Limestone Buys PLANTA Flagship in South Beach for $12M 

reprints


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. 

SEE ALSO: Sares Regis Unloads Distribution Center for $220M

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.