ASG Equities Sells Two Miami Design District Buildings to Dacra
By Julia Echikson April 22, 2024 1:14 pm
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ASG Equities and Craig Robins’ Dacra are again trading with one another in the Miami Design District.
The New York-based ASG sold two single-story retail properties for a combined $14 million to Dacra, which has spearheaded the transformation of the area into a luxury shopping destination.
Together, the properties total 5,000 square feet, of which 4,500 is leasable. Located at 70 and 74 NE 40th Street, the buildings count contemporary denim brand Ksubi and wallpaper store Orlean as tenants.
Back in 2015, ASG Equities paid $14.6 million for both properties, according to property records.
The recent deal marks the third selloff for ASG Equities in the Design District over the last five months. Last month, the investor sold the neighboring, 7,984-square-foot building, again to a partnership led by Dacra, for $18 million. In December, it sold a single-story retail building across the block for $22 million to its tenant, athleisure brand Alo.
“We purchased these three assets a decade ago in recognition of South Florida’s long-term potential. The Design District in particular has thrived in recent years even as other submarkets struggle to regain their footing,” George Karnoupakis, head of ASG Equities’ asset management, said in a statement. “We remain bullish on the region and are fully committed to maintaining and growing our presence here.”
In fact, ASG Equities, which is owned by the Gindi family, hasn’t entirely left the 18-block, open-air mall. It’s developing Parterre 42, a 500,000-square-foot mixed-use project spanning an entire block in partnership with Helm Equities.
The Design District, under the ownership of the Dacra-led partnership, is expanding, too.
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.
A representative for Dacra did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
