For $15.4 million, Ram Realty Advisors sold a recently finished standalone retail facility in south Miami-Dade County that is leased to LA Fitness.
The 5.3-acre retail property at 15400 Southwest 127th Avenue was purchased by an associate of West Aventura Developers, a Sunny Isles Beach-based company run by Marina Kessler and Gustavo Lumer, according to public documents. The buyer acquired a mortgage from Miami-based Ocean Bank for $3.5 million.
The 45,000-square-foot structure is being purchased for $343 per square foot.
According to an offering memorandum, LA Fitness negotiated a 15-year lease with an estimated $925,000 in net operational income annually.
the University of Miami sold the corporation 80 acres next to Zoo Miami in 2014. When environmentalists sued the U.S. Fish and Wildlife Service and other government agencies for allegedly approving an insufficient conservation plan, Ram’s plans for the massive assemblage came to a standstill.
In 2018, the lawsuit was settled after a judge had temporarily halted clearing of the land. Since then, Ram Realty has developed a massive mixed-use project in phases. The firm completed a Walmart Supercenter, other small retail buildings and Cortland South Kendall, a 408-unit apartment complex. In 2021, Ram sold Cortland South and an adjacent development site to multifamily investment firm Cortland for a combined $174.3 million.
The same year, Ram paid $10.5 million for another nearby development site approved for a 353-unit apartment complex. In September, Ram scored a $80.6 million construction loan for that project.
West Aventura’s Kessler and Lumer also lead Sunny Isles Beach-based commercial brokerage Lumer Real Estate. Between 2017 and 2020, West Aventura assembled 8 acres in Ojus, an unincorporated neighborhood in North Miami-Dade for a combined $6.8 million, records show. Miami-Dade County approved plans for a $200 million mixed-use project consisting of three buildings ranging from eight to 12 stories. The development would have 625 apartments, 164,920 square feet of retail and 1,523 parking spaces, according to published reports.
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