Harbor Group International Makes a Significant Retail Sale
Harbor Group International, LLC (HGI), a renowned international real estate investment and management firm, has announced an important transaction involving a retail trophy building in a sought-after shopping area. This asset was sold to River Oaks Properties for $27 million, a testament to HGI's strategic investment decisions.
Details of the Retail Asset Sale
The property, which spans two prominent storefronts, is situated along a prestigious shopping corridor and is fully leased. Harbor Group International had previously acquired this prime retail space in 2016 for $21.5 million. The successful sale illustrates the firm’s dedication to enhancing asset value through careful management and leasing strategies.
Long-Term Tenants Boosting Asset Value
Under the management of HGI, significant strides have been made to ensure long-term tenant stability. For instance, Rimowa, a luxury luggage manufacturer, renewed its lease for the property in 2024, highlighting a commitment to quality tenancy. Additionally, HGI secured a long-term lease agreement with Birkenstock, a well-known footwear brand, further enhancing the asset's appeal and overall value.
Strategic Vision from HGI's Leadership
Lane Shea, Managing Director at Harbor Group International, emphasized the importance of this investment. He stated, "Our investment in the Miami Design District exemplifies HGI's strategy of selectively targeting retail assets in premier locations with long-term value creation." This statement reflects HGI's approach to strategically managing real estate and curating a mix of durable tenants, which positioned the asset favorably for a successful sale.
The Miami Design District: A Hub of Luxury Retail
The Miami Design District is recognized as one of the most dynamic luxury retail destinations, drawing high-profile global brands and discerning shoppers. Its prime location between key urban centers adds to its allure, making it a hotspot for stylish consumers and investment opportunities alike.
About Harbor Group International
Founded as a privately held real estate firm, Harbor Group International, LLC controls an investment portfolio of approximately $21 billion. This includes 62,000 apartment units and 5 million square feet of commercial space primarily in the United States and the United Kingdom. HGI's corporate headquarters are in Norfolk, Virginia, with additional offices located in New York, Baltimore, Los Angeles, and Tel Aviv.
Media Contact Information
For media inquiries regarding Harbor Group International, you can reach Prosek Partners acting on behalf of HGI at Pro-hgi@prosek.com.
Frequently Asked Questions
What did Harbor Group International sell?
Harbor Group International sold a retail trophy building in the Miami Design District for $27 million.
What is the significance of this sale?
This sale highlights HGI's strategy of investing in premier retail locations with strong potential for long-term value.
Who were the tenants involved in the retail asset?
Key tenants include Rimowa and Birkenstock, both of which have established long-term leases at the property.
What is the investment portfolio size of Harbor Group International?
Harbor Group International's investment portfolio is valued at approximately $21 billion, encompassing residential and commercial properties.
Where is Harbor Group International headquartered?
The company is headquartered in Norfolk, Virginia, with offices in major cities across the United States and in Tel Aviv.
