Pier 1 building in South Beach
A New York couple plunked down $22.5 million for a South Beach retail building occupied by Burger King and Pier 1 Imports, The Real Deal has learned.
Norton and Roslyn Nesis acquired the 1100 5th Street property in a transaction recorded on Thursday, according to Miami-Dade County records. The couple did not obtain financing for the purchase. Burger King’s existing lease runs until July 2016, while Pier 1’s agreement expires in 2019, with two five-year renewal options.
Gateway Development of Miami Beach is the seller. The company paid about $1.2 million for the property in 1994 and constructed the 18,000-square-foot building two years later. James Silvers is Gateway’s president.
Earlier this year, the City of Miami Beach considered paying $26 million for the property to potentially use as a transit hub for the proposed mass transportation system across Biscayne Bay. The city decided not to move forward in May after the site was appraised at $20 million.