Electra America Acquires Retail Property In Cutler Bay For $34M

Electra America, led by Joe Lubeck and BH Group, has acquired a retail property in Cutler Bay, located at 20505 South Dixie Highway. The asset spans across 15 acres, providing ample space for retail operations. The transaction was facilitated by brokers Michael Fay and John Crotty from Avison Young. The sale price for the property was reported at $34,000,000, with a total square footage of 130,000 and a price per square foot of $262. The seller of the property was Seritage Growth Properties, represented by Andrea Olshan.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $34,000,000
• Address: 20505 South Dixie Highway, Cutler Bay
• Market: Cutler Bay
• Acres: 15

The involvement of Joe Lubeck and the BH Group as buyers highlights their interest in expanding their real estate portfolio. Seritage Growth Properties, led by Andrea Olshan, made the decision to sell the property. The successful transaction demonstrates the capabilities of brokers Michael Fay and John Crotty from Avison Young, who represented the parties involved. This acquisition presents an opportunity for Electra America to further establish its presence in the retail market in Cutler Bay.