MIAMI-Although Dacra is dominating the commercial real estate scene in Miami’s revitalized Design District, one entrepreneurial investor is making a run for a mini-assemblage of property. An undisclosed buyer just snapped up a 5,000-square-foot outdoor restaurant and adjacent 5,500-square foot indoor nightclub for $5.5 million.

Metro 1Commercial represented the buyer in the purchase of 10-28 NE 40th St. This transaction follows several sizable sales acquisitions the buyer inked since the beginning of the year, totaling 60,000 square feet of commercial space valued at more than $15 million.

“There haven’t been too many sales in the Design District outside of what Dacra has acquired,” Tony Cho, president and CEO of Metro 1, tells GlobeSt.com. “Dacra is developing the neighborhood and has partnered to bring in a number of high-end fashion brands to the neighborhood.”

The Miami Design District is an 18-square block community just north of Downtown Miami, and 10 minutes from South Beach and the airport. The market is fast becoming the center of the home furnishings and interior design industry in South Florida and has also attracted a number of art galleries, design and architecture firms. Most recently, the area has made headlines with announcements from luxury retailers including Louis Vuitton, Christian Dior, Fendi who are closing stores at the Bal Harbour Shops and opening in the Design District.

“The Design District continues to maintain its position as a top-shelf investor market,” Cho says. “While all eyes are on the Design District, investors and high-end fashion brands have quietly turned their attention to adjacent emerging urban core markets including the Biscayne Corridor, Wynwood, and Midtown where we’re seeing lease rates continue to rise.”