Michael Shvo Acquires Property From Two Entities Led By Robert Shor For $39.3M

The property assets involved in this transaction are located at 1656 to 1680 Alton Road, Miami Beach, FL, 33139, within the Miami Beach market. The total transaction price was $39,300,000. The buildings, totaling 50,814 square feet, include an adjacent 0.2-acre parking lot at 1677 West Avenue, making the overall lot size 60,000 square feet. The acquisition consists of a commercial strip that formerly housed the Epicure Gourmet Market & Café, which closed in 2017, and includes a space previously occupied by Ace Hardware.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $39,300,000
• Address: 1656 to 1680 Alton Road, Miami Beach, FL, 33139
• Market: Miami Beach
• Buyer: Michael Shvo
• Seller: Two entities led by investor Robert Shor
• Seller's Representative: John Crotty, Avison Young
• Total Lot Size: 60,000 square feet
• Former Use: Epicure Gourmet Market & Café
• Additional Space: Ace Hardware

An entity tied to Michael Shvo has acquired the aforementioned properties with redevelopment plans for a 250,000-square-foot project that will include office and retail space. The seller was represented in the transaction by John Crotty from Avison Young. The deal marks Shvo's continued investment in South Florida, following previous acquisitions in 2019.