Harbor Group International Sells Prime Retail Property
Harbor Group International, LLC (HGI), a renowned international real estate investment and management firm, has made headlines with its recent sale of a prestigious retail building located in Miami's Design District. The transaction, valued at an impressive $27 million, marks a significant achievement for the firm as it continues to grow its portfolio.
Details of the Transaction
The sold asset, situated at 111-115 NE 40th Street, was acquired by HGI back in 2016 for $21.5 million. This strategically placed property comprises two high-profile storefronts nestled within one of Miami's most sought-after shopping districts. The entire retail space is fully leased, showcasing HGI's successful management efforts over the years.
Notably, under HGI's stewardship, Rimowa, a luxury luggage manufacturer, renewed its lease in 2024. Another notable achievement was the securing of a long-term lease with the popular footwear brand Birkenstock, further enhancing the asset’s value and appeal.
Strategic Management Approach
Lane Shea, Managing Director at HGI, reflected on the company's strategy, stating, "Our investment in the Miami Design District exemplifies HGI's commitment to targeting retail assets situated in prime locations that promise long-term value creation. Our strategic management approach and focus on cultivating a diverse tenant mix were instrumental in preparing this asset for a successful sale on behalf of our investors." His insights underscore the sound business acumen driving the company's operations.
About the Design District
The Design District is celebrated as one of Miami's most vibrant luxury retail environments, frequented by both affluent shoppers and premium global brands. It serves as a focal point for luxury retail within the city, making it an attractive locale for real estate investments.
About Harbor Group International
Harbor Group International, LLC, along with its affiliates, controls an impressive investment portfolio totaling around $21 billion. This portfolio includes approximately 62,000 apartment units across the United States and 5.0 million square feet of commercial space in both the United States and the United Kingdom. The firm's corporate headquarters is located in Norfolk, Virginia, while it maintains additional offices in cities such as New York, Baltimore, Los Angeles, and Tel Aviv.
Media Inquiries
If you’re looking to connect or require additional information, media inquiries can be directed to Prosek Partners for HGI, who handle public relations for the firm. This relationship ensures that the public remains informed about the company's activities and achievements.
Frequently Asked Questions
What recent property did Harbor Group International sell?
HGI sold a retail trophy building located in Miami's Design District for $27 million.
When was the property originally acquired?
The property was acquired by HGI in 2016 for $21.5 million.
Who were the long-term tenants after the acquisition?
The long-term tenants included luxury luggage manufacturer Rimowa and footwear brand Birkenstock.
What is the significance of the Design District?
The Design District is known as a dynamic luxury retail destination in Miami, attracting global brands and shoppers.
How large is Harbor Group International's investment portfolio?
HGI manages an investment portfolio of approximately $21 billion, including a vast amount of commercial and residential real estate.
