Miami Design District Owners Add Retail Building in District
By Julia Echikson March 25, 2024 11:20 am
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The Miami Design District fiefdom expands.
Miami Design District Associates, the owners of the open-air shopping mall, paid $18 million for a retail building within the 18-block development, property records show.
The 7,984-square-foot building at 80 NE 40th Street is occupied by furniture showroom Boffi | DePadova Miami, situated between the A.L.C. and Ksubi stores.
Miami Design District Associates — which owns the majority of property in the district, now a hot luxury shopping destination — is a partnership among Craig Robins’ Dacra; L Catterton Real Estate, which was established by private equity firm Catterton; luxury giant LVMH; and Groupe Arnault, the family holding company of billionaire LVMH owner Bernard Arnault.
The partnership purchased the property from the Gindi family’s ASG Equities, which owns the Century 21 department store in New York. ASG purchased the retail building for $16 million in 2014. Two years later, the property, built in 1955, underwent a major renovation.
This is ASG’s second sale in the Miami Design District in less than five months. In December, the New York-based firm sold a single-story retail building across the block for $22 million to its tenant, athleisure brand Alo.
The purchase marks the latest expansion for Miami Design District Associates. Two years ago, the partnership bought a portfolio of 15 retail buildings along Northeast 39th Street for $165 million and has since tapped David Chipperfield, who won the Pritzker Architecture Prize in 2023, to redesign the assemblage.
Representatives for Miami Design District and ASG Equities did not immediately respond to a request for comment.
Julia Echikson can be jechikson@commercialobserver.com.
