Real Estate News

800 South Dixie Highway and Location Ventures ceo Rishi Kapoor (Location Ventures, Orduna Courts, Getty)

800 South Dixie Highway and Location Ventures ceo Rishi Kapoor (Location Ventures, Orduna Courts, Getty)

Location Ventures sold a luxury co-living building marketed towards University of Miami students.

Records show the company unloaded all 24 of the units in Orduna Court for $14.7 million through an LLC. The condo building is located at 800 South Dixie Highway. The buyer is Orduna Courts LLC, a Delaware Corporation, affiliated with Christian Giraldo and Paola David of Capital Brokers LLC and Cesar Hernandez of Zuma Consulting LLC.

Location CEO Rishi Kapoor transferred a $9.4 million loan to the buying entity, according to records. The original lender was Hunt Mortgage Capital, and the new lender is Orix Real Estate Capital, both Delaware LLCs.

Berkadia represented Location in the sale.

Kapoor bought each of the units in the five-story, 25,000-square-foot building one-by-one during 2017 and 2018, spending a grand total of $7.9 million on the assemblage. His Coral Gables-based company completed a whole-building renovation following the purchase in 2018, Bisnow reported.

The building was converted into a co-living model, providing furnished long-term rentals and extended stays. Short-term guests were required to stay a minimum of 15 days, and long-term rentals at least six months.

Location saw an opportunity to capitalize on much-needed housing for students at the nearby university, but flipping the property was the intended goal when the it was acquired, according to Kapoor.

Kapoor said experimenting with the business model in Orduna Court became the inspiration for his company’s co-living development arm Urbin.

“This was the prototype for everything we’re doing with Urbin,” he said. “We realized we were onto something with the extended stay, then we decided to launch an entire business division around the concept.”

The developer launched the division last fall, selling mostly to investors looking to participate in the lease-back program. Rates for bedrooms in the building’s co-living units started at $1,200, with micro-studios at $1,900.

Location is setting its sights on scaling Urbin outside of Florida. It raised north of $100 million for its goal of developing 100 branded co-living projects nationwide. Backers include David Martin of Terra and Coastal Construction’s Murphy family.

Co-living offers flexibility and affordability to tenants on the same per-bed strategy utilized by student housing business models. Big investors and real estate players are increasingly attracted to student housing. It’s highly lucrative and the units are in high demand.

Location has had a busy year in Coral Gables. It completed construction of the 39-unit luxury condo Villa Valencia earlier this summer. As of July it was 95 percent sold and had closed more than $100 million in sales.

The developer also got the ok from city commissioners on several regulation changes to a proposed 16-story Coral Gables condo building.


The post Location Ventures sells Coral Gables luxury student co-living building appeared first on The Real Deal South Florida.

 American Landmark founder and CEO Joe Lubeck (LinkedIn, Getty)

American Landmark founder and CEO Joe Lubeck (LinkedIn, Getty)

American Landmark Apartments bought a North Lauderdale rental complex for $60.5 million.

The Tampa-based multifamily operator paid nearly double the previous sales price for the 214-unit Glen at Cypress Creek at 1949 Cove Lake Road, records show. The buyer also assumed a $27.4 million mortgage with Berkeley Point Capital, and increased the loan amount by $5.3 million.

In 2016, the seller, affiliates of Palm Beach Gardens-based Priderock Capital Management, paid $36.5 million for the garden-style community completed in 1997.

For its latest acquisition, American Landmark paid $282,700 per apartment, an indicator that multifamily investors are still paying top dollar for rental properties in South Florida, where record demand has been met with record rent growth over the past two years.

Recently, Indianapolis-based multifamily real estate investment firm Birge & Held paid $55.1 million, or $315,000 per apartment, for a 175-unit apartment complex in Country Club, an incorporated neighborhood in Miami-Dade County. Also this month, AvalonBay Communities acquired two Miramar apartment complexes with a combined total of 650 units for $295 million.

The Fort Lauderdale market experienced a 16.2 percent jump in rent growth year-over-year, fourth highest in the nation behind Orlando, Miami and Palm Beach, according to a CoStar second quarter report.

Glen at Cypress Creek features a mix of one-, two- and three-bedroom apartments ranging from 760 square feet to 1,238 square feet, according to The website only lists the price for a two-bedroom unit at $2,075 a month.

Founded 25 years ago by CEO Joe Lubeck, American Landmark has owned and sold more than 150,000 rental units, according to the firm’s website. The company currently owns more than 32,000 units.

In December, American Landmark sold the 240-unit Beach Walk at Sheridan apartment complex in Dania Beach for $78.7 million. In April of last year, American Landmark bought a 223-unit garden-style rental community in Plantation for $58 million.


The post American Landmark pays $60.5M for North Lauderdale rental community appeared first on The Real Deal South Florida.

Chateau Group's Manuel Grosskopf with 901 South Ocean Drive

Chateau Group’s Manuel Grosskopf with 901 South Ocean Drive (LinkedIn, Google Maps)

Years after taking on the city and losing in appeals court, a partnership including Château Group’s Manuel Grosskopf has sold a Hollywood Beach site where it once hoped to build a 15-story condo.

An entity led by Ulvi Mammadov bought the 1.2-acre site at 901 South Ocean Drive for $15.5 million, or about $12.5 million per acre, from GSK Hollywood Development Group, according to records.

The land, which faces the Intracoastal Waterway, is approved for the development of 48 townhouses, each rising two- to three stories, according to a news release from Franklin Street, whose Greg Matus and Adam Tiktin represented the sellers.

Alternatively, the buyer could choose to develop a 15-story mixed-use building with residences on the site, although that would require a zoning variance.

GSK, a joint venture between Grosskopf’s Château and Sunrise-based K Group Holdings, had planned a 15-story condo on the parcel before Hollywood city commissioners down-zoned an area encompassing the site, reducing the maximum allowable height from 150 feet to 65. GSK sued the city in 2009 but lost in appeals court.

Aside from Grosskopf, who leads Aventura-based Château, GSK Hollywood is managed by K Group chairman Joseph Kavana and executive Michael Besso, and Château’s Walter Fischer and Daisy Sotolongo, state corporate records show.  GSK paid $3.9 million for the land in 2002.

Hollywood has seen some real estate development and investment sales activity in recent months. In June, the Estate Companies, based in South Miami, scored an $80 million construction loan for an eight-story, 324-unit apartment building under Estate’s Soleste brand at 2001 Hollywood Boulevard in June.

In May, the supermarket chain Publix, which is increasingly getting into real estate development, paid $12.8 million for a site at 3100 South Ocean Drive, which also faces the Intracoastal. The Lakeland-based chain can build a 30,000 square-foot store with a boat dock under current property entitlements.


The post Hollywood site of derailed condo project trades for $15.5M appeared first on The Real Deal South Florida.

Related's Stephen Ross and Bruce Beal and the Hard Rock Stadium in Miami Gardens (Google Maps, Getty)

Related’s Stephen Ross and Bruce Beal and the Hard Rock Stadium in Miami Gardens (Google Maps, Getty)

Stephen Ross is calling an audible and passing over Bruce Beal as heir apparent to the Miami Dolphins.

Punting earlier plans, the Related Companies chairman and majority owner of the Dolphins since 2009 now intends to leave the team to his daughter, Jennifer Ross, after his death, Sports Business Journal reported.

Beal, Related’s president and a vice chairman of the Dolphins, had been considered Ross’ successor since 2016, when owners of the NFL’s other 31 franchises approved a plan that gave him first dibs on purchasing the team should Ross either die or decide to sell. Jennifer Ross already owns a minority stake in the franchise.

The change in plans, reportedly in the works for a few months and not yet finalized, was revealed a week after the NFL punished Ross and Beal for violating the league’s anti-tampering policies in their efforts to recruit Tampa Bay Buccaneers quarterback Tom Brady and New Orleans Saints head coach Sean Payton. A source told SBJ that Ross’ decision to keep the Dolphins in the family was not related to the tampering probe.

Ross and Beal jointly declined to comment, according to a Related spokesperson.

The NFL suspended Ross through mid-October and fined him $1.5 million, while Beal was fined $500,000. The team was also stripped of its 2023 first-round draft pick and its third-round draft pick in 2024. NFL commissioner Roger Goodell said at the time that investigators found tampering violations of “unprecedented scope and severity.”

Despite the 2016 succession plan, Beal would still need to be approved by league owners before taking a controlling stake in the team. The NFL’s investigation and punishment could complicate that vote.

The investigation began in February, when former Dolphins coach Brian Flores sued the NFL, alleging racist hiring practices and accusing Ross of offering to pay the coach to lose games and improve the team’s draft position. Ross denied the allegations as “false and malicious.”

