River Oaks Properties, based in El Paso, Texas, has expanded its presence in South Florida with the purchase of a retail building in the Miami Design District. The company, led by President Adam Frank, acquired the property at 111 Northeast 40th Street for $27 million. The two-story building covers 7,106 square feet and is currently leased to Birkenstock and Rimowa.
The sale price equates to nearly $3,800 per square foot. The previous owner, an affiliate of Harbor Group International from Norfolk, Virginia, purchased the property for $21.5 million in 2016. This latest transaction marks a $5.5 million increase over the prior sale nine years ago.
Jordan Gimelstein from Inhouse Commercial represented the seller in this deal, while Pegasus Investments acted on behalf of River Oaks. Legal counsel was provided by Akerman.
This acquisition follows River Oaks’ earlier move into Miami Beach’s South of Fifth neighborhood in January when it bought a commercial building for $28 million. That property is leased to Catch restaurant and was previously owned by Robert Rivani.
River Oaks primarily focuses on retail properties in Texas but began investing in South Florida in 2022 with the purchase of Shop Delray—a grocery-anchored shopping center—for $25.5 million. According to its website, River Oaks manages more than 190 shopping centers and single-tenant retail assets.
The Miami Design District continues to attract major investors and retailers. Last month, Ponte Gadea—the family office of Spanish billionaire Amancio Ortega—acquired Atlas Plaza at 130 Northeast 40th Street for approximately $110 million. Atlas Plaza tenants include Rolex and Michael’s Genuine restaurant.
In July, Ildico—a Beverly Hills-based jeweler—purchased a fully leased retail building at 3800 Northeast Second Avenue for $35 million; tenants there include Listone Giordano as well as luxury clothing brands L’Atelier Paris Haute Design and CNCPTS Miami.
