River Oaks Properties, a real estate firm based in El Paso, Texas, has expanded its presence in South Florida with the purchase of a retail building in the Miami Design District. The company paid $27 million for the property at 111 Northeast 40th Street, according to public records.
The two-story building, which spans 7,106 square feet and was completed in 2014, is currently leased to Birkenstock and Rimowa. The sale price equates to almost $3,800 per square foot. This marks an increase of $5.5 million over the property’s previous sale price nine years ago.
The seller was an affiliate of Harbor Group International from Norfolk, Virginia, led by president T. Richard Litton, Jr., who acquired the building for $21.5 million in 2016. Jordan Gimelstein of Inhouse Commercial represented the seller in the transaction, while Pegasus Investments represented River Oaks Properties. Law firm Akerman acted as legal advisor to River Oaks.
Earlier this year, River Oaks purchased another commercial property in Miami Beach’s South of Fifth neighborhood for $28 million. That building is leased to Catch, a seafood restaurant.
River Oaks began investing in South Florida real estate in 2022 when it acquired Shop Delray, a grocery-anchored shopping center in Delray Beach, for $25.5 million. According to its website, River Oaks was founded in 1959 and now owns more than 190 shopping centers and single-tenant retail properties.
The Miami Design District continues to see high-profile investment activity. Last month, Ponte Gadea—the family office of Spanish billionaire Amancio Ortega—bought Atlas Plaza at 130 Northeast 40th Street for about $110 million. Tenants at that property include Rolex and Michael’s Genuine restaurant.
In July, Ildico, a Beverly Hills-based jeweler, purchased a fully leased retail building at 3800 Northeast Second Avenue for $35 million. Its tenants include Listone Giordano and luxury clothing retailers L’Atelier Paris Haute Design and CNCPTS Miami.
