Business Newsflash

Real estate firm opens 6,000-square-foot office in Miami Beach’s Lincoln Road

A newly formed private equity and commercial real estate firm that focuses on single-tenant retail properties has leased about 6,000 square feet of office on South Beach’s Lincoln Road.

Stax Equity moved into the sixth and seventh floors in the Van Dyke Building at 846 Lincoln Road in December 2022. The firm currently employs 11 full-time independent contractors and will hire 14 more later this year in the roles of real estate, finance, investments, operations, design and marketing, said Michael Salafia, Stax Equity’s founder and managing director.

“Several of Stax Equity’s employees are graduates from South Florida schools and the company will continue to hire from these schools starting with interns this summer,” Salafia said. Formed in November, Stax Equity has already acquired and invested $100 million in acquiring and improving single retail properties across the U.S., said James Irvine, Stax Equity’s head of investor relations. The properties are acquired with private equity clients and later sold to investors in mostly off-market deals.