Miami-based Limestone Asset Management, through a joint venture with Orion Real Estate Group, closed on two high-end retail properties for $15.5 million at 362 St. Armands Circle and 371 St. Armands Circle. Ocean Bank, the largest independent state chartered commercial bank headquartered in Florida, is providing financing.; the total sale price for both properties was $15.5 million. The seller was represented by Mark Drazek and Ray Romano of CBRE’s Net Lease Property Group.
The property at 362 St. Armands Circle is comprised of three long-term tenants: Le Macaron, an authentic French pastry shop and sidewalk café at 362A; Breezin’ Up, which sells embroidered and silkscreened clothing at 362B; and Sahara, featuring women’s clothing, jewelry and accessories, at 362C. Tommy Bahama is currently located at 371 St. Armands Circle, the second property in the transaction.