Lumer Buys LA Fitness Near Miami Zoo for $15M
By Julia Echikson January 26, 2024 5:47 pm
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Lumer Real Estate paid $15.4 million for a newly completed LA Fitness gym near the Miami Zoo, inside of the controversial Botanica development, property records show.
Last year, Ram Realty Services completed a 45,000-square-foot building on 5.3 acres at 15400 SW 127th Avenue, a little over a mile north of the zoo. The only tenant is LA Fitness at the single-occupier building.
The net lease agreement, which went into effect in October, lasts 15 years and is slated to generate $925,000 in net operating income for the first five years, according to an offering memorandum from Atlantic Retail.
Lumer Real Estate, led by Gustavo Lumer and Marina Kessler, functions as a residential and commercial brokerage as well as property management firm. Lumer is based in Sunny Isles Beach.
The property is part of Ram Realty’s Botanica mixed-use development, which includes 952 rental units and a Walmart Supercenter.
In September, the Palm Beach Gardens-based developer broke ground on the third phase of the development after securing an $81 million construction loan to add 353 apartments. In 2021, it sold a 408-unit property and a 10-acre developable site to Cortland for $174 million.
Botanica has garnered controversy from environment groups, which claim the development would destroy the rare pine rocklands habitat that surrounds it.
In 2017, four environmental groups sued the U.S. Fish and Wildlife Service and other agencies that had approved the developer’s conservation plan. A year later, the parties settled the suit, allowing construction to move forward.
Representatives for Lumer and Ram Realty did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
