CLIENT NEWS: Gindi family’s ASG sells Miami Design District retail building for $22M
December 13, 2023The Gindi Family’s ASG Equities sold a retail building in the Miami Design District for $22 million.
Alo Yoga, the property’s current tenant, acquired the nearly 5,000-square-foot single-story store at 101 Northeast 40th Street, according to records and Vizzda. The seller, an ASG affiliate, paid $10.5 million for the building in 2013. ASG is a New York-based real estate investment firm led by CEO Raymond Gindi.
The Gindisfounded Century 21 Department Stores, a New York chain that offered clothes, perfumes and other retail goods at bargain prices for 62 years. The pandemic throttled Century 21’s bottom line, forcing the store to close all of its 13 stores and file for bankruptcy in 2020. In May, Century 21 reopened its flagship store in Manhattan.
Near the Design District retail building that it just sold, ASG and Helm Equities, another New York-based real estate firm, are planning Parterre 42, a $300 million mixed-use complex spanning 500,000 square feet.
In Wynwood, ASG owns a 1-acre development site at 2600 and 2612 Northwest Second Avenue and 220 Northwest 27th Street and 223 Northwest 26th Street. In 2016, ASG paid $53.5 million for the assemblage.
Alo Yoga, whose founder and CEO is Danny Harris, is an athletic clothing retailer based in Beverly Hills. The company has a store in Palm Beach Gardens and is opening a new one in Aventura Mall this month, according to its website.
Miami’s Design District is slated for a slew of new developments. Lionheart Capital, Leviathan Development and Well Duo are proposing MIRAI Design District, which will be the first mixed-use building in the U.S. designed by Japanese architect Kengo Kuma. The three-story project will feature 15,500 square feet on the first floor, and 41,000 square feet of office space.
The joint venture acquired the development site 4218, 4200 and 4240 Northeast Second Avenue for a combined $25.5 million in September and October.
Last year, a partnership between Qatari firm Constellation Hotels Holding, developer Nadim Ashi’s Fort Partners, New York-based private equity firm Raycliff Capital and Miami Design District Associates, led by Dacra’s Craig Robins, acquired 2.5 acres in the Design District.
The joint venture paid about $170 million for 15 retail buildings that will be demolished to make way for a mixed-use project that could include a hotel.
