PLANTA South Beach retail building sells for $12M
JLL Capital Markets closed the sale of the building that houses the upscale, plant-based restaurant concept in Miami Beach, Florida
MIAMI, May 5, 2022 – JLL Capital Markets announced today it has closed the $12 million sale of a 7,835-square-foot retail building net leased to upscale vegetarian restaurant PLANTA South Beach in Miami Beach, Florida.
JLL marketed the property on behalf of the seller, Commerce Street Properties LLC. Limestone Asset Management acquired the asset.
PLANTA is Miami’s premier location for chef-driven, innovative plant-based fine dining that offers a sustainable and locally sourced menu. The building was built-to-suit in 2018 as the flagship South Beach location and first PLANTA in Florida. The restaurant’s popularity led to two other Miami-area locations.
The restaurant is situated on 0.21-acre site at 850 Commerce St. in an elite part of South Beach. The property is located between Alton Road and Washington Avenue within South of Fifth, also known as SoFi, a dense restaurant corridor that has become a hotspot for luxury residential and hospitality and one of the premier restaurant destinations in the world.
According to JLL Research’s recently released Food & Beverage Report, Consumers are hungry for novel and fun experiences when they dine out. The growing demand for experiential dining is spurring live music, global and chef-driven cuisine and the rebirth of “eatertainment.” The Sunbelt region especially has seen outstanding recovery rates from the pandemic, particularly for Florida and Texas markets.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Alex Sharrin, Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle and Director Alex Geanakos.
“Few assets ever trade in Miami Beach’s ultra-luxury and highly coveted ‘South of Fifth’ neighborhood, featuring some of the nation’s highest-grossing restaurants,” Sharrin said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.