JBL Asset Management Buys Quadro Retail Condo Near Design District

JBL Asset Management has paid $17.3 million for the ground-floor retail condo at Quadro, a 407,498-square-foot residential tower at 3900 Biscayne Boulevard just east of the Miami Design District, according to Commercial Observer. The Hollywood-based buyer picked up 25,504 square feet of occupied retail space from Alta Developers, which completed the 200-unit building in 2019.

Why it matters

The sale hands JBL a leased, income-producing retail block anchored by The Shade Store, furniture retailer 7th Avenue and plumbing supplier Waterworks, rather than a ground-up bet on the corridor. It is also Alta Developers’ exit from the commercial piece of a project it has owned since delivery, freeing the original builder from managing retail while a specialized shopping center operator takes over leasing. JBL, founded by Jacob Khotoveli, already runs roughly 4.7 million square feet nationally and seven shopping centers across Miami-Dade, Broward and Palm Beach counties, making this a bolt-on to an existing South Florida retail platform rather than a market entry.

The numbers

JBL paid $17.3 million for the 25,504-square-foot condo, a price that pencils to approximately $678 per square foot. The building itself totals 407,498 square feet across 200 residential units. JBL is now marketing the last available block in the retail component, a 2,358-square-foot suite, as its own listing rather than folding it into the acquired footprint.

What’s next

JBL’s next move is leasing up the remaining 2,358-square-foot suite to complete the retail roster at Quadro. Representatives for both Alta Developers and JBL did not respond to requests for comment on the transaction, according to Commercial Observer, leaving deal terms beyond price and square footage undisclosed. The purchase adds another line to JBL’s South Florida retail count as the firm has also closed a $42.5 million Miami-area office-retail complex and a $25 million Broward shopping center in recent months.