Miami-based Limestone Asset Management has acquired the flagship South-of-Fifth property which is home to PLANTA in Miami Beach for $12 million. The 7,835 SF building was completed in 2018 as the first built-to-suit and the first PLANTA in the state of Florida and sits on a 9,148-square-foot (0.21-acre) lot. The property is located at 850 Commerce Street, Miami Beach, FL, 33139 in the affluent South of Fifth neighborhood.
Kevin Sanz of Orion Real Estate Group represented the buyer, Limestone Planta, LLC. Alex Sharrin of JLL represented the seller, Commerce Street Properties, LLC. First National Bank of South Miami is providing financing. Limestone Asset Management is led by Ibrahim Al-Rashid and invests in and acquires real estate properties over all asset classes throughout North America. Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.
PLANTA, a David Grutman project led by Founder and CEO Steven Salm and Co-founder and Executive Chef David Lee, is Miami’s premier location for innovative plant-based fine dining. Its goal is to expand the acceptability, enjoyment, and celebration of the power of plants. The restaurant’s owners are the lessees and will remain in the building until 2028.
Champions of plant-based living for better health, community, and the planet, the restaurant has locations in New York, Toronto, and Maryland, in addition to Florida, with plans of expansion in Chicago and California. Additionally, PLANTA offers nationwide delivery of its plant-based signature dishes, desserts, condiments, and sauces.
“PLANTA is a unique restaurant concept, and we are excited to purchase their flagship property located in the South of Fifth neighborhood,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Rarely do opportunities present themselves in this neighborhood. A block from Joe’s Stone Crab, one of America's most iconic restaurants, is a place every landlord would love to be.”