Miami Beach, FL, March 12, 2015 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 728 Ocean Drive, an iconic 9,238 mixed-use commercial property situated between 7th and 8th Street, in the heart of South Beach . 728 Ocean Drive is the most recent addition to Infinity’s growing portfolio of prime urban mixed-use properties.
The ground floor retail component of the building has been occupied by Johnny Rocket’s for the past two decades. This All-American themed food venue features a fun, casual dining experience that is tailor made for the South Beach lifestyle. The restaurant faces the Atlantic Ocean and offers 85 seats of outdoor dining that caters to both tourists and Miami Beach locals alike. The second and third floors of the building are leased to the Deco Youth Hostel.
The building is well known partly for being featured in the 1983 film, Scarface, and is situated in the heart of South Beach’s nightlife and the historic hospitality row on Ocean Drive. The property benefits greatly from being located across the street from the Beach, which serves as a magnet for people of all backgrounds and income levels from all over the world. This special environment creates a constant 24-hour pedestrian presence at the property.
The acquisition of 728 Ocean Drive is consistent with Infinity Real Estate’s focus on irreplaceable, mixed-use properties in the most sought after CBD’s in the United States. “By investing in mixed-use properties that can service credit-grade tenants and support multiple commercial uses, we are able to generate a highly competitive leasing marketplace and cater to the highest and best use over multiple real estate cycles. The acquisition of 728 Ocean Drive demonstrates our company’s ability to acquire and evaluate unique retail and mixed-use properties in high barrier to entry markets throughout the United States.” shared Steven J. Kassin, managing partner at Infinity.