Beal has worked for Ross since 1995, according to Related’s website. The New York-based development firm has been ramping up in South Florida, with major projects in the works from Miami to West Palm Beach. Ross also owns a minority stake in Jorge Pérez’s Related Group, a mega condo developer based in Miami. Perez is also a vice chairman of the Dolphins.

– Katherine Kallergis


The post Steve Ross to leave Dolphins to daughter, not Bruce Beal: report appeared first on The Real Deal South Florida.

From left: Sandra Fiorenzo and Heinrich Von Hanau with 1003 and 1004 Links Estates Drive

From left: Sandra Fiorenzo and Heinrich Von Hanau with 1003 and 1004 Links Estates Drive (Sandra Fiorenzo)

More than a year ago, Sandra Fiorenza and her husband Randall heard about Heinrich Von Hanau’s Fisher Island Links Estates development and knew they wanted in.

“We said, ‘Okay, here’s the money. We want to be a part of this,’” Sandra Fiorenza, a broker with One Sotheby’s International, recalled.

The couple closed on a $13 million deal with Von Hanau, an old friend, to buy 0.7 acres on two adjacent Links Estates lots, The Real Deal has learned. They are among the last developable sites on the entire island, one of the most exclusive and wealthy enclaves in the U.S.

The lots addresses are 1003 and 1004 Links Estates Drive, which is a new road on the island. They are adjacent to the golf course on the west side of the island, at the original 68 Fisher Island Drive address.

Von Hanau initially planned to develop all 12 lots at the Links Estates site himself, but in addition to the two he sold the Fiorenzas, he sold another two to an unnamed Brazilian buyer, according to Fiorenza. The unnamed buyer picked up the lots at 1001 and 1002 Links Estates Drive and intends to build a Raffael Portundo-designed home, she said.

Fiorenza expects her 20,000 square foot dream home to complete construction in 18 to 24 months. The couple is using the same contractor as Von Hanau, ASR Construction, because of the crew’s familiarity with Fisher Island’s logistical challenges, she said.

The Fiorenzas are building to occupy, but not opposed to selling under the right circumstances.

Von Hanau will develop the remaining eight lots as 10,000 square foot spec estates. According to Fiorenza, Von Hanau is asking $3,600 per square foot, putting the starting price of the homes at $36 million. Sales for the spec mansions started earlier this summer, and the first one is expected to be completed in 2025.

The single-family homes at Links Estates break step with Von Hanau’s other developments on the island, which include the condo buildings Palazzo Del Sol, Palazzo Della Luna and Palazzo Del Mare. Demand for larger single-family homes surged during the pandemic, when shutdowns and remote work increased the demand for more space.

The Links Estates project received approval in late 2020, at the same time Von Hanau got the green light for a 10-story, 57-unit condo building at 6 Fisher Island Drive.

Von Hanau has been in contract with Related Group to sell the condo site since last October, following an unsuccessful legal play by three island residents to shut the project down.


The post Heinrich Von Hanau sells two Links Estates lots for $13M appeared first on The Real Deal South Florida.

Terra Group's David Martin and the CentroCity project at 3825 Northwest 7th Street (Terra Group, Getty)

Terra Group’s David Martin and the CentroCity project at 3825 Northwest 7th Street (Terra Group, Getty)

Terra’s CentroCity mixed-use development in Little Havana scored $230 million to finance construction.

Athene, an affiliate of Apollo Global Management, provided a senior loan and Mack Real Estate Credit Strategies contributed a mezzanine component, according to a press release. The financing was arranged by Walker & Dunlop.

Terra, led by CEO David Martin, will use the capital to begin the first phase of an ambitious project on a 39-acre retail site at 3825 Northwest 7th Street, which is adjacent to Magic City Casino. In addition to repositioning an existing strip mall, Terra plans to build a 470-unit apartment complex with three buildings and 50,000 square feet of office and retail space on an outparcel.

Designed by RSP Architects, the revamp of the Centro Shopping Plaza will be 350,000 square feet of newly built retail and restaurant space. Target also signed an anchor tenant last year for a 100,000-square-foot store that was previously occupied by Kmart.

In a statement, Martin said construction is underway and phase one is slated for completion in 2024. Terra secured favorable construction financing due to the growing demand for urban infill projects and market-rate housing in Miami, Martin said.

Subsequent phases of the new development will include up to 1,200 multifamily units across seven eight-story buildings, as well as a 250,000-square-foot office building, 3,145 parking spaces and a charter school. The multifamily, office and school components are being designed by Arquitectonica.

CentroCity won city approvals last year. Terra acquired the property for $28.6 million in 2020 from HayDay Inc., a company managed by Magic City Casino owners, the Havenick family, records show. HayDay retained a small stake in the property.

Terra is involved in several high-profile projects in South Florida. In January, Mack Real Estate loaned the developer $141 million to build a mixed-use project in Bay Harbor Islands consisting of residential units, as well as offices and retail. Last year, Terra paid $31.5 million for the development site where the sellers had previously won approvals for 90 residential units, 98,800 square feet of office, and 14,900 square feet of commercial space.

Terra is also partnering with Russell Galbut’s GFO Investments to develop Five Park, a 519-unit condominium tower in Miami Beach. Last year, the joint venture secured a $345 million construction loan.

Terra faced accusations of contributing to the partial collapse of Champlain Towers South in Surfside that killed 98 people in June of last year. The condominium was next door to Eighty Seven Park at 8701 Collins Avenue, a new residential tower co-developed by the company.

Construction of Eighty Seven Park caused Champlain Towers South to shake months before the deadly tragedy, according to lawsuits filed against Terra’s development entity 8701 Collins and other defendants.

The insurer for 8701 Collins, the Terra-led entity that developed Eighty Seven Park, will pay $28 million as part of a $1 billion settlement for survivors and relatives of the victims.


The post Terra’s CentroCity Little Havana project nets $230M in financing appeared first on The Real Deal South Florida.

Clockwise from top left: a Bugatti Chiron; Drake; a “Madsummer” yacht; Manny Khoshbin’s 70,000-square-foot property; and the Four Seasons Hotel in Lanai

Remember the bad old days in New York? The 1970s had the city on the precipice of fiscal ruin, but a mouthy tax attorney named Steve Ross bet big on the metropolis that many landlords were ready to give up on.

Ross’ Related Companies was part of a class of modern-day real estate titans that would emerge from those ashes, but once you’ve transformed the skyline of a city often described as the capital of the world, what else is there to do? With a net worth of $4.5 billion and a place in real estate lore, Ross thought he’d buy himself a football team.

A decade after Ross spent more than $1 billion to acquire the Miami Dolphins, America has entered a new era of property titans. Real estate’s elite have always loved shiny toys and flashy parties. Now, some of the richest among them are turning the world into a playground for the ultra-wealthy.

Year of the yacht

In the rich folks’ toy box, the superyacht is nothing new. What is new is an unprecedented surge of purchases. Some 887 of them were sold last year, almost double the number sold in 2020, leaving the wealthy to contend with a shortage and seemingly endless waiting lists. 

But before taking a look at the boats of the yachted gentry, let’s consider the yachtless among us — including Linda Macklowe, who lost hers in her divorce from 432 Park Avenue developer Harry Macklowe. 

When the former couple couldn’t agree on the value of their art collection, accrued over the course of their marriage, a judge decided it should be auctioned off. After the second round of bidding in May, it brought in a record $922.2 million.

You can split money in half. You can’t split a boat. Long rides on the yacht, named “Unfurled,” were once a passion the Macklowes shared. “Unfurled“ now belongs to Harry.

While some go for the latest and greatest, luxury spec home developer Todd Michael Glaser’s tastes skew more vintage. Glaser and his 62-foot “Sea Tabby,” built in 1938, have been together for nearly 12 years. It still has all the original furniture, along with three state rooms and a full kitchen.

Florida kingpin Jeffrey Soffer is willing to share his superyacht, “Madsummer” — for $1.6 million a week, according to a rental listing. NFL legend Tom Brady and his supermodel wife, Gisele Bundchen, were spotted on it last year.

At that price, “Madsummer“ may be the superyacht to end all superyachts. It boasts a beach club, helipad, daycare center, spa and indoor and outdoor cinemas — a “floating mansion” in every sense of the word.

Ostentatious bashes and personal playgrounds 

Brady hasn’t just taken Soffer’s yacht for a spin — he’s next-door neighbors with the developer on Indian Creek, a 300-acre Miami island where other high-profile residents have included models Adriana Lima and Soffer’s ex-wife, Elle Macpherson, as well as Ivanka Trump and Jared Kushner.

