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.
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.