Azora Exan has expanded its commercial real estate portfolio in Miami Beach through the acquisition of a retail property located near Lincoln Road.
An affiliate of Azora Exan, a partnership between Azora based in Madrid and Exan Capital based in Miami, recently closed the deal, purchasing the three-story building at 1000 17th Street for $16 million, as confirmed by a press release and the brokers involved in the transaction. The seller was represented by Jordan Gimelstein and David Spitz from InHouse Commercial, a Miami Beach-based firm, while Vertical Real Estate’s Mike Sullivan and Sam Singer represented the buyer.
The seller, an entity managed by Miami Beach commercial real estate developers Scott Robins and Philip Levine, originally acquired the property for $1.4 million in 2007 and completed the construction of the nearly 19,000-square-foot building in 2014. Notably, Philip Levine also served as the Mayor of Miami Beach from 2013 to 2017.
The building currently has one vacant space available, which is being marketed by InHouse Commercial, while existing tenants include Circuit Academy Gym, The Spot barbershop, Eye Desire Eyewear, and Suit Supply.
The property was initially listed earlier this year with an asking price of $19 million, and it attracted interest from two other New York-based bidders. Ultimately, Azora Exan stood out due to its speed, commitment, and qualifications, according to Jared Robins of InHouse Commercial.
Azora Exan, led by managing principals Juan José Zaragoza and Ignacio Gil-Casares, has plans to gradually increase rents, as some of them are currently set at rates that are 30 percent below market value.
This retail building is located in close proximity to a five-story office building at 1674 Meridian Avenue, which was acquired by an Exan Capital affiliate for $26.5 million in 2021.
In the previous year, Azora Exan also purchased a five-story office building in Miami Beach’s South of Fifth neighborhood for $37 million. This property is fully occupied by WeWork, a co-working firm that has recently expressed its intent to renegotiate most of its leases with landlords.
Over the past year, Azora Exan has been actively expanding its commercial and residential real estate holdings across the United States, amassing a real estate investment portfolio valued at over $500 million. The firm has acquired various office and retail properties in cities including Chicago, Cincinnati, and South Florida. In a notable acquisition, Azora Exan paid $22.2 million for Plantation Crossing, a 70,369-square-foot shopping center anchored by an Aldi grocery store in Plantation.
