Pebb Capital, in a partnership with LeaseFlorida, has sold a trophy retail condominium asset on Miami Beach for $17.73 million to California-based Cove Capital Investments. CVS Health (CVS), the largest national pharmacy health care provider and a publicly traded company, is the long-term tenant, which signed a 25.5-year lease in May 2021.
Cushman & Wakefield’s National Net Lease Group, led by Blake Tagmyer, Brandon Price and Greg Mason, facilitated the sale. Emerald Creek Capital arranged $13.3 million of financing for the buyer.
Delivered in 2019, the two-story, 8,896-square-foot retail condominium property at 4000 Collins Ave. is situated under a four-story parking garage that was constructed from the ground up by the seller. It is adjacent to the historic Hampton Inn at The Continental, a 100-key Hampton by Hilton hotel at the same address that is owned, operated and was renovated in 2019 by Pebb Capital and LeaseFlorida for $25 million.
Located just one block from the ocean, CVS is at the prime intersection of Collins Avenue and 41st Street, one of Mid Beach’s busiest corridors, with daily traffic count in excess of 70,000 vehicles. There are over 2,700 hotel rooms and 6,000 residential units within a five-mile walking radius. A mile west is Mount Sinai Medical Center, one of South Florida’s largest hospitals with more than 4,000 employees and 672 beds.
“The key to retail is consistent traffic, and there’s a surplus of that at this busy corridor,” said Todd Rosenberg, co-founder and managing principal of Pebb Capital. “This sale proves the continued success of opportunistic investments with positive real estate fundamentals.”
Images via Alex T Photo