JBL Asset Management Buys Retail Condo Near Miami Design District

Alta Developers sold off a retail condo near the Miami Design District for $17.3 million, property records show. 

JBL Asset Management purchased the 25,504-square-foot asset on the ground floor of the Quadro condo building. The property at 3900 Biscayne Boulevard faces train tracks, just east of the Miami Design District, an open-air, luxury mall.

Quadro’s retail tenants include The Shade Store, 7th Avenue furniture store and Waterworks plumbing supply store.  Hollywood, Fla.-based JBL is marketing a 2,358-square-foot suite as the last remaining retail space at the 407,498-square-foot condo building.

Alta Developers completed the 200-unit  building in 2019. 

The purchase comes as the 18-block Design District, one of the country’s highest-grossing upscale malls, is undergoing a major expansion. Earlier this week, its owners, entities tied to Miami-based Craig Robins and LVMH billionaire Bernard Arnault, scored a $125 million construction loan to build a Snøhetta-designed, mixed-use building. 

The joint venture also launched sales for Fouquet’s condo and hotel development, designed by Pritzker Prize winner David Chipperfield. 

Representatives for Alta Developers and JBL Asset Management did not immediately respond to requests for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.