Comras, partners sell Sephora building in South Beach to Cosentino subsidiary
A group of investors led by Michael Comras sold a Miami Beach building leased to Sephora Cosmetics for $7.5 million.
CLB Associates Ltd., controlled by Comras, sold the 5,400-square foot building at 721 Collins Avenue to Prisma Properties LLC, a subsidiary of Cosentino North America.
Marcus & Millichap’s Kirk Olson and Drew Kristol represented the seller, whom they declined to identify. Steven O’Hara and Crystal Jutte of Mohr Partners brought the buyer.
The building hit the market late last year for nearly $9 million, or about $1,645 per foot. Sephora’s lease ends in January 2020 and the beauty retailer has the option to extend its lease for another five years, Kristol said.
It just sold for nearly $1,400 per foot. Records show the buyer, Prisma Properties, is managed by Leocadia Barnes Sanchez, Cosentino North America’s compliance manager and corporate secretary. Cosentino is part of the Cosentino Group, a Spanish, family owned stone and surfaces company whose brands include Silestone, Dekton or Sensa by Cosentino, according to Cosentino’s website.
Earlier this year, the company opened the Cosentino Miami City Center in the Miami Design District, and relocated its Americas headquarters to Coral Gables the previous year.
Kristol said the buyer was attracted to the Sephora lease, visibility along Collins Avenue and the “unused developable square footage.” Its current zoning allows for another 8,600 square feet of buildable commercial space, which comes out to about five additional floors of apartments or commercial square feet on top of the building.
The property’s net operating income is $488,553 a year until Sephora’s lease ends with a 6 percent cap rate, according to marketing materials. Sephora is owned by LVMH Moet Hennessy Louis Vuitton and has leased the building since it was completed nearly 10 years ago.
A spokesperson for Cosentino was not immediately available.
Source: The Real Deal