1200 Ocean Drive Sells to Core Ocean Drive LLC for $32.5 Million
MIAMI, FL, USA, December 24, 2019 – EINPresswire.com – Infinity Real Estate LLC (“Infinity”) sold 1200 Ocean Drive (“1200 Ocean”) to Core Ocean Drive LLC, an affiliate of the New York based Applecore Holdings. The property was sold for $32.5 million in an off-market transaction.
After acquiring the ~19,000 square foot property in July 2016, Infinity received Historic Preservation Board approval and commenced a $6 million restoration and rehabilitation program to retrofit and revitalize the historic property. The program also included modernized and environmentally friendly infrastructure and building envelope upgrades. Their efforts earned Infinity the prestigious 2018 Historic Preservation Platinum Award from the Miami Beach Chamber of Commerce for the property.
Upon completion of the preservation-based capital program, Infinity leased and delivered the newly configured ground floor retail space to Xperience Restaurant Group for their rock and roll Mexican concept Pink Taco, which is expected to open in January. SobeNY, a national hospitality company that provides luxury and short-term accommodations in core urban destinations, occupies the newly renovated second and third floors.
1200 Ocean has been a Miami Beach landmark since it was built in the late 1950s. It was designed by Gilbert Fein, one of the architects responsible for the development of the Miami Modern aesthetic.
David Berg, a Partner at Infinity, said, “This property is a case study for social, environmental and economically responsible historic redevelopment. The sale of this property is bittersweet as a fully renovated corner property on Ocean Drive is an extremely rare property to come by. With that said, we look forward to deploying the proceeds into our next historic redevelopment hopefully in the Miami Beach market or one of our other target markets such as Washington D.C, Philadelphia or New York.”
Steve Kassin, the Founder and Managing Partner of Infinity, added, “We are considering reinvesting in Miami, especially considering our community involvement, relationships and recognition after winning the award earlier this year,” Kassin said, in reference to Berg’s being the recipient of the Silver Award for the Better Beach Citizen Award. “We want to do our part to continue to build and maintain a strong sense of community.”
Infinity still owns multiple assets in Miami Beach and the greater Miami sub-markets including 728 Ocean Drive. Berg will maintain his position as a Director on the Ocean Drive Association and Co-Chair of the prospective South Beach Business Improvement District.
Aaron Labovitz of Newmark Knight Frank served as adviser for both parties in the off-market transaction.
For more about Core Ocean Drive LLC, please visit http://www.applecoreholdings.com/
For more about SoBeNY, please visit https://sobenewyork.com/
For more about Pink Taco, please visit http://www.pinktaco.com/.