Miami — El Paso, Texas-based River Oaks Properties (ROP) has acquired a 5,875-square-foot retail property located at 111-115 NE 40th St. in Miami’s Design District for $27 million. Luxury luggage manufacturer Rimowa and footwear brand Birkenstock fully occupy the property on long-term, triple-net leases. Pegasus Investments Real Estate Advisory represented the buyer in the transaction. Jordan Gimelstein of Inhouse Commercial represented the seller, an affiliate of Harbor Group International. Akerman LLP’s Miami office served as legal advisor to ROP.
Miami’s Design District features a mix of high-end retailers including Louis Vuitton, Hermes, Bulgari, Chanel, Prada, Gucci, Saint Laurent, Tiffany & Co., Cartier, Moncler, Givenchy, Loro Piana and Dior.