Oracle co-founder Larry Ellison is playing landlord to the people of Lanai, the Hawaiian island he bought 98 percent of in 2012 for $300 million. 

Ellison moved to Lanai full-time during the pandemic, and he’s quickly turning it into a playground for other big-name billionaires such as Elon Musk and Tom Cruise, who fly or sail in, coming and going as they please.

Ellison also owns Lanai’s grocery store, gas station, newspaper and the Four Seasons resort, which employs most of the island’s population.

Expensive boats and private islands are nice, but there’s nothing like a party. Anyone in the industry can tell you that real estate wealth shines most when the elites put on a night to remember.

New York retail magnate Jeff Sutton reportedly spent $25 million on his daughter’s wedding in Puglia, Italy, including $5 million on chartered jets to transport guests (Editor’s note: Sutton claims it was $12 million for the wedding and $1 million for air travel). When the big day came, the billionaire father of the bride made a grand entrance in a horse-drawn carriage.

For his daughter’s bat mitzvah at the Rainbow Room in 2016, developer Ben Ashkenazy hired rapper Drake, who performed his then-hit song “Hotline Bling.”

The old guard and the new

Cars aren’t just a way to get from A to B. Glaser loves his antique cars, especially his old Ferrari and Land Rover, and he relishes early morning drives on the weekend.

Blackstone CEO Stephen Schwarzman, who said his father was always happy with just two cars, has a Porsche 911, an Audi A4, a Mini Cooper and a BMW 645 CI that goes from 0 to 60 in 5.6 seconds. 

These collections are impressive to most, but they’re modest compared to that of Southern California real estate tycoon and social media sensation Manny Khoshbin.

The Khoshbin Company specializes in retail and office properties, although you wouldn’t know it from Khoshbin’s internet presence. The super car connoisseur’s YouTube channel is all automotive content, the thumbnails a gallery of his many expensive rides — so many, in fact, that last year he bought a 70,000-square-foot property to store them. 

The “House of Khoshbin” is a palatious monstrosity of mirrored walls, Roman columns and gilded murals of cherubs on every floor. The garage is still unfinished, but it will house Khoshbin’s Bugattis, Porsches and the rest of his fleet.

In an industry where showy displays of wealth are the norm, fleets of sports cars or superyachts make for a great flex. But some billionaires prefer not to showboat. 

West Coast developer John Sobrato, who spends up to 18 weeks out of the year on his yacht, said he sees it not as a luxury asset but as an extension of his home. 

We’ve had the same boat now for 17 years, which is unheard of in the industry,” he told the Nob Hill Gazette in a 2019 interview.

Larry Silverstein’s elusive, 175-foot “Silver Shalis” tends to generate local headlines when it makes a rare appearance. It was spotted in Maine last summer, and it popped up in Fort Lauderdale in January.

The Silver Shalis is an oasis of luxury, with a glass elevator, a swimming pool, a dining area and an art collection. Silverstein purchased it in 2010, reportedly for more than $30 million. 

Asked by TRD about the yacht’s price in a 2011 interview, Silverstein demurred.

That’s irrelevant,” he said.

The post Yachts, parties and private islands: The indulgences of real estate’s richest appeared first on The Real Deal South Florida.

Gatsby Enterprises' Babak Ebrahimzadeh with 25 and 45 Northeast Second Avenue, as well as at 220 Northeast First Street

Gatsby Enterprises’ Babak Ebrahimzadeh with 25 and 45 Northeast Second Avenue, as well as at 220 Northeast First Street (Loopnet, LinkedIn)

Gatsby FL’s Nader Shalom and Babak Ebrahimzadeh bought a retail and office plaza in downtown Delray Beach for $30 million.

The duo, through an affiliate, bought the four-building, 50,000-square-foot complex at 25 and 45 Northeast Second Avenue and 220 Northeast First Street from Janet and Tim Onnen, according to records.

Southdale Properties’ Laura Allen and Cecelia Boone represented the sellers in the off-market deal. The 2.5-acre complex is formally known as Ocean City Lumber Company, an homage to its history as an early 20th century lumber yard. Some of the structures date back to 1925.

The plaza is almost fully leased, with some office vacancies, Boone said. Tenants include Bru’s Room Bar & Grill, El Camino restaurant and PurLife Cafe.

The Onnens have renovated some of the buildings since assembling the properties in the 1980s and early 1990s, according to Boone. The plaza’s overhaul included a railroad motif, as the property is just west of train tracks. The site contains a renovated historic train depot, according to the website for general contractor BAS Construction, which did the restoration.

Janet Onnen is the daughter of Larry Meisner, founder of Boca Raton-based electrical contractor Meisner Electric. The Onnens acquired the company’s Florida operations from Larry Meisner in 1983, according to its website.

It’s the latest in a series of South Florida real estate purchases by Gatsby since 2019.
Shalom, who also goes by Nader Ohebshalom, leads New York-based Gatsby Enterprises, while Ebrahimzadeh is president of its Florida arm, Gatsby FL. Ebrahimzadeh also leads the real estate investment firm Master Mind.

Earlier this month, Gatsby FL took over the planned PGA Tower office and retail project in Palm Beach Gardens, paying $17.5 million for the 7-acre development site at 11200 RCA Center Drive. Gatsby will move forward with the project, according to a news release.

Also in Palm Beach County, the duo scooped up the 11-story DiVosta Towers at 3825 to 3835 PGA Boulevard for $80 million in 2020. In 2019, they bought the 800 Brickell office tower in Miami’s Brickell for $125.5 million.

Downtown Delray Beach has drawn some commercial real estate investment activity in recent months. In January, James Batmasian paid $6.5 million for the office and retail building at 630 Atlantic Avenue and then paid $18.5 million for another at 411 East Atlantic Avenue.


The post All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M appeared first on The Real Deal South Florida.

Tavistock's Joe Lewis with Pier Sixty-Six

Tavistock’s Joe Lewis with Pier Sixty-Six (Super Yacht Fan)

Billionaire Joe Lewis’ Tavistock Development Company will finally start selling units at its waterfront Pier Sixty-Six mixed-use development in Fort Lauderdale.

Amy Ballon will lead condo sales in house, which will begin in October. Sales were originally set to begin this summer, according to the Orlando-based company’s website.

Pier Sixty-Six includes a pair of 11-story condo buildings with 31 units, and two four-story villa buildings also with 31 units. The condo building units range in size from 2,600 to 2,700 square feet, while the villa building’s are between 1,600 and 3,800 square feet.

The project at 2300 and 2301 Southeast 17th Street has been in the works since 2018, when the city approved a 15-year development plan for Tavistock’s 32-acre site. Tavistock paid a combined $187 million in 2016 and 2017 for the two properties that make up the development site. The company says Pier Sixty-Six, including the residences, hotel and restaurants in the development, will open in 2024. Construction is underway.

Ballon, a new development sales veteran, has worked on sales teams with Related Group, the Agency and One Sotheby’s International Realty. In 2019, KAR Development and Fortune Development Sales hired her as sales director for 2000 Ocean, a 64-unit condo development in Hallandale Beach.

Developers, betting on continued demand for new luxury housing in Fort Lauderdale, have dozens of new apartment and condo projects in the works. They include Integra Investments’ Ocean Park Hotel and Residences and a Location Ventures development on Fort Lauderdale Beach.


The post Tavistock’s long-planned Pier Sixty-Six condos hitting the market soon appeared first on The Real Deal South Florida.

Mitchell Cohen with 9881 East Bay Harbor Drive and at 291 East Bay Harbor Drive (Toronto Real Estate Family Office Meetings, Google Maps, Getty)

Mitchell Cohen with 9881 East Bay Harbor Drive and at 291 East Bay Harbor Drive (Toronto Real Estate Family Office Meetings, Google Maps, Getty)

Canadian investors scooped up a pair of mid-rise apartment buildings in Bay Harbor Islands for $22.5 million.

Entities tied to Toronto-based Westdale Properties bought the Rexleigh building at 9881 East Bay Harbor Drive and the Kingsley Arms building a few blocks south at 9291 East Bay Harbor Drive for $11.25 million apiece, according to deeds and state corporate records. The buying entities are led by Mitchell Cohen, as well as Roland and Ryan Kimel, director of operations at Westdale.

Ownership entities managed by Harry and Genia Bruder sold both buildings and provided $5.6 million in financing for the Rexleigh deal.

The 20-unit Rexleigh was constructed in 1963 and the 24-unit Kingsley Arms in 1966, property records show, meaning the approximately 60-year-old properties sold for over $500,000 per unit. Each building rises five stories on a half-acre lot.

Multifamily and condominium developers have zeroed in on Bay Harbor Islands, where roughly a dozen planned projects will bring about 400 residential units to the waterfront community.

