David’s Café Building On Collins Avenue Sells For $9.89 Million At A Huge Profit

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1058-collins-ave-miami-beach-jad-Article-201406231749Photo: The Real Deal

The Gonzalez family that owned the famed David’s Café franchise also owned the building that housed the 1058 Collins Avenue location.

In 2009 the family paid  $1.9 million for the building and just recently accepted an offer by Gideon Asset Management of $9.89 million for the building. That’s a 420% profit.

Though its set up to run as a restaurant, the location is perfect for many types of retail outlets and could prove to be quite the valuable location for a future tenant.

“David’s Cafe has been a wonderful cafe and an institution on the beach for a long time, and it’s sad to see it go, but the value of the real estate to investors was just incredible,” Jonathan Carter, senior director at Miami Beach-based brokerage Comras Co., told the Daily Business Review. “It’s a hard corner in Collins with a freestanding facility for retail, and you just don’t have that come along.”

Currently there are no immediate plans to redevelop the property, which sold for $1,140 per square foot, according to Carter. The building “was mostly sold on the basis of what the future rents would be for 8,688 square feet of retail space,” he added.

So yeah. So the Gonzalezes may have just officially sealed the fate of David’s Cafe fate with this sell-off. But let’s see what happens and if a new location is a possibilty.

Source: The Real Deal

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