Sam Herzberg’s Miami Beach-based D&R Design District has made a $14.5 million acquisition in Miami’s Little Havana neighborhood.
All told, nine buildings were acquired, including the site of a new building which was completed in July and houses a CVS pharmacy. CVS signed a 25 year lease for 15, 000 square feet of space there back in February.
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The 1.8 acre development site is located at 2713 S.W. Eighth Street and runs up Southwest 27th Avenue to Southwest Seventh Street. It was purchased from Christy D LLC, a Coral Gables-based company, which acquired it for $6.24 million in April 2013.
D&R Design District took out a $10.63 million mortgage from Wells Fargo Bank on the property.
In July, Herzberg bought another Miami property that is also home to a pharmacy. He paid $32 million for a retail building in South Beach that is anchored by a Walgreens.
That two story, 24, 096 square foot building is located at 501 Collins Ave. D & R received $20.1 million in financing from Wells Fargo for that deal. Its sellers made a 50% profit on it, having paid only $30 million for the property in 2012.
The two acquisitions come after Herberg divested himself a group of properties back in May in Miami’s Design District for $45.4 million.
Little Havana got its name from its large Cuban émigré community. It is also home to immigrants from many other Latin American countries. About 50, 000 people live there.