Sales  ·  Retail

Ocean Bank Buys Its Downtown Miami Location

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Ocean Bank paid $5 million to purchase its retail location in Downtown Miami, the sellers announced.

The Florida-based community bank will continue to occupy part of the 4,350-square-foot retail condo, located on the ground floor of the Centro condo building at 151 Southeast First Street, adjacent to Southeast Second Avenue. Besides the bank, the building is also home to Poke OG, a 1,200-square-foot fast casual poke restaurant, and Mr. OmaKase, a 1,000-square-foot sushi bar.

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The sale equates to $1,150 per square foot. 

“Demand continues at a dizzying pace as new projects in Miami’s urban core bring a flurry of more shops, more restaurants and, ultimately, more foot traffic to the area – a perfect scenario for Ocean Bank to capitalize on,” Shai Ben Ami of Urban Core, who was a part owner of the property and also brokered the deal, said in statement. 

A representative for Ocean Bank did not immediately respond to a request for comment. 

Ami bought the condo with Mishorim Investments, a publicly traded Israeli company, paying $2.1 million for the condo in 2016, shortly after developer Newgard Development Group completed the 36-story tower, according to Ami. 

The recent deal marks the second sale between the two parties. Last year, Ami and Mishorim sold a 863-spot parking lot, also in Downtown Miami, for $25 million, having purchased the 247,000-square-foot garage in 2018 for $18.3 million. 

Julia Echikson can be reached at jechikson@commercialobserver.com