EWM’s Allison Turk Closes $4.150 Million Sale Of South Of Fifth Commercial Property

5/20/17

Canadian buyer is converting the space into the first U.S. location for Impact Kitchen, a healthy, casual-style restaurant chain based in Toronto

EWM Realty International’s Allison Turk announced today the $4.150 million sale of a historic commercial property in the South of Fifth enclave of Miami Beach. The corner site, located at 161 Washington Avenue, will be converted into an Impact Kitchen restaurant -- the chain’s first foray into the U.S. market. The Toronto-based brand is known for its café-like atmosphere and diverse menu of fresh, gluten-free, locally-sourced dishes.

A Canadian national and co-founder of Impact Kitchen acquired the 4,987-square-foot space for $832 per square-foot. Turk represented the buyer in the transaction. The property, which sits on a lot measuring 6,000-square-feet, boasts 50 feet of prime frontage.

“This unique space is a well-sited offering in one of South Florida’s most heavily trafficked and lucrative locations – ideally positioned as a retail venture for significant net income growth,” said Turk, a top-producer for the brokerage firm. “The seller originally purchased the space in August 2013 for $2.15 million. It remained unoccupied without improvements for the following three and a half years. The subsequent uptick in value is indicative of the neighborhood’s desirability -- both as a dining and entertainment destination as well as a homestead for 88,000 permanent Miami Beach residents, and a large and growing contingent of seasonal residents. On top of this, many of Miami-Dade's permanent, 2.7 million residents are frequent visitors to this famed South Beach neighborhood.”

Shulman + Associates is overseeing the design of the Impact Kitchen space, which will have an industrial, artistic style, similar to its Toronto locations. In addition to implementing various upgrades and contemporary designs, the architects plan to utilize the building’s courtyard area as an outdoor dining venue and install a new roof trellis and clerestory, which will serve two purposes -- bolster the space’s visibility from the street and flood the interior with natural light.

“This site is filled with rich character, giving it an added edge and incredible curb appeal,” said Allan Shulman, principal of S+A. “We look forward to collaborating with the Impact Kitchen team to not only bring this distinct restaurant to the Miami Beach neighborhood, but to the U.S. market.”

The restaurant is slated to open in 2018. For additional information, contact Allison Turk at 305.674.4120, or email turk.a@ewm.com.

About EWM

Founded in 1964, EWM Realty International (EWM) is one of the largest real estate services firms in America. The full-service firm has 10 locations spread through Miami-Dade and Broward counties. EWM offers residential and commercial real estate services, corporate relocation, and international services, as well as home mortgage and title closing services through affiliated companies HomeServices Lending, LLC and Columbia Title of Florida.

EWM is the exclusive Miami-Dade and Broward Counties affiliate for Christie’s International Real Estate (CIRE), the leading and largest network of luxury, independent, real estate firms in the world, and a subsidiary of Christie's International PLC, the London-based art auction company founded in 1766. With more than 30,000 real estate professionals operating from 47 countries, the affiliate members of Christie’s market the finest residences around the globe. In addition to Christie’s, EWM is one of the principal owners of the Leading Real Estate Companies of the World (Leading RE), the nation’s largest real estate referral network, comprising more than 500 real estate firms and 140,000 associates marketing residential properties in 30 countries. Through joint alliances with their member firms, Leading RE provides home buying and selling services to families and individuals relocating throughout the world. EWM is also a member of the luxury division of Leading RE, Luxury Portfolio, which is a collection of 200 firms focused on the marketing of luxury properties throughout 28 countries.

EWM is a wholly owned subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate. HomeServices is the second-largest full-service independent residential real estate brokerage firm, and the largest settlement services provider, in the U.S. Through its affiliation with HomeServices of America, EWM is part of a real estate family of 25,000 sales associates spanning 21 states. For additional information, visit www.ewm.com.

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