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Monday, October 4, 2010

Mayfair in the Grove sold for $37.8M

According to court records, an investor in Palm Beach has paid $37.8 million for the 264,153 square-foot, landmark Mayfair in the Grove. WMP I LLC acquired the open-air center, which is a mix of Miami retail space for lease and commercial office space in Miami, on September 21 through a sealed-bid auction handled by Jones Lang LaSalle. The buying entity is controlled by the owner of Whalou Properties Management, Time Kipp, located at 125 Worth Avenue in Palm Beach. Kipp could not immediately be reached for comment.

The seller was an entity controlled by Deutsche Bank Securities. Court records show that the lender gained control of the Coconut Grove center through a 2005 foreclosure lawsuit after Amerishop Mayfair defaulted on a $53 million loan. Amerishop acquired Mayfair for about $65 million in 1998.

According to Jones Lang LaSalle marketing literature, the bank then put $7 million into renovating the distinct three-story building, which features a fountain promenade, five-story sundial, and decorative mosaics and sculptures.

According to Paco Diaz, senior VP of CB Richard Ellis, While Mayfair’s commercial office space in Miami has made headway in recent years; its Miami retail spaces for lease have struggled.

Diaz said, “They have been leasing it to many office tenants, but the retail remains to be a challenge. The design is not conducive for retail and the Grove is not a retail market.”

According to the center’s website, tenants include a mix of local boutiques, antique stores and galleries, with a couple of national chains such as Ann Taylor Loft.

Call MLR Realty at 305-673-3303 to speak with a Realtor that specializes in Miami retail space for lease and commercial offices for lease or got to www.InvestCommercialMiami.com to search our inventory of Miami commercial real estate.

 


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