Limestone Asset Management Purchases PLANTA Property in Miami Beach for $12 Million
Miami-based Limestone Asset Management purchased the 9,148-square-foot (0.21-acre) flagship property of restaurant PLANTA on April 29 for $12 million. Completed as a 2018 built-to-suit and the first PLANTA in the state of Florida, the 7,835-square-foot-building is located at 850 Commerce Street, Miami Beach, FL, 33139 in the affluent South of Fifth neighborhood. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
Kevin Sanz of Orion Real Estate Group represented the buyer, Limestone Planta, LLC. Alex Sharrin of JLL represented the seller, Commerce Street Properties, LLC. First National Bank of South Miami is providing financing.
PLANTA, a David Grutman project led by Founder and CEO Steven Salm and Co-founder and Executive Chef David Lee, is Miami’s premier location for innovative plant-based fine dining. Its goal is to expand the acceptability, enjoyment, and celebration of the power of plants. The restaurant’s owners are the lessees and will remain in the building until 2028.
Champions of plant-based living for better health, community, and the planet, the restaurant has locations in New York, Toronto, and Maryland, in addition to Florida, with plans of expansion in Chicago and California. Additionally, PLANTA offers nationwide delivery of its plant-based signature dishes, desserts, condiments, and sauces.
“PLANTA is a unique restaurant concept, and we are excited to purchase their flagship property located in the South of Fifth neighborhood,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Rarely do opportunities present themselves in this neighborhood. A block from Joe’s Stone Crab, one of America's most iconic restaurants, is a place every landlord would love to be.”
Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.
About Limestone Asset Management: Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. For more information, visit https://orionmiami.com/our-affiliates/.
About Orion Real Estate Group: Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Its headquarters are located at 200 S. Biscayne Blvd, 7th floor, Miami, FL 33131. For more information, visit https://orionmiami.com/ or call (305) 278-8400 or 1-888-255-4502.