Investors Continue to Purchase Design District Properties

Thor Equities added another property to their Design District portfolio by acquiring the retail building previously occupied by Baltus, a high-end furniture company.

Thor Equities, an investment group based out of New York, purchased the retail property, located at 3925 North Miami Avenue, on Friday for an undisclosed amount.

A company managed by Fifteen Group is the seller of the property. They paid $3.7 million for the building in January 2012.

The previous Baltus land includes a 10,780 square-foot property, and is zoned to allow up to 12-stories with a maximum of 32 residential units or 63 hotel rooms.

Thor Equities is partnering with the Related Group to develop the luxury Baltus House condo, currently under construction near the district.

The Design District is booming in property sales due to the popularity of the upcoming $1 billion mixed-use development by Dacra and L Real Estate.

In other cases demonstrating this boom, developer David Edelstein has purchased a pair of properties in the district for $10.6 million on April 7.

Source: therealdeal.com

Photo credit: Baltus - miamidesigndistrict.net , Aerial view - google.com, Sign - climaoutdoor.com