Bel Air Crest LLC, a company tied to real estate firm Knickpoint Ventures, plans to develop a mixed-use property in Miami’s Upper East Side that will include self-storage and retail. The property at 7865 N.E. 10th Ave. is in the MiMo District, an art and entertainment area that has become a target for developers in recent months, according to the source.
The five-story facility will comprise 120,000 square feet of storage as well as 3,000 square feet of retail space. Bel Air secured a $13.75 million loan from Florida Community Bank. The company paid $840,000 for the 29,000-square-foot lot in 2003, the source reported.
New York-based Knickpoint Ventures was founded this year by Matt Sprayregen and Zain Koita. Sprayregen is CEO of real estate firm Rising Development Co. LLC and Tuck It Away Associates LP, which owns and operates 17 self-storage facilities in New York City. He was formerly with BBH Capital Partners, a private-equity fund based in New York. Koita is a former development executive with Related Cos.
Sources:
- LinkedIn: Matt Sprayregen
- The Real Deal: New York Firm Scores Loan for Project in Miami’s Upper East Side
