Nine-Figure Miami Deal
Commercial Observer
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There’s more investment activity in a Miami-area market that’s seen plenty of it in 2024. This time it’s the $190 million sale of a 276-unit apartment complex in Miami’s Edgewater neighborhood. Also for today: An interview with David Lukes, CEO of retail REIT Curbline Properties.
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— Tom Acitelli, Deputy Editor
Kushner Cos. Buys Miami Multifamily Property for $190M
Kushner Companies acquired a waterfront multifamily building in Miami’s Edgewater neighborhood for $190 million from Apartment Investment and Management Company (Aimco). The 28-story property, called The Hamilton, features 276 units at 555 NE 34th Street, a block south of Interstate 195, which leads into Miami Beach. The sale — brokered by Walker & Dunlop’s Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins and Luke Duffack — equates to about $688,400 per apartment, which average 1,373 square feet. Private equity giant Apollo Global Management and Macquarie Group provided a $157 million acquisition loan, according to Walker & Dunlop, whose Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski, Mo Beler, Michael Ianno and Christopher de Raet brokered the financing. (A spokesperson for Kushner Companies confirmed the sale.)
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Curbside King: How David Lukes Cornered the Market for Unanchored Retail
On Oct. 1, David Lukes, CEO of Site Centers, spun off the firm’s unanchored convenience portfolio into a new publicly traded real estate investment trust (REIT) called Curbline Properties. By bringing public money into a long-neglected sector of the retail space — unanchored convenience stores — Lukes has institutionalized a sub-asset class that has seen its importance skyrocket in recent years, even as the business model bucks conventional wisdom. Traditional retail investing rested on the notion that profitable shopping centers required large anchors to drive traffic. But today, smaller retail outlets with dedicated parking and repeat consumers who run quick errands have grown to more than 950 million square feet nationwide. Lukes sat down with Commercial Observer to discuss how he carved out a major niche in a growing asset class that is just now emerging as a powerhouse due to geolocation data. This interview has been shortened for length and clarity.
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