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Russell Galbut Of Crescent Heights Acquires Development Site In Miami Beach For $15M

Property Image
SOLD
$15,000,000
RG
Charles W. Scharf

Florida

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Development Site58,511 SF
Sold
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Property Image
SOLD

Russell Galbut Of Crescent Heights Acquires Development Site In Miami Beach For $15M

1901 Alton Road

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Development Site58,511 SF
Sold
RG
Charles W. Scharf
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$256
Total Square Footage:58511 SF
Transaction Type:Sale

A 1.27-acre development site located at 1901 Alton Road in Miami Beach was sold for $15 million. The property includes a 6,654 square foot bank building that is set to be demolished. The new development will feature a 53,391 square foot, four-story Whole Foods market.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $15,000,000
  • Address: 1901 Alton Road
  • Market: Miami Beach
  • Asset Size: 1.27 acres
  • Buildable Square Footage: 58,511
  • Price Per Square Foot: $256
  • Buyer: Russell Galbut - Crescent Heights
  • Seller: Charles W. Scharf - Wells Fargo

This transaction involved Russell Galbut, who leads Crescent Heights, acquiring the property from Charles W. Scharf, representing Wells Fargo Bank. The deal highlights the ongoing development initiatives within the Miami Beach market.

Players

RG
Russell Galbut
20 deals$1.1B volume
BUYER
CH
Crescent Heights
BUYER
Charles W. Scharf
Wells Fargo
Charles W. Scharf
9 deals$892.3M volume
SELLER
Wells Fargo
Wells Fargo
SELLER

Details

SOLD
IMAGE: Charles W. Scharf & Russell Galbut DATE: 06/27/2025 ADDRESS: 1901 Alton Road MARKET: Miami Beach ASSET TYPE: Development Site ~ ACRES: 1.27 BUYER: Russell Galbut (@RussellGalbut) - Crescent Heights (@CrescentHeights) SELLER: Charles W. Scharf (@Charles_w.Scharf) - Wells Fargo (@WellsFargo) SALE PRICE: $15,000,000 SF: 58,511 ~ PPSF: $256 NOTE: Crescent Heights, led by Russell Galbut, acquired a 1.27-acre development site at 1901 Alton Rd in Miami Beach from Wells Fargo Bank for $15 million. The site includes a soon-to-be-demolished 6,654 SF bank building and is slated for a new 53,391 SF, four-story Whole Foods.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$799,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83