River Oaks Properties, a company based in El Paso, Texas, has expanded its presence in South Florida by acquiring a retail building in the Miami Design District for $27 million. The purchase was made through an affiliate of River Oaks, which is led by President Adam Frank. The property, located at 111 Northeast 40th Street, consists of two storefronts currently leased to Birkenstock and Rimowa.
The two-story building covers 7,106 square feet and was completed in 2014. This latest sale price is about $3,800 per square foot and represents a $5.5 million increase over the previous sale nine years ago. The seller was an affiliate of Harbor Group International from Norfolk, Virginia, headed by T. Richard Litton, Jr., who had purchased the property for $21.5 million in 2016.
Jordan Gimelstein with Inhouse Commercial represented the seller during the transaction while Pegasus Investments acted on behalf of River Oaks Properties. Legal counsel for River Oaks was provided by Akerman.
Earlier this year, River Oaks bought another commercial property in Miami Beach’s South of Fifth neighborhood for $28 million. That building is leased to Catch restaurant and was sold by Robert Rivani, a local real estate investor specializing in retail and hospitality properties.
River Oaks has traditionally focused on retail acquisitions within Texas but began investing in South Florida starting in 2022 with the purchase of Shop Delray—a grocery-anchored shopping center—for $25.5 million in Delray Beach. According to information available on its website, River Oaks was founded in 1959 and owns more than 190 shopping centers and single-tenant retail sites.
The Miami Design District continues to attract significant investment activity as one of South Florida’s leading retail markets. Last month saw Ponte Gadea—the family office of Spanish billionaire Amancio Ortega—acquire Atlas Plaza at 130 Northeast 40th Street for approximately $110 million; tenants there include Rolex and Michael’s Genuine restaurant. In July, Ildico—a jeweler based in Beverly Hills—purchased a fully leased two-story building at 3800 Northeast Second Avenue for $35 million; tenants include Listone Giordano along with luxury clothing retailers L’Atelier Paris Haute Design and CNCPTS Miami.
