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INFINITY REAL ESTATE BUYS 1200 OCEAN DRIVE

Jul 21st, 2016

Infinity’s 2nd Historic Ocean Drive Property

BP-02MIAMI BEACH (July 18, 2016) – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 1200 Ocean Drive, a historic 18,287 square-foot mixed use residential property in Miami’s South Beach. 1200 Ocean Drive marks Infinity’s most recent addition to its growing portfolio of prime urban mixed-use properties, and its third South Beach property in the last year.

“We are excited to be the new owner of this building so prominently located on South Beach’s flagship corridor, and we look forward to working with the Historic Preservation Board, the Ocean Drive task force and community leaders to redevelop and re-introduce the property through an approved transformative rehabilitation that respects the architectural and design integrity for which South Beach is known,” said Steven Kassin, Managing Partner of Infinity Real Estate.

The multi-use residential building, located on 12th Street, currently houses the Palace restaurant and bar. Offering high visibility and robust foot traffic, the property is adjacent to The Sugar Factory and flanked by The Victor and Tides South Beach hotels, and located within a richly varied mix of South Beach restaurants, retailers and businesses.

1200 Ocean Drive is Infinity’s 7th Miami investment in the past year and a half. With this acquisition, it has now deployed more than $125 million into the Miami metro area.

BP-01“Acquiring 1200 Ocean Drive is consistent with our strategy to own irreplaceable mixed-use properties in the most sought after urban districts in the United States. Similar to our other SOBE property at 728 Ocean Drive, our plan for 1200 Ocean Drive is to preserve and enhance the property, including improving the building’s prominence and accessibility,” said David Berg, Investment Director at Infinity Real Estate.

About Infinity Real Estate

Infinity Real Estate is a privately-owned developer, owner, and manager of high quality real estate in primary U.S. markets. Infinity Real Estate is a business unit of Infinity Group, officially formed in 2005, and is headquartered in New York City. The Company’s portfolio includes over 50 individual properties representing over 2.5 million square feet of commercial space and over 1,000 urban multi-family rental apartments. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted in over $4.5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals.

 

Media Contact:

Kimberly Macleod
(917) 587-0069
kim@bscworks.com