Steps away from Ocean Drive, Walgreens property in Miami Beach sells for $33 million
A high-profile property on the corner of Collins Avenue and Fifth Streets in Miami Beach has sold for $33 million, just slightly above its 2014 sales price, according to brokerage Marcus & Millichap.
The seller, D & R Design District LLC, registered under real estate investor Sam Herzberg, purchased the commercial property at 509 Collins Ave. for $32 million in 2014, according to property records. Prior to D & R Design District LLC, 501 Collins Owner LLC owned the property and had bought it in 2012 for $30 million.
The buyer, a limited liability company, was secured and represented by Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap. Allied Partners, a real estate developer based in New York, purchased the land with a $21.1 million mortgage loan from Natixis, according to the Commercial Observer.