Pacific Star Capital principal sells Fisher Island condo

Pacific Star Capital principal sells Fisher Island condo

Tuesday, May 8, 2018

Palazzo del Sol and Aria Mehrabi (Credit: Redfin and banufoundation.org)

Pacific Star Capital’s Aria Mehrabi just sold his unit at Palazzo del Sol on Fisher Island.

Property records show Mehrabi, a principal at the Santa Monica-based investment and management firm, sold unit 7025 at 7025 Fisher Island Drive for $10.25 million. The buyer, Market-Com-Invest Ltd., is based in the United Kingdom.

Mehrabi paid $8.25 million for the five-bedroom, 7,300-square-foot condo in 2016, the same year PDS Development completed the 10-story, 43-unit luxury condo building.
It hit the market in November asking $13.9 million with Ludmila Romenskaya of Azora Realty, according to Redfin. The unit sold furnished and features a 2,800-square-foot wraparound balcony.

Last year, Mehrabi’s Pacific Star Capital paid $24.6 million for City National Bank’s North Beach branch building and surrounding land, a 2-acre site. Mehrabi is in talks with the city of Miami Beach to swap the land for five city-owned properties along 71st Street, where the developer proposed a 110,000-square-foot residential and retail project.

Pacific Star also developed a Whole Foods-anchored shopping center at 123rd Street and Biscayne Boulevard in North Miami.

Owners at Palazzo Del Sol include billionaire and former Hasbro CEO Alan Hassenfeld, Yard House founder and CEO Steele Platt, and former Formula One driver Enrique Bernoldi. Last year, the largest penthouse in the building sold for $31.26 million.

PDS plans to complete construction of Palazzo del Sol’s sister 50-unit condominium, Palazzo Della Luna, in the summer of 2019.


Source: The Real Deal