ASG Equities Sells Miami Retail Properties for $14M to Luxury Developer Dacra

ASG Equities and Dacra, led by Craig Robins, have engaged in another transaction in the vibrant Miami Design District, known for its luxury shopping scene.

Property Sale Details

ASG Equities, based in New York, has sold two single-story retail properties to Dacra for a total of $14 million. These properties, located at 70 and 74 NE 40th Street, comprise 5,000 square feet, with 4,500 square feet available for lease. Tenants include the contemporary denim brand Ksubi and wallpaper store Orlean.

Previous Acquisition and Sales

ASG Equities had initially purchased these properties in 2015 for $14.6 million. This recent deal marks ASG Equities' third sale in the Design District within the last five months. Previously, they sold a neighboring building and a single-story retail property across the block for $18 million and $22 million, respectively.

Statement from ASG Equities

George Karnoupakis, head of ASG Equities' asset management, expressed confidence in the region's long-term potential, particularly highlighting the thriving nature of the Design District amid challenges faced by other submarkets. ASG Equities remains committed to the area.

Ongoing Involvement and Development

Despite the recent sales, ASG Equities, owned by the Gindi family, remains active in the Design District. They are currently developing Parterre 42, a sizable mixed-use project spanning 500,000 square feet in partnership with Helm Equities.

Expansion of the Design District

Under Dacra's leadership, the Design District continues to expand. The partnership, led by Craig Robins, acquired a portfolio of 15 retail buildings along Northeast 39th Street for $165 million two years ago. Notably, they have enlisted David Chipperfield, a recipient of the Pritzker Architecture Prize in 2023, to redesign the assemblage.