JBL Asset Management has purchased a retail condo near the Miami Design District for $17.3M, marking a significant transaction in the competitive Miami real estate market.
JBL Asset Management has expanded its footprint in the Miami real estate market by acquiring a retail condominium near the Miami Design District for $17.3 million. According to Commercial Observer, the property spans 25,504 square feet on the ground floor of the Quadro condo building, located at 3900 Biscayne Boulevard.
The Quadro building, completed by Alta Developers in 2019, is strategically situated just east of the Miami Design District, a renowned open-air luxury shopping area. This district is one of the country's highest-grossing upscale malls and is currently undergoing significant expansion.
Quadro's retail space hosts a variety of tenants, including The Shade Store, 7th Avenue furniture store, and Waterworks plumbing supply store. JBL Asset Management, based in Hollywood, Florida, is actively marketing a 2,358-square-foot suite as the last available retail space within the 407,498-square-foot condominium.
The acquisition occurs amidst an ambitious development phase for the Design District. Entities linked to Miami-based developer Craig Robins and LVMH billionaire Bernard Arnault recently secured a $125 million construction loan to finance a new mixed-use building designed by Snøhetta, enhancing the district's appeal.
Additionally, the joint venture has launched sales for the Fouquet’s condo and hotel development, a project designed by the esteemed Pritzker Prize-winning architect David Chipperfield, further elevating the area's status as a luxury destination.
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