River Oaks Properties, based in El Paso, Texas, has expanded its presence in South Florida with the purchase of a retail building in the Miami Design District. The company paid $27 million for the property at 111 Northeast 40th Street. The two-story building, completed in 2014 and spanning 7,106 square feet, houses tenants Birkenstock and Rimowa.
This acquisition marks River Oaks’ second major purchase in Miami within a year. In January, the firm bought a commercial property leased to Catch restaurant in Miami Beach’s South of Fifth neighborhood for $28 million from investor Robert Rivani.
The seller of the Design District building was an affiliate of Harbor Group International from Norfolk, Virginia. That group had previously acquired the property for $21.5 million in 2016.
Jordan Gimelstein of Inhouse Commercial represented the seller during this transaction, while Pegasus Investments acted on behalf of River Oaks. Legal counsel for River Oaks was provided by Akerman.
Founded in 1959, River Oaks mainly focuses on retail properties in Texas but entered the South Florida market with its 2022 acquisition of Shop Delray shopping center for $25.5 million. The company now holds over 190 shopping centers and single-tenant retail sites across its portfolio.
The Miami Design District continues to attract significant investment activity. Recently, Ponte Gadea—run by Spanish billionaire Amancio Ortega’s family office—purchased Atlas Plaza nearby for about $110 million. Tenants there include Rolex and Michael’s Genuine restaurant. In July, jeweler Ildico purchased another fully leased retail building at 3800 Northeast Second Avenue for $35 million; tenants include Listone Giordano and luxury retailers L’Atelier Paris Haute Design and CNCPTS Miami.
