Harbor Group International (HGI) announced the sale of a fully leased retail trophy building in Miami’s Design District to River Oaks Properties for $27 million. Located at 111-115 NE 40th Street, HGI acquired the property in 2016 for $21.5 million.
The asset features two prime storefronts on Miami’s premier shopping corridor. Under HGI’s management, long-term tenants Rimowa and Birkenstock renewed leases in 2024, boosting the property’s value.
Lane Shea, HGI Managing Director, noted that targeted investments in high-profile locations like the Design District create long-term value. The sale underscores HGI’s strategy of optimizing assets in Miami’s luxury retail hub, between Downtown Miami and South Beach.