MIAMI—New York City-based ASG Equities, a leading owner and operator of high-quality assets, recently revealed that it has finalized the sale of 70-74 NE 40th Street, the last of a three-building retail portfolio within Miami’s famed Design District. Located on a premier corridor in the heart of Miami’s high-end shopping district, 70-74 NE 40th Street is fully occupied by luxury brands Ksubi and Orlean.
The freestanding, single-story building, which was acquired by Dacra for $14 million, features 4,500 square feet of retail space.
The transaction marks the successful conclusion of a three-building Miami Design District portfolio sale. In March, ASG sold 80 NE 40th Street to Dacra as well. In November, after successfully leasing the entire building located at 101 NE 40th Street to Alo Yoga during the COVID pandemic, ASG then sold the asset to Alo for $4,400 per square foot.
“We purchased these three assets a decade ago in recognition of South Florida’s long-term potential,” says George Karnoupakis, Head of Asset Management, ASG Equities, in a prepared statement. “The Design District in particular has thrived in recent years even as other submarkets struggle to regain their footing,.”
He adds that “We remain bullish on the region and are fully committed to maintaining and growing our presence here. With these asset sales now concluded, we are focusing on our vision for the future via our ongoing development projects.”
A few blocks away, ASG is working with its partner Helm Equities on Parterre 42, a 500,000-square-foot mixed-use project spanning an entire Design District block. Designed by COOKFOX architects, the development will feature a mix of office and retail along with more than 80,000 square feet of outdoor space.
In the nearby Wynwood Arts District, ASG also owns the one-acre lot located at 2600-2630 NW Second Avenue, currently occupied by Smorgasburg.