Ian Bruce Eichner’s Continuum Company will develop a pair of eight-story condo buildings, one with 68 units and another with 57, at 9201 and 9461 East Bay Harbor Drive.  The 68-unit building is sold out after sales began in October.

Ugo Colombo’s CMC Group and Morabito Properties are developing the Arquitectonica-designed, eight-story Onda Residences with 41 units at 1135 103rd Street, and Clara Homes plans the three six-story Clara Bay Harbor apartment buildings on non-contiguous lots at 10200 and 10290 East Bay Harbor Drive, 10281 West Bay Harbor Drive and 1147-1163 100th Street.


The post Canadian investors drop $22.5M on Bay Harbor Islands apartments appeared first on The Real Deal South Florida.

Birge & Held’s CEO J. Taggart Birge, President Andrew Held and The Lakeridge at the Moors at 17200 Northwest 64th Avenue (LinkedIn, Lakeridge at the Moors, Getty)

Birge & Held’s CEO J. Taggart Birge, President Andrew Held and The Lakeridge at the Moors at 17200 Northwest 64th Avenue (LinkedIn, Lakeridge at the Moors, Getty)

Birge & Held doubled its South Florida footprint with the $55.1 million acquisition of a 175-unit apartment complex in northwest Miami-Dade County.

The Indianapolis-based multifamily real estate investment firm paid $315,029 per unit for The Lakeridge at the Moors at 17200 Northwest 64th Avenue in the unincorporated neighborhood of Country Club, records show. Birge & Held, led by CEO J. Taggart Birge and company President Andrew Held, obtained two loans for $46.9 million and $5.8 million, respectively, from United Fidelity Bank to finance the purchase.

San Francisco-based Stockbridge Capital Group held the 7-acre Lakeridge site for almost 25 years and sold it for nearly five times more than its purchase price. In 2000, Stockbridge paid $10 million for the four-building community completed in 1991, records show.

Lakeridge offers a mix of one- and two-bedroom apartments with monthly rents between $2,693 and $3,186, according to

Birge & Held owns more than 125,000 apartments in more than 125 rental communities across 14 states, including Florida, according to the firm’s website. The company jumped into the South Florida multifamily market in December with its $91.5 million purchase of The Pomelo, a 259-unit apartment complex in Miami Gardens, records show.

The multifamily sector in the tri-county region has boomed since the early days of the pandemic as migrations from out-of-state increased exponentially from non-Floridians relocating to the Sunshine State to escape Covid lockdowns. In the second quarter, the Miami, Fort Lauderdale and Palm Beach markets experienced more than 16 percent rent growth year-over-year, according to a recent CoStar report. Those gains were the second, third and fourth highest in the nation behind Orlando.

Multifamily investors remain bullish in South Florida due to the region’s high-octane performance. AvalonBay Communities recently paid $295 million for two Miramar apartment complexes with a total of 650 units. In July, Miami-based The Estate Companies sold the Soleste Grand Central apartment building near Brightline’s downtown Miami station for $181 million.


The post Birge & Held pays $55M for NW Miami-Dade apartment complex appeared first on The Real Deal South Florida.

 RK Centers Ranaan Katz with 1400-1484 East Hallandale Beach Boulevard

RK Centers Ranaan Katz with 1400-1484 East Hallandale Beach Boulevard (Loopnet)

Another day, another shopping center sold in South Florida.

An affiliate of Raanan Katz’ RK Centers paid $14 million for the Publix-anchored Hallandale Place Shopping Center at 1400-1484 East Hallandale Beach Boulevard in the Broward County city, records filed Wednesday show.

The seller, Elias M. Loew Florida Realty Trust, had owned the property since 1986, according to records. The approximately 104,000-square-foot retail building was completed in 1979.

Steven Jeffrey Burns and Lilia Caballero with Compass brokered the deal, which closed at its asking price, according to an online listing.

For RK, a Sunny Isles Beach-based retail real estate firm led by Katz, a minority owner of the Miami Heat, it was the second deal involving a grocery-anchored shopping center in three weeks.

In late July, it paid $28.3 million for Westland Gateway Plaza in Hialeah, a former Kmart that’s now a 117,000-square-foot shopping center anchored by Aldi and Bed Bath & Beyond, among other tenants.

The deal was a windfall for Sears spin-off Seritage Growth Properties, which sold the shopping center for $21 million in 2020 after the Kmart closed, reacquired it last month for $22.1 million and flipped it to RK the same day for a $6.2 million profit.

Elsewhere in Broward County last month, RK sold 1.7 acres of parking lots in Fort Lauderdale’s Flagler Village to Aimco for $20 million.

RK’s Katz played for the Israeli national basketball team before transitioning from the hardwood to real estate in Boston, where he amassed over 2,000 apartment units before moving into the retail and office sectors in 1980, according to the firm’s website. He became a minority partner in the Miami Heat in 1986.

Today, RK owns approximately 10 million square feet of commercial space in Florida, Connecticut, Massachusetts and New Hampshire. Last year, the company bought a Winn-Dixie-anchored shopping center in Miramar for $15.7 million and a Publix-anchored retail plaza in Plantation for $17 million.


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From left: Crow Holdings' Michael Levy and NAI Miami's Robert Eckstein with Southwest 88th and 91st streets, and between Southwest 162nd and 158th

From left: Crow Holdings’ Michael Levy and NAI Miami’s Robert Eckstein with Southwest 88th and 91st streets, and between Southwest 162nd and 158th (Google Maps, Crow Holdings, NAI Miami)

Planned multifamily and medical-use portions of the massive Kendall Town Center mixed-use project are coming closer to fruition after a pair of sales.

Dallas-based Trammell Crow Residential scooped up its 20-acre development site for $29.4 million, according to records. Less than a week prior, Baptist Health paid $17.9 million for its 18-acre site.

Both sites are on the larger Kendall Town Center, a 70-acre development between Southwest 88th and 91st streets and Southwest 162nd and 158th avenues in Miami-Dade’s West Kendall neighborhood.

The sellers were a group of developers who, through their KTC SW 88th St LLC affiliate, have worked to shepherd the project through the county’s entitlement process. The group includes NAI Miami shareholders Robert Eckstein, Josh Rodstein, Edward Schmidt and Jeremy Larkin, as well as Raymond and Rene Gonzalez.

Trammell Crow Residential, the multifamily division of Dallas-based Crow Holdings, has approval to build 11 four-story apartment buildings with 969 parking spaces. Through an affiliate, it scored a $114.7 million construction loan from PNC Bank, records show.

Baptist, which operates West Kendall Baptist Hospital adjacent to Kendall Town Center, said in a news release that it will use the property to complement its existing hospital services. The site, referred to as the “health and wellness district,” is entitled for 215,000 square feet of medical offices, 70,000 square feet of education and 125 hotel rooms, county records show.

As part of the deal, the sellers also bought a nearby 6-acre site from the hospital that will be added to Kendall Town Center.

The remaining 33 acres, which the NAI partners and the Gonzalezes own, fronts Southwest 88th Street and could be developed with up to 490,000 square feet of commercial space, including retail, and 224 rental units. The acreage also has 12 outparcels.

KTC SW 88th St bought the entire tract from the Howard Hughes Corporation in 2017 for $41.8 million.


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Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)

Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)

Miami-Dade is calling on developers to overhaul the county’s Government Center headquarters in what could be one of South Florida’s biggest public-private ventures.

The county is seeking proposals for the 17-acre site, which includes the commissioners’ chambers and county administrative offices at 111 Northwest First Street. The property has 1.1 million square feet of government buildings, public parking and some retail, according to a request for proposals issued Tuesday.

The RFP allows for the construction of between 17 million and 23 million square feet of real estate. That does not include the government buildings, but the solicitation leaves the door open for some of those to be rebuilt.

Miami-Dade has given broad guidelines for its vision for the site, though it has emphasized the need for mixed-income housing by calling for high-rises to include both affordable and workforce housing. The RFP allows for a mix of uses such as hospitality, retail and educational facilities.

The county has set some thresholds for its own facilities, likely in case developers propose replacing the existing government buildings.

It wants to ensure that there will be 36,000 square feet for commissioners’ offices and conference rooms; 7,300 square feet for the chambers; 60,000 square feet of offices for the parks department’s headquarters; a cultural campus where HistoryMiami Museum and the existing downtown library will be included; a day care; 45,000 square feet for recreation and wellness space; and 2,000 county-operated public parking spaces, according to the RFP.

The development site is connected to Government Center station, one of Miami’s main transportation hubs where the Metrorail, Metromover and county buses stop. As such, the RFP calls for an intermodal terminal that connects to the station. The site is also walking distance from Brightline’s MiamiCentral station.

