Potamkin Bros buys commercial property in Miami Beach for $10 million

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Alan and Robert Potamkin and the Estate at 1695 Alton Road in Miami Beach (The Potamkin Prize, BHS)

Auto dealership magnates Alan Potamkin and Robert Potamkin bought a potential commercial park in Miami Beach for $10.4 million.

A business managed by the brothers purchased a parking lot at 1683 Alton Road and an adjoining one-story commercial building at 1695 Alton Road near Lincoln Road, according to records. Alan Potamkin and Robert Potamkin are co-chairs of the Miami Lakes-based Potamkin Automotive Group, which owns 24 auto dealerships across the United States

The seller, Sanel, a company managed by North Miami resident Eleonora Zocco, paid $8.1 million for the two properties in 2012, records show. The plots total 15,000 square meters. The 4,940-square-foot building was completed in 1999 and renovated in 2012.

Rich Tallman of Habitare International Realty represented the seller and Marc Chasin of Urban Central Realty Advisors represented the Potamkins.

Chasin referred questions about the buyers’ plans for the site to the Potamkins. The brothers did not respond for comment.

The building was leased to a BankUnited branch until last year, when the bank decided not to renew its lease, Tallman said. The seller decided to put the properties on the market at a price of $10.7 million, he added.

The plots are designated for mixed-use development. To market the site, Tallman hired an architect to create conceptual representations of what could be built. A brochure shows a four-story building with retail on the ground floor, a garage on the second floor, short-term rental units on the third and fourth floors, and two restaurant spaces also on the fourth floor.

“It was marketing technique thinking [the site] would be a development opportunity,” Tallman said. “Most of the calls I received were from local developers and local bigwigs.”

The seller liked the Potamkins’ offer best, Tallman said. “We came to a meeting of spirits that was joyful for everyone,” he said. “And [Alan and Robert Potamkin] are great for doing business.”

The building and parking lot are on the corner of 17th Street and Alton Road, one block off Lincoln Road. The properties are also about a block south of a development site on Alton Road where Miami Beach developer Ronny Finvarb had planned to build a 36-key boutique hotel. However, Miami Beach approved a zone overlay district in the Sunset Harbor neighborhood that prohibits new hotel development.

The sites are also near a renovated office building on Meridian Avenue, off Lincoln Road, recently acquired by Juan Jose Zaragoza with Miami-based real estate fund manager Exan Capital for $26.5 million.

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