AJL Equity LLC Announces Plans for New 8,000-SF Restaurant in Miami Design District

CBRE has arranged the purchase of a multi-tenant building on a 5,250-square-foot parcel at 20 NE 41st Street in Miamifor $6.2 million. Located in the Miami Design District, the new owner plans to redevelop the property and create a new, ultra-luxury 8,000-square-foot restaurant.

Alex Cesar with CBRE represented the buyer, Dallas-based AJL Equity LLC, and Tony Arellano and Devlin Marinoff with DWNTWN Realty Advisors represented the seller, Orchard Holding Investment Group LLC.

“With low availability, retailers who wish to enter the South Florida market or expand their current footprint face a challenge. Demand for retail space far exceeded supply in 2021,” said Mr. Cesar, a First Vice President with CBRE.

According to CBRE, investors have taken note of the South Florida retail market’s strong performance. Retail real estate investment sales increased by 31 percent to $3.4 billion last year from $2.6 billion in 2019. With retail investment totaling $1.9 billion in the first half of 2022, South Florida is on pace to exceed 2021’s annual volume this year.