Corner property could be redeveloped into mixed-use retail, office, hotel and resi

1920 Alton Road and Phil Gutman (Google Maps)

The owner of Sunset Juice Cafe and other restaurants in Miami Beach wants to sell his Sunset Harbour property for $24 million.

The corner building, at 1920 Alton Road, is home to the Sunset Juice Cafe, Rosinella Market and Anatomy Gym. Restaurateur Tonino Doino, who owns both Sunset Juice and Rosinella, is listing it with Brown Harris Stevens Miami, led by Phil Gutman.

Gutman said Doino’s restaurant and market could remain in place, depending on who purchases the property, though the building has attracted other leasing interest. Anatomy has several years left on its lease.

“We had an enormous amount of interest in the retail, but the owners chose to put that on pause because they want to see what a potential buyer would offer,” Gutman said. He added that investors are looking for “safe bets with tangible assets” as opposed to investing in the stock market, which has been volatile since March.

The lot could be redeveloped into a hotel, office, residential or mixed-use project, Gutman said.

Sunset Juice Cafe is a Sunset Harbour mainstay. The building, which was renovated in 2014, is near the Alton Road entrance to the popular Miami Beach neighborhood. The 25,600-square-foot property last sold to Doino’s Miami Avenue HoldCo LLC in 2011 for $3.5 million.

Last year, Doino’s company sold a property in Allapattah to CenturyLink for $18.75 million.

Sunset Harbour may also see some changes in the near future. The Miami Beach City Commission is set to consider a ban on chain, or “formula,” restaurants and stores in the neighborhood next month.

Two years ago, developer Scott Robins and former Miami Beach Mayor Philip Levine sold a seven-building portfolio in Sunset Harbour for nearly $69 million to a North Carolina investment firm. Tenants there include Lucali, Flywheel Sports, Barry’s Bootcamp, Panther Coffee, Icebox Café and Stiltsville.

Source: https://therealdeal.com/miami/2020/08/24/italian-restaurateur-lists-sunset-juice-cafe-property-for-24m/