River Oaks Properties, a real estate firm based in El Paso, Texas, has expanded its presence in South Florida with the purchase of a retail building in the Miami Design District. The company paid $27 million for the property at 111 Northeast 40th Street, according to public records. The two-story building, completed in 2014 and spanning 7,106 square feet, houses tenants Birkenstock and Rimowa.
The acquisition price amounts to nearly $3,800 per square foot. This marks an increase of $5.5 million over the last sale price nine years ago. The seller was an affiliate of Harbor Group International from Norfolk, Virginia, led by T. Richard Litton, Jr., which had acquired the property for $21.5 million in 2016.
Jordan Gimelstein of Inhouse Commercial represented the seller in this transaction, while Pegasus Investments acted on behalf of River Oaks Properties. Legal counsel for River Oaks was provided by Akerman.
This is not River Oaks’ first investment in Miami-Dade County’s retail market. In January, the company purchased a commercial building leased to Catch restaurant in Miami Beach’s South of Fifth neighborhood for $28 million from investor Robert Rivani.
River Oaks began investing in South Florida properties in 2022 when it bought Shop Delray—a grocery-anchored shopping center—for $25.5 million. Founded in 1959, River Oaks now owns more than 190 shopping centers and single-tenant retail properties across its portfolio.
The Miami Design District continues to attract significant real estate activity. Last month saw Ponte Gadea—the family office of Spanish billionaire Amancio Ortega—acquire Atlas Plaza at 130 Northeast 40th Street for about $110 million; tenants there include Rolex and Michael’s Genuine restaurant. In July, jeweler Ildico purchased another two-story retail property at 3800 Northeast Second Avenue for $35 million; tenants include Listone Giordano and luxury retailers L’Atelier Paris Haute Design and CNCPTS Miami.
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