Apr 28, 2017, 12:40pm EDT
Updated: Apr 28, 2017, 2:12pm EDT
By: Brian Bandell
South Florida Business Journal
After cashing out of one Fort Lauderdale beach property for $18.7 million, Aiton Yaari and Lior Avidor bought another down the block for $32 million.
Attorney Thomas P. Angelo, CEO of Fort Lauderdale-based Angelo & Banta P.A., said he represented Yaari and Avidor in both deals, as he helped them reinvest part of the sales proceeds from the first deal into the second property in a 1031 tax exchange. Angelo also helped them secure financing.
In the new deal, Miniaci Enterprises, managed by Dominick Miniaci, sold the 18,535-square-foot retail building at 201-213 Fort Lauderdale Beach Blvd. for $32 million to TRD of Fort Lauderdale LLC, managed by Yaari and Avidor, Angelo said. Miami-based City National Bank of Florida provided a $17.88 million mortgage to the buyer.
The property was built on the 1-acre site directly across from the beach in the 1950s and 1960s, and owned by Miniaci for over 40 years.
The price equated to $1,726 per square foot of retail.
Angelo said Yaari and Avidor operate several restaurants are in the space, including Rock Bar and Spazio.
He noted that more developers have been picking up sites on Fort Lauderdale beach. In the other deal Angelo worked on this week, Yaari and Avidor sold the property at 419 S. Fort Lauderdale Beach Blvd. for $18.7 million to New York-based G Holdings, which has developed many hotels.
“It looks like Fort Lauderdale beach will finally have some serious upscale development,” Angelo said.