Cabi Sells Miami Beach Office Building

An affiliate of Aventura-based Cabi Developers LLC has sold a Miami Beach office building for $15.13 million to help resolve its bankruptcy case.
Cabi 301 Commercial LLP sold the 301 Arthur Godfrey Road building to New Haven, Connecticut-based Netz Bonds Miami-HSBC LLC. Netz is a private company managed by Menachem Gurevitch, according to state corporate records.
The sale of the six-story office building closed March 21, according to Miami-Dade County records. Cabi 301’s Chapter 11 case was closed March 28.
HSBC Bank anchors the nearly 40,000-square-foot building, which is fully leased. The building is on a 1.07-acre site at the intersection of Arthur Godfrey Road and Pine Tree Drive, a stretch of Miami Beach known as “Bankers’ Row.”
HFF L.P. director Ike Ojala, senior real estate analyst Jorge Portella, senior managing director Hermen Rodriguez and executive managing director Manuel de Zarraga represented Cabi 301 in the sale.
“This offering attracted broad domestic and international investor interest,” Rodriguez said. “It confirms that buyers globally are seeking high-quality assets in the Miami market.”
The building last sold in March, 2006 for $16.5 million, according to FloridaCIE.
 
Source:  DBR