, a plumbing supply provider.
Remaining Lease Space and Market Development
JBL Asset Management, based in Hollywood, Florida, is marketing a remaining retail space of 2,358 square feet as the last available unit in the 407,498-square-foot condo building. Alta Developers completed the building with 200 residential units in 2019.
The acquisition comes during a period of significant expansion for the Miami Design District. The 18-block area, which is among the highest-grossing upscale shopping centres in the country, is currently undergoing extensive expansion. Recently, the owners – companies associated with Miami-based Craig Robins and LVMH billionaire Bernard Arnault – secured a $125 million construction loan for a Snøhetta-designed mixed-use building.
Furthermore, sales have commenced for the Fouquet’s condo and hotel project, designed by Pritzker Prize laureate David Chipperfield. Representatives from Alta Developers and JBL Asset Management were not immediately available for comment.
Significance of Location
- —**3900 Biscayne Boulevard:** The address of the acquired property, strategically located near the railway tracks and the Design District.
- —**Miami Design District:** A leading luxury shopping destination, known for its high-end boutiques and galleries.
- —**Quadro:** The condo building, on the ground floor of which the acquired retail space is located, comprising 200 residential units.
