CLIENT NEWS: Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove

February 19, 2021

Suntex Marina Investors bought the long-term lease for Monty’s Raw Bar and Prime Marina Miami in Coconut Grove for $14.7 million, records reveal.

Dallas-based Suntex Ventures purchased the 70-year lease for the marina, also called Bayshore Landing, at 2550 South Bayshore Drive earlier this month. Aligned Bayshore Raw Bar LLC, tied to Jose Hevia’s Prime Marina Group, sold the property.

Records show Aligned Bayshore Raw Bar assigned the lease to Coconut Grove F&B LLC, a Delaware corporation signed by Bryan C. Redmond, the president of Suntex Marinas. Hevia, principal of Prime Marina Group, signed on behalf of Aligned Bayshore Raw Bar.

The lease, on land owned by the city of Miami, last traded in 2015.

Suntex plans to return the site to its previous name, Bayshore Landing, according to a release.

Luis Castillo, Kim Flores, Ted Taylor and Manny de Zárraga of JLL brokered the deal.

The property includes a 111-slip marina and a 30,535-square-foot office building, and the 15,000-square-foot restaurant Monty’s Raw Bar, which has been open for 50 years, according to the release. Property records show the property was built in 1989.

Nearby, Treo Group is developing a mixed-use project called Regatta Harbour. The Miami-based group secured a $33 million loan from FirstBank Florida in 2018 for development. High-end gym Anatomy is leasing 14,500 square feet of space at the new development.

Earlier this year, Madison Marquette, a Washington, D.C. commercial real estate firm, bought office buildings in Coconut Grove for $47.4 million. – Jordan Pandy

Published February 17, 2021 in TheRealDeal.com

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