Lightstone Group, a New York City-based real estate investment firm, paid about $29 million for contiguous three buildings on Washington Avenue in Miami Beach.
The properties on the east side, from 915 to 955 Washington, also include plans for a new hotel. Crescent Heights developer Russell Galbut and the Grand Trine Limited Partnership managed by Saul Gross, a former Miami Beach commissioner, sold the properties. Galbut received approval in March to build a seven-story, 63-room hotel on the 947 and 955 Washington Ave. properties, The Real Deal reported, and Lightstone has reportedly indicated it plans to launch a Moxy by Marriott hotel, which focuses on the millennial marketplace, in South Beach.
Washington Avenue has been left out of the redevelopment flurry that Lincoln Road and Ocean Drive have experienced, but that is changing quickly. Miami Beach recently rezoned Washington Avenue from Fifth Street to Lincoln Road in order to increase hotels, retail and dining on the avenue. Another hotel and new restaurants, including Piola, Spring Brothers Irish Pub and Cubiche 105, have been announced for the area.
Galbut’s properties at 947 and 955 sold for $6 million a piece and Gross’ property at 915-925 sold for $17 million. The deal was financed with a $19 million loan from Mexican bank Banco Inburso.
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Lightstone Group, headed by CEO David Lichtenstein, typically invests in multifamily apartments, office buildings, hotels, shopping centers and industrial centers in the United States and Canada.