River Oaks dives into Miami Design District with $27M retail buy

Nine months after planting a flag in South Beach, River Oaks Properties is now staking its place in the Miami Design District.  An affiliate of El Paso, Texas-based River Oaks, led by President Adam Frank, paid $27 million for a retail building at 111 Northeast 40th Street, records show. The property features two storefronts leased to shoemaker Birkenstock and luggage shop Rimowa. The deal breaks down to nearly $3,800 a square foot for the two-story building that spans 7,106 square feet. It was completed in 2014. The property sold for $5.5 million above the previous sale price nine years ago. […]This article originally appeared on The Real Deal. Click here to read the full story.