Home : News and Announcements : Akerman Katz Barron Steer 370m Miami Beach Retail Deal

Akerman, Katz Barron Steer $370M Miami Beach Retail Deal

Sep. 30, 2015

Law360, Los Angeles (September 30, 2015, 1:43 PM ET) -- Akerman LLP represented the $370 million buyer of a contiguous block in Miami Beach, Florida, a deal — the second-largest in Miami-Dade County history, according to Holliday Fenoglio Fowler LP — that Katz Barron Squitero Faust Friedberg English & Allen PA guided for sellers Jonathan Fryd and Michael Comras, it was announced on Tuesday.

The deal for retail space on Miami Beach's famed Lincoln Road, which sell-side broker HFF announced on Tuesday, had been rumored earlier this month, with Amancio Ortega’s Playa Retail Investments reportedly making the purchase.

HFF in its announcement on Tuesday characterized the buyer as a family office.

“Lincoln Road has emerged as one of the premier shopping districts in the country, often compared with New York’s Fifth Avenue, Rodeo Drive in Beverly Hills and Chicago’s Magnificent Mile,” HFF said. “Lincoln Road is the top tourist attraction in Miami and receives more than 6 million visitors annually.”

The buyer is picking up 1.1 acres, and among the retailers in the area are Apple Inc., Capital One, Gap Inc. and Nike Inc. The purchase includes 74,537 square feet of space, with 57,328 square feet of potential development space.

Lincoln Road runs for roughly one mile across Miami Beach, from Biscayne Bay to the west and to the Atlantic to the east.

Jonathan Fryd is president of Fryd Properties, which is based in Miami Beach and manages more than $100 million in real estate in South Florida and New Jersey.

Fryd, a member of the board of the City of Miami Beach Budget Advisory Committee, couldn’t immediately be reached for comment on Wednesday.

Michael Comras founded Miami Beach-based Comras Co. of Florida Inc. in 1992. Comras couldn’t immediately be reached for comment on Wednesday.

“In addition to brokerage services, Mr. Comras has developed and owns a portfolio of street-oriented retail assets in Miami’s top markets,” according to Comras Co. of Florida’s website. “The company is extremely active in Miami’s emerging areas, including the burgeoning Design District, Wynwood Arts District and Downtown Miami.”

Counsel couldn’t immediately be reached for comment on Wednesday.

HFF’s Manny De Zarraga, Daniel Finkle and Luis Castillo brokered the deal for the seller.

Shares in HFF were down a fraction of a percent on Wednesday afternoon. Shares are off 7 percent thus far this year, although shares have added 16 percent over the past 12 months.

The buyer is represented by Manuel A. Fernandez of Akerman LLP.

The seller venture is represented by Ellen Rose of Katz Barron Squitero Faust Friedberg English & Allen PA.

The buyer is represented by Manuel A. Fernandez of Akerman LLP.


By Andrew McIntyre

Editing by Stephen Berg


Read more at Law360.com.