RCLCO Fund Sells Miami Design District Buildings at Big Discount
By Julia Echikson May 9, 2024 3:15 pm
reprints
RCLCO Fund Advisors offloaded two properties near the Miami Design District for nearly $27 million — about 40 percent less than what the Los Angeles-based firm paid nearly a decade ago.
In the larger deal, The Comras Company paid RCLCO $14.3 million for a 23,645-square-foot building at 3800 NE Miami Court, property records show. The site is just west of City View Parking Garage, facing Interstate 195.
RCLCO Fund had purchased the two-story building, which was completed in 2011, for $26 million in 2016.
“The District has really proven to be at the center of what’s going on in Miami. And we’re excited about it,” Michael Comras, CEO of The Comras Company, told Commercial Observer. “We have space available on the ground floor, about 8500 square feet, that we’re actively marketing.”
The Comras Company, which also remains one of Miami’s most prominent retail brokerages, has long been a player in the Design District. The Miami Beach-based firm owns the 3,795-square-foot building that’s leased to Canada Goose, a luxury winter wear brand.
In 2022, the company sold a 15-building portfolio, alongside Apollo Global Management, to the owners of the Design District for $165 million after a deal with Restoration Hardware fell apart.
In the smaller RCLCO Fund deal, bathroom manufacturer Kohler paid $12.5 million for a 9,906-square-foot building at 3946 North Miami Avenue, along Northwest 40th Street. RCLCO Fund purchased the property, which sits on a 0.6-acre site, for $18.7 million in 2016.
Apart from interest rate hikes, which has slowed the debt market nationwide, it’s unclear why these properties traded at a loss. Representatives for RCLCO Fund and Kohler did not immediately respond to requests for comment.
RCLCO Fund isn’t alone in selling off Design District properties. In the past six months, the Gindi family sold three properties for a combined $58 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
