Limestone Buys PLANTA Flagship in South Beach for $12M
By Chava Gourarie May 2, 2022 4:09 pm
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Limestone Asset Management has purchased the flagship location of plant-based eatery PLANTA in South Beach, the company announced.
Miami-based Limestone paid $12 million for the 7,835-square-foot retail building at 850 Commerce Street in the South of Fifth neighborhood. The site was built-to-suit for PLANTA, which debuted at the location in 2018, and whose lease runs through 2028.
The seller, Commerce Street Properties LLC, purchased the property in 2012 for $2.2 million, according to property records.
PLANTA is a project led by Steven Salm and chef David Lee that offers a variety of plant-based concepts in different cuisines. In April, the team opened a location for a plant-based Asian restaurant, PLANTA Queen, in Fort Lauderdale. In New York, the group will soon open its Mexican-themed PLANTA Cocina.
Hospitality powerhouse David Grutman was an early partner and has a stake in the South Beach location, which serves carrot hotdogs, cauliflower tots and coconut ceviche in a swanky setting.
Limestone is an affiliate of Orion Real Estate Group, a company headed by Saudi scion Ibrahim Al-Rashid that is also its joint venture partner in the deal. The two affiliates have previously worked together to purchase a South Florida Walgreens portfolio.
“PLANTA is a unique restaurant concept, and we are excited to purchase their flagship property located in the South of Fifth neighborhood,” said Al-Rashid. “Rarely do opportunities present themselves in this neighborhood.”
Kevin Sanz represented Orion Real Estate Group in-house and Alex Sharrin of JLL represented the seller. First National Bank of South Miami provided $7.2 million in financing for the acquisition, according to Limestone.
PLANTA did not immediately respond to a request for comment.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