On a preliminary basis, the county is eyeing a 99-year agreement with the developer that submits the winning proposal.

The entire site spans 11 properties, including the Hickman office building at 275 Northwest Second Street; a portion of the Cultural Plaza, which includes HistoryMiami, at 20 Northwest First Avenue; the parking lot at the Children’s Courthouse at 155 Northwest Third Street; and county fleet parking locations at 120 and 150 Northwest Second Avenue.

Government Center, which actually spans 28 acres, includes three properties that were carved out from the RFP. They are the old, historically designated civil courthouse at 73 West Flagler Street; the site where the new courthouse is being developed at 101 West Flagler Street; and the North River Towers at 395 Northwest First Street and 24 Northwest North River Drive, which is subject to a separate county RFP.

The solicitation comes as Miami commissioners plan to issue an RFP for the city’s General Services Administration site at 1970 Northwest 13th Avenue and 1950 Northwest 12th Avenue in Allapattah.

The July decision to issue an RFP for that site came after Miami-based NR Investments made an unsolicited proposal to develop a mixed-use complex there with a hotel, offices, retail and multifamily, with some workforce housing. Upon accepting that plan, commissioners had to allow other developers to submit their own proposals for the site.

In the Arts & Entertainment District, the School Board of Miami-Dade County selected Russell Galbut’s Crescent Heights to purchase and build on a parking lot at 1370 Northeast Second Avenue following an RFP process. As of February, Galbut was expected to close on the site for $20.6 million and complete the assemblage for his planned Casa Forma residential tower, which would include offices and parking for the school board.

Some marquee South Florida infrastructure projects have also been developed as public-private partnerships, including the PortMiami Tunnel.


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Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)

Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)

Jeffrey Soffer’s Fontainebleau Development refinanced its JW Marriott-branded resort in Aventura’s Turnberry Isle with a $412 million loan.

Bank of China New York Branch is financing the Fontainebleau affiliate that owns the JW Marriott Miami Turnberry Resort Hotel & Spa at 19999 West Country Club Drive, records show. The loan refinanced $339.5 million in debt, while tacking on another $72.6 million.

Dustin Stolly and Jordan Roeschlaub with Newmark arranged the financing.

It’s the third loan increase Bank of China has granted the Fontainebleau affiliate since 2017 when the financial institution assumed the mortgage from Wells Fargo Bank, records show. That year, the debt rose to $248.8 million from $112 million. In 2019, Bank of China increased the loan by another $91 million.

The initial loan was for Turnberry resort’s $175 million renovations and expansion project that was completed in 2018. The borrower at that time was Turnberry Associates, the Soffer family enterprise that Soffer co-led with his sister Jackie Soffer until 2019 when he departed to launch Fontainebleau Development. The siblings are still partners in the Turnberry resort. In 2020, British billionaires David and Simon Reuben bought a 25 percent stake in the property.

Previously known as Turnberry Isle Miami, the resort was rebranded under the JW Marriott flag as part of the renovation. The 398-room hotel was expanded with the addition of a 16-story tower with 282 rooms. The project, designed by Nichols, Brosch, Wurst, Wolfe and Associates, also added 110,000 square feet of meeting space and upgrades to the pool, front driveway and main lobby and building.


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Florida Showcase speaker spotlight: Michael Shvo

Subscribers will remember The Real Deal’s award-winning pandemic-era profile, headlined “Shvo to hell,” of a friendship soured over a multi-billion-dollar property empire.

Now, TRD is thrilled to announce that the man himself, broker-turned-luxury developer Michael Shvo, will join the stage at our annual South Florida Showcase + Forum, Nov. 10 at Mana Wynwood in Miami.

If you haven’t gotten your ticket yet, take a moment to do so — don’t worry, we’ll wait. The early bird rate ends Sept. 23, and TRD subscribers can save an additional 20 percent.

Back? Good. Now, here’s a bit about the high-flying developer. Shvo got his start in real estate at Douglas Elliman, where he became one of the firm’s top brokers by age 30 before pivoting to development and launching his firm, SHVO, in 2004.

Since then, he’s developed luxury properties in every TRD market — from Miami to New York, San Francisco, Los Angeles, Chicago and Texas — and beyond.

Shvo is moving forward with one of Miami Beach’s most high-profile real estate projects, the Rosewood-branded redevelopment of the historic Raleigh Hotel in Miami Beach, which he plans to restore while adding a 175-unit luxury condo tower.

It’s not just luxury hotels and condos. Shvo also secured approval for a $200 million office project designed by Norman Foster on Miami Beach’s Alton Road.

He’s been a controversial figure at times, but there’s no doubt Shvo knows how to make the big bucks. You can learn all about the smartest moves he’s made, and how you can make the current market work for you, at TRD’s South Florida Showcase + Forum.

The post Florida Showcase speaker spotlight: Michael Shvo appeared first on The Real Deal South Florida.

Principal Jeffrey Ardizon and Estate Managing's Principal Robert Suris with 5451-5575 North University Drive

From left: Principal Jeffrey Ardizon and Estate Managing’s Principal Robert Suris with 5451-5575 North University Drive (EIGFL, Getty)

Estate Cos. has triggered construction of a 529-unit apartment complex in Lauderhill thanks to $93.2 million in financing from Synovus Bank.

Known as Soleste Westgate, the seven-building complex will rise six stories on the site of a former Target store at 5451-5575 North University Drive and 7730 West Commercial Boulevard. The South Miami-based developer, led by Robert Suris and Jeffrey Ardizon, paid $23.5 million for the site last year, records show.

Synovus assumed a $12.8 million mortgage Estate had obtained for the purchase and increased the loan amount by $80.3 million, records show. The developer also submitted a notice of commencement with Broward County.

Estate is bullish on the area. In June, the company won final approval to develop the 213-unit Soleste Pompano Beach and also scored an $80 million construction loan for a 324-unit apartment building in downtown Hollywood.

The Target store was among 13 stores across the country closed by the retailer in 2018 due to lackluster sales. The same year, an investment group involving Suris, Doron Valero of Global Fund Investments and Gabriel Navarro of MMG Equity Partners acquired the property for $9 million.

In 2020, the Lauderhill City Commission approved a land-use amendment and rezoning to allow for Soleste Westgate, according to published reports. Estate bought the property from the investment group in September of last year.

Last year, when South Florida’s multifamily market was setting records for occupancy rates and asking rents, Estate sold four apartment complexes in Miami-Dade, including the 213-unit Soleste Bay Village in Palmetto Bay for $58.2 million; the 330-unit Soleste Blue Lagoon in Miami for $93.8 million; and in West Miami, the 306-unit Soleste Alameda for $82.9 million and the 338-unit Soleste Twenty2 for $97 million, bringing in $332 million altogether.


The post Estate Cos. lands $93M construction loan for Lauderhill apartments appeared first on The Real Deal South Florida.

Conair heiress Babe Rizzuto and 609 South Beach Road (Getty Images, Nicholas Deficili/Elite Photographer)

Conair heiress Babe Rizzuto and 609 South Beach Road (Getty Images, Nicholas Deficili/Elite Photographer)

Babe Rizzuto, an heir to the Conair fortune paid about $35 million for an ocean-to-Intracoastal estate on Jupiter Island, The Real Deal has learned.

Property records show a company tied to Rizzuto, who is daughter of the late billionaire Leandro Rizzuto, acquired the nine-bedroom, 10-bath, 11,000-square-foot mansion at 609 South Beach Road.

609 South Beach Road (Nicholas Deficili/Elite Photographer)

Attorney Robert Stone and his wife, Lesley Stone, sold the property.

The deed transfer was recorded in Martin County for $34.7 million. On the Multiple Listing Service, the recorded sale price was $35.5 million, which may include commissions.

The deal is likely the second most-expensive residential sale to close in Jupiter Island, a barrier island town immediately north of Palm Beach County. World Golf Hall of Famer Greg Norman and his wife, Kiki, sold their Jupiter Island compound in April for $55 million to the family of billionaire Leslie Wexner, who founded L Brands.

Milla Russo with illustrated Properties’ the Russo Group represented the Stones in their sale of 609 South Beach Road, and Andrew Russo of the same team represented the buyer, according to Zillow. The 2.3-acre property was on and off the market for five years with different brokers.

The home was completed in 2017, when it was first listed at nearly $38 million. It was designed by architect Scott Hughes, has nearly 200 feet of ocean frontage, a 100-foot dock and a 2,500-square-foot rooftop with a pool and hot tub. It also sits 22 feet above sea level, according to the listing.

Before Greg and Kiki Norman sold their sprawling estate nearby, the previous record in Jupiter Island was Céline Dion’s $28 million sale of her mansion, which sits on about six acres of waterfront land. Dion initially asked $72.5 million for the property.

Though residential sales have slowed down this summer throughout South Florida, billionaires have continued to buy trophy estates. In Coral Gables, the parents of Amazon founder Jeff Bezos paid about $78 million for two adjacent homes in July. A month earlier, Oracle co-founder Larry Ellison paid $173 million for a Manalapan estate, a record for home sales in Florida.


The post Conair heiress pays $35M for oceanfront Jupiter Island mansion appeared first on The Real Deal South Florida.

Enrique Manhard and one of his purchased lots (Facebook, Google, Getty)

Enrique Manhard and one of his purchased lots (Facebook, Google, Getty)

Enrique Manhard, whose past bets on clothing stores turned him into a fashion mogul, is wagering on another lucrative industry: Miami real estate.

Manhard and his partners have purchased 27 lots in the city since 2017. They join other tycoons who have built empires across industries such as professional sports or spirits brands but are now gambling on land in growing Sunbelt cities, The Wall Street Journal reported.

The surge of empty lot purchases comes as markets in Phoenix, Austin and The Magic City have experienced high residential and industrial development demand. Inflation is also likely intensifying the land-grabs, as the asset class is considered a hedge against rising prices. In the past three years, land sales have more than doubled in the Sunbelt, according to CoStar Group’s listing website.

While some investors could be taking the next steps to develop their lots by building up infrastructure, others may take more of a land-banking approach.

Manhard tends to follow the latter path, keeping his properties mostly unchanged, waiting for prices to rise and turning away opportunities to sell. “I have people calling me left and right, but they don’t want to sell right now,” broker Estrella Perez, who worked on many of his deals, told the WSJ.

The investor often has outdone competing buyers because of his swift deal closings that don’t get tied up in rezoning requests and construction financing.

In one of his recent Miami deals, Manhard and his investment partners paid $8 million for 1.2 vacant acres on the southwest corner of Biscayne Boulevard and Northeast 54th Street in February. The land is in the city’s MiMo Biscayne Boulevard Historic District, near the Brightline train tracks.

Manhard also has flipped some of his properties, selling the land at 2000 Biscayne Boulevard in Edgewater for $20.5 million last year to New York-based Kushner Companies, which included the 0.75 acres in its assemblage for its planned three-tower, 1,100-unit project.

The deal marked a 56 percent gain for Manhard and his partners in four years, as they had paid $13.1 million for the property in 2018, according to records.

Shortly after the Kushner deal, Manhard turned to downtown Miami and scooped up the 2.2-acre lot at 16 Southeast Second Street for $46 million. The site allows for a 2.2 million-square-foot, 80-story project with over 2,100 units and a mix of uses.

In February, Manhard put a 2.4-acre Miami River development site at 1670 and 1690 Northwest North River Drive on the market at an undisclosed price.

Manhard didn’t respond to the WSJ’s request for comment.

— Lidia Dinkova


The post Enrique Manhard, Miami’s great land gambler appeared first on The Real Deal South Florida.

(Photo Illustration by The Real Deal with Getty Images)

(Photo Illustration by The Real Deal with Getty Images)

Own thy neighbor. So goes the new gospel of South Florida’s residential market.

More and more, the region’s residential buyers are looking to scoop up two or even three adjacent lots in a growing trend of compound assemblage. The affluent are saying, “more is more,” in bids for privacy, space and at-home amenities.

Nelson Gonzalez of Berkshire Hathaway HomeServices EWM summed up the dealmaking strategy eloquently:

“Name your price tag and get the hell out.”

The pandemic brought droves of buyers from the Northeast, Midwest and California, supercharging the region’s luxury market with unprecedented demand and soaring prices. Sales this year set new records, and Miami overtook New York as the least affordable housing market in the country.

While migration transformed who was buying, the lifestyle changes triggered by lockdowns and remote work adjusted what buyers wanted.

Coldwell Banker's Danny Hertzberg (Jills Zeder Group, iStock)

Coldwell Banker’s Danny Hertzberg (Jills Zeder Group, iStock)

“Before the pandemic, they didn’t want compounds, they wanted jewel boxes,” said Danny Hertzberg of the Jills Zeder Group with Coldwell Banker. “The pandemic shifted the mentality that your home is your castle.”

Now, buyers want guest houses, home offices, pools and sport courts, all rolled into one. The challenge is South Florida’s traditionally smaller lot sizes.

As Compass’s Ruthie Assouline pointed out, “Land is not replaceable.” So homeowners looking for more space need to find alternatives, and often right next door is their best bet.

Assouline and Hertzberg say that in the post-pandemic market, anywhere that people can buy more, they are.

Hertzberg would know — he arranged a trio of properties in Golden Beach that tech billionaire Phillip Ragon bought as an assemblage for $90 million in June. Hertzberg said he’s worked on five assemblage deals this year alone, and the Jills Zeder Group has done 10. The team brokered around 20 such sales last year, he said.

Dina Goldentayer of Douglas Elliman represented Matthew Bires in his purchase of two adjacent non-waterfront properties on La Gorce Island in June, for a combined $15.9 million. Goldentayer says she’s done five assemblage deals since the start of the pandemic, mostly on La Gorce Island, North Bay Road and the Sunset Islands.

Pablo Alfaro, a broker with Elliman, represented both the buyer and seller last year when Mickey Drexler, the former CEO of J. Crew and Gap, bought out his next-door neighbors for $16.5 million. Alfaro also had a hand in the $90 million Golden Beach deal, as the listing agent for one of the three properties.

Joy Triglia of Premier Estate Properties regularly sees assemblage deals in the Harbor Beach neighborhood of Fort Lauderdale. “You have a lot of homeowners who are doubling their property size, going to the neighbor and buying the property next door,” she said.

Gonzalez, too, said he even tried to buy out his neighbor.

Brokers overwhelmingly named North Bay Road, the Venetian Islands, the Sunset Islands and La Gorce as hotspots for assemblage. Last month alone, music executive Austin Rosen and Blockbuster heir Scott Huizenga bought out their neighbors in La Gorce.

The price to own your neighbor? For Rosen it was $12.5 million, while Huizenga paid $8 million.

Dina Goldentayer (Dina Goldentayer)

The founder of now-defunct Melvin Capital, Gabe Plotkin, a major short-seller of GameStop, paid $32 million for a North Bay Road mansion, and $12 million more for the adjacent lot in December of 2020. Gonzalez previously had the listing. The Assouline Team brokered the off-market sale to Plotkin.

“[Plotkin] tore the ugly house down recently, he’s putting in a tennis court,” Gonzalez said.

Gonzalez acknowledged that compound assemblage isn’t new for South Florida. He sold Emilio and Gloria Estefan on the idea in the 1990’s. Last year, the couple took advantage of the area’s high demand when they sold their Star Island guest house for $35 million.

Still, most brokers insist this is a pandemic phenomenon, and one that spans price ranges. Hertzberg said the Jills Zeder Group has done assemblage deals for non-waterfront properties in the $2 million to $3 million range.

“Some people will be in between kind of a waterfront and non-waterfront buyer,” he said. Still, it ultimately comes down to one thing for every buyer: “they’d rather have a bigger lot.”

Brokers agree that these deals are anything but easy. In some instances, buyers will back out if they can’t secure the adjacent properties. Other times, the neighbor simply won’t budge.

“Most of the time when we call the neighbor there’s not even a price they would sell at,” Hertzberg said.

The deals sometimes also require separate negotiations with multiple sellers. They can take months, sometimes years. Hertzberg likens it to a high-stakes puzzle.


The post Want more South Florida land? Buy out your neighbors appeared first on The Real Deal South Florida.

501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)

501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)

Less than five months after scooping up the Las Olas Square office and retail complex, Related Fund Management and CP Group flipped a portion of the property.

Macquarie Group, based in Sydney, Australia, bought the three-story building at 501 East Las Olas Boulevard in downtown Fort Lauderdale for roughly $45 million, according to sources. No deed has been recorded, meaning the property traded through the sale of the interest in its ownership entity.

Related Fund Management, affiliated with Stephen Ross’ Related Companies, and CP Group bought Las Olas Square, which also includes a 17-story office tower at 515 East Las Olas Boulevard and a garage, in March. The duo paid $144.5 million for the entire complex, meaning their gain on the flip of the smaller of the two office buildings is unclear.

Tenants at Macquarie’s building, called the 501 Building, include coworking office provider Spaces and Del Frisco’s Grille.

Macquarie, led by CEO Shemara Wikramanayake, is a financial services firm with various investments, including in real estate, technology and infrastructure, according to its website.

Though it’s based in Australia, this isn’t its first South Florida real estate venture. Its finance and investment division, Macquarie Capital, in a joint venture with Vanderbilt Office Properties, bought office buildings at the Boca Center mixed-use complex in Boca Raton for $171.5 million in April. The deal involved the two office buildings at 5100 and 5200 Town Center Circle in Boca Raton, each with a next-door garage, as well as the office building and garage at 1800 North Military Trail.

Macquarie and CP Group declined to comment. Related Fund Management did not return a request for comment.


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Clockwise from bottom left: Howard Lorber, Bob Sulentic, Steve Roth, Anthony Malkin, Robert Reffkin, Tami Pardee, Marc Holliday, Zach Vichinsky, Cody Vichinsky, Hamid Moghadam, Leslie Hale, Howard Lutnick, and Sabrina Saltiel (Photo-illustration by Paul Dilakian/The Real Deal)

As much as real estate loves its greenbacks, people tend to keep quiet about the paychecks its players take home. The Real Deal sifted through the records and shook the grapevine to figure out what one can make in the business, from the bottom of the corporate ladder to the top.  

The median president or CEO of a real estate investment trust, holding what are among the most lucrative roles in the industry, made $5.95 million last year, according to an analysis of compensation data from 150 publicly traded firms. That’s up 17 percent from 2020, with the majority of the increase coming in the form of fatter bonuses. While CEO salaries rose just 2 percent in 2021, bonus compensation jumped 42 percent. CFOs netted almost identical increases. 

Prologis CEO Hamid Moghadam has become king of the REITs during the pandemic, scoring the most money of any REIT CEO or president in each of the last two years. Moghadam earned $24.9 million last year, less than the $34.4 million he pulled down during 2020, when his particular sandbox, last-mile warehouses, saw a giant boom. He can attribute the vast majority of both years’ gains to his equity bonuses; the shares given to Moghadam in 2021 were worth $22.3 million at the time they were granted, and Prologis stock jumped 69 percent last year.

Stock is nice, but as retailers are now apt to say, people want experiences. Vornado executives evidently took a joyride last year, as the firm reported spending $750,000 on cars and drivers for four of its top executives. Founder and CEO Steven Roth earned $9.8 million last year, but Roth’s salary is even less fixed than most — for the last three years, he has taken 80 percent of his salary in stock, making a full 98 percent of his compensation last year tied to the REIT’s performance. Vornado shares are down about 50 percent from the start of 2019. 

Other big earners last year included SL Green Realty CEO Marc Holliday ($21 million) and Boston Properties CEO Owen Thomas ($12.9 million). 

Last year marked a return to normalcy after firms spent much of 2020 debating not just how to survive, but how to compensate their executives without creating a public relations nightmare. 

Salaries in many cases were reduced temporarily, maybe by as much as 50 percent,” said Rami Glatt, a principal at compensation consultancy Semler Brossy. “The higher you paid, the more risk you were taking on.” 

Some executives argued that, even though the early days of the pandemic sent returns cratering, they had performed well given the circumstances and saved their companies from much worse fates. 

Not that salary means all that much to the real estate C-suite anyway: The vast majority of executive compensation comes as long-term equity grants that vest over years, not months. Take Anthony Malkin, Empire State Realty Trust’s CEO. While his overall compensation last year totaled $7.9 million, just $626,000 of it — less than 10 percent — came as salary. 

Leslie Hale made history in 2018 when she became the first Black woman to lead a publicly traded REIT. The base salary for the CEO of hotel owner RLJ Lodging Trust amounted to $840,000 last year, but she had $16.3 million in total compensation, including long-term equity.

Across the board, salary accounted for just 13 percent of the median CEO’s compensation at publicly traded firms last year. To make it to the real estate boardroom, you need a stomach for risk. But even a Vegas card shark might fold if he saw those odds. 

As an added kink, some companies bind their execs with golden handcuffs. While exact ratios vary, most leaders are required to hold a multiple of their base salary in stock. Douglas Elliman CEO Howard Lorber, whose salary last year was $3.4 million, has to hold at least three times that amount in Elliman stock, which is down about 50 percent since its IPO on Dec. 30. Don’t feel too bad for him, though: Lorber also gets a car and driver, club membership and up to $200,000 in private jet usage.

Proptech firms face particular jeopardy from stock-market declines. In order to compete with Silicon Valley for talent, some firms followed in tech’s footsteps by paying their more junior employees in stock. That’s great for the employees when the share price is high, but if the shares plummet — like just about every proptech company’s have this year — they could be left to make up for the differential between the dollar amount promised and what those shares are actually worth.

Real estate firms are prone to use discretionary models to determine executive pay, which gave them options to get creative even as the pandemic upended the business. But as the economy shows signs of a slowdown, that variability can have its downsides.

If I’m a shareholder and I’m suffering, then to some extent I’m expecting you to suffer too,” Glatt said.

Brokers making bank

Among brokerage bosses, it’s tough to beat Elliman’s Lorber, whose compensation after bonuses and equity grants reached $32 million last year. But Compass’ Robert Reffkin knocked the competition out of the water, at least on paper. The firm’s co-founder and CEO received stock worth $89 million last year, though both he and Lorber have seen the realized values of their shares drop dramatically in the past year. 

On the commercial side, Howard Lutnick pulled the reward of a career in 2021. After a record year, the Cantor Fitzgerald CEO and Newmark chief received a one-time $50 million bonus, set to pay out over four years. He took home the first $20 million earlier this year, but will have to remain in his current roles as chief executive and chair to receive the remaining $30 million, broken up into three annual payments of $10 million. 

CBRE CEO Robert Sulentic earned just shy of $13.9 million last year, and Cushman & Wakefield’s executive chair and former CEO, Brett White, took home $19.9 million. 

Things are cushy in the executive suite, but back on the ground, how much does a broker bank? More than any other job in real estate, that depends on how hard they’re willing to grind. 

More than 150,000 Americans have become agents in the past two years, with television shows and rise-and-grind gurus painting the profession as a path to riches. But only a fraction of them will actually make a living selling homes, and even those agents face an uphill climb.

Before agents can surrender half of their earnings to brokerage fees, they need listings. To get a head start and build a network, early-career agents have increasingly opted to join brokerage teams within agencies. 

Under a team’s umbrella, new agents still have to give a cut to the brokerage and team, but they gain steady deal flow, taking on the less lucrative listings until they have the connections to generate their own. For most, it’s anything but the “Selling Sunset” lifestyle. Commission advance firms like Ryan Serhant-backed RLTY Capital have built entire businesses on the proposition that fledgling agents often don’t have the cash they need to pay their bills or expand their businesses.

As agents close more sales and hit certain levels of deal flow, they can negotiate better splits with their brokerage. If they reach the selling stratosphere, they can draw up to 90 percent, as well as perks like assistants, all-expenses-paid vacations and chauffeur services.

Most agents contacted by TRD declined to discuss their splits or income, but we can still do some back-of-the-napkin math for a rough estimate. 

The Eklund-Gomes team at Douglas Elliman was by far Manhattan’s biggest seller last year, according to TRD’s annual ranking of New York’s residential elite. The group sold at least $492 million worth of properties in the borough, which works out to somewhere between $9.8 million and $29.5 million in commissions. If the team kept half of that after splitting with the buyer’s agent, then at a 70 percent split, that would leave $10.3 million. The team didn’t respond to a request for comment, but with operations in Florida, California and Texas, even that rough estimate leaves plenty of dough for the team’s piece of the pie.

The Sabrina Saltiel team at Elliman, Manhattan’s 10th-biggest seller, closed $208 million worth of deals last year. Depending on commission percentages, that could yield anywhere between $4.2 million and $12.5 million. After the splits and the splits of the splits, Saltiel’s team could walk away with somewhere between $1.5 million and $5.6 million before marketing and other expenses. 

The Aaron Kirman Group, which closed at least $1.3 billion of sales in Los Angeles in the past year, topped TRD’s L.A. agent ranking. An affiliate of Compass, the Kirman Group likely generated somewhere between $20 million and $41 million in commissions, assuming a 50/50 split with buyers’ agents. At a 90 percent brokerage split, that could pencil out to as much as $36.5 million. In the same time period, Tami Pardee sold $841 million worth of L.A. properties. That could yield up to $25 million in commission before brokerage splits, assuming a 6 percent charge. Chris Cortazzo, Compass’ Malibu superseller, hit $705 million in sales last year. That could mean up to $42 million in commissions, shared with the buyer’s agent and Compass. 

But things could be changing, particularly for luxury agents. 

After selling high-end apartments at Corcoran for 16 years and founding her own brokerage, Louisa Gillen still can’t believe how much agents earn for luxury sales. At her new firm, Simple Real Estate, she plans to change that. 

Regardless of price tier, real estate agents generally charge between 4 and 6 percent commissions. Even in the highest price tiers, an agent on either side of the deal almost never dips below 2 percent. As the prices and commissions climb, the essential work of an agent — coordinating showings, setting list prices, negotiating deals — stays the same. 

Gillen and a growing crop of luxury agents, notably Zach and Cody Vichinsky of Bespoke Real Estate in the Hamptons, are radically reducing luxury agent commissions in what they call a long-overdue recalibration. Bespoke, which only sells homes valued at $10 million or more, announced it will charge just 1 percent commission for its sales. At Simple, where listings range between $900,000 and $10.5 million, Gillen caps commissions at $50,000. 

At a certain price point, you are simply overpaying,” she said. 

Gillen recently sold a studio apartment belonging to a friend’s grandmother. The unit’s window faces a wall, and the sale took months to close after dealing with the board. Gillen says she only made $1,000 from the deal. 

Around the same time, she sold a $5 million Tribeca loft in what she describes as a relatively effortless experience. A neighbor in the building turned up to the first showing and bought the condo, all cash. 

She says selling the grandmother’s studio was a far greater ordeal than the Tribeca condo. “At that higher end, they’re meticulously done, they’re usually in the best locations, they have the best views,” Gillen said. 

Once you start selling the Palm Beach compounds and Central Park penthouses of the world, the difference between 1 percent and 6 percent commission can be millions of dollars. If their strategy works, sellers like Bespoke and Simple will undercut the competition, forcing others to slash their own commissions if they want to compete for listings. Ultra-luxury buyers aren’t the most price-sensitive, but they also aren’t the type to leave cash on the table. 

Who’s not going to try to negotiate that as a seller?” Gillen asked.


The post Paycheck potential: A look at real estate’s top earners appeared first on The Real Deal South Florida.

1201 Brickell Bay Drive, Citadel's Ken Griffin and 830 Brickell office tower in Miami (Google Maps, OKO Group and Cain International, Illustration by Priyanka Modi for The Real Deal with Getty)

1201 Brickell Bay Drive, Citadel’s Ken Griffin and 830 Brickell office tower in Miami (Google Maps, OKO Group and Cain International, Illustration by Priyanka Modi for The Real Deal with Getty)

Ken Griffin has a history of making bets and breaking records.

The billionaire hedge funder began investing in college at Harvard ahead of his 1989 graduation. Those early bets paid off for him and his alma mater. He returned in 2014 with a $150 million donation to the university, which at the time was the largest gift the school ever received.

Griffin also breaks records in real estate, like throwing down nearly $240 million for a penthouse at 220 Central Park South on Manhattan’s Billionaires’ Row.

So it was no surprise that when he announced his Citadel and financial services firm Citadel Securities were relocating their headquarters to Miami from Chicago, he would go all-in.

Since the spring, Griffin and Citadel scooped up two Brickell properties and is rumored to be the buyer of a third. Citadel also leased a new office in Miami and expanded its existing footprint in another.

Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl.

It’s a homecoming of sorts for the 53-year-old Daytona Beach native who grew up in Boca Raton. Griffin recently moved back to the state he grew up in, but has been acquiring residential property there for roughly a decade. The Real Deal took a closer look at commercial real estate he’s scooping up.

1201 Brickell Bay Drive, Miami

Citadel bought the 2.5-acre bayfront development site in Miami’s Brickell for a record $363 million in April from Tibor Hollo’s Florida East Coast Realty.

It’s not confirmed if this will be the location of Citadel’s new headquarters, but in Griffin’s letter to employees he identified its new base would be along Brickell Bay.

Andy Gloor’s Sterling Bay, based in Chicago, has been tapped to build the headquarters.

1250 and 1260 Brickell Bay Drive, Miami

This month, a Citadel affiliate bought a small apartment building and an adjacent vacant lot across the street from the bayfront development site.

The entity, led by Citadel COO Gerald Beeson, paid $20 million for the three-story apartments, as well as the land at 1250 and 1260 Brickell Bay Drive.

The deal was a flip for the seller, Yamal Yidios’ real estate development and investment firm Ytech, for an 82 percent gain. Ytech’s affiliate paid $11 million for the property before selling it to Citadel. While records show the deals closed a month apart, the deeds were recorded a day apart from one another.

1221 Brickell Avenue, Miami

It’s unclear if Citadel bought the 28-story office tower, which is to the west and near the other two properties the hedge fund purchased.

The Delaware-registered purchasing entity, which paid $286.5 million for the building, is led by Randall Davis – who also was listed as the manager of the entity that also bought the 1201 Brickell Bay Drive lot. Sources pointed to Citadel as being behind the purchase.

The seller, Rockpoint, paid $155 million for the building in 2017, and sold it in June as part of its own Brickell bonanza that included the Boston-based firm’s sale of the Shops at Mary Brickell Village for $216 million in July.

1221 Brickell, which has over 400,000 square feet of office and retail space, was constructed in 1986 and renovated in 2020.

830 Brickell lease, Miami

As Citadel continued its spree, it was a bit of a head scratcher as to why it had not leased at the 830 Brickell office tower under development. But then, it did.

This month, the hedge fund locked in roughly 95,000 square feet in a long-term deal at the 55-story building.

Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International are developing. Completion is expected in six months.

The asking rents range from $125 to $150 per square foot, but sources said some recent deals closed at $110 to $120 a square foot.

Citadel also expanded its space at the Southeast Financial Center at 200 South Biscayne Boulevard, in downtown Miami.

A company spokesperson has said the space is needed because the “shift to permanent building will take several years.”

Ex-Neiman Marcus site, Palm Beach

Citadel isn’t forgetting about its employees who live north of Miami and in Palm Beach. 

The company will set up an office in the former Neiman Marcus department store site at 151 Worth Avenue that spans 48,000 square feet.


The post Mapping out Ken Griffin’s Miami shopping spree appeared first on The Real Deal South Florida.

Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)

Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao’s, Google Maps, Getty)

UPDATED, Aug. 10, 4 p.m.: Good luck getting a table.

Rao’s, a classic New York City restaurant known as much for its exclusivity as its red-sauce fare, is planting a flag in Miami Beach.

The Italian eatery is expected to open at the Loews Miami Beach Hotel early next year, sources confirmed to The Real Deal. It will take the ground-floor space occupied by Lure Fishbar at the oceanfront resort at 1601 Collins Avenue.

The Miami New Times first reported the news, following an Instagram post from the account World Red Eye.

It’s notoriously difficult to get a reservation at Rao’s original location in Harlem, where it’s operated since the late 19th century and has been known to turn away even celebrities.

The restaurant operated a pop-up at David Edelstein’s W South Beach hotel and was looking for a permanent location, sources said. The restaurant group and gourmet Italian food company, led by Frank Pellegrino Jr. and Ron Straci, also has a location in Los Angeles. Its Las Vegas restaurant closed last year.

The Tisch family, led by Loews chairman Jonathan Tisch, owns the 790-key hotel, where celebrity chef Emeril Lagasse operated a restaurant more than a decade ago.

Rao’s is the latest New York restaurant operator to expand to Miami. Major Food Group expanded to South Florida when it opened Carbone in South Beach, and has grown rapidly throughout Miami and in Boca Raton. Pastis is also expected to open in Wynwood, at an Edelstein property.

Other restaurant and hospitality groups are also expanding locally, including Casa Tua and Cipriani. Casa Tua is opening at Edelstein, Related Group and Alex Karakhanian’s NoMad Residences in Wynwood.

The Cipriani family, which has a flagship restaurant in Brickell and co-developed the Mr. C Hotel in Coconut Grove, is branding Mast Capital’s Cipriani Residences in Brickell, as well as the Mr. C Residences in Coconut Grove.

This story was updated to clarify Rao’s ownership. 


The post Iconic NYC eatery Rao’s to open at Loews Miami Beach appeared first on The Real Deal South Florida.

Miami Mayor Francis Suarez and Commissioner Joe Carollo (Getty)

Miami Mayor Francis Suarez and Commissioner Joe Carollo (Getty)

A polarizing City of Miami proposal to encamp homeless people on Virginia Key is dead in the water, at least for now.

At a Tuesday press conference, Miami Mayor Francis Suarez and City Commissioner Joe Carollo said a plan to use a city-owned site on the barrier island next to Key Biscayne is off the table for at least six months, according to the Miami Herald.

Two weeks ago, the Miami City Commission voted 3-2 to approve city staff’s proposal to place up to 100 tiny homes on the northeastern shore of Virginia Key where the city would transport members of its homeless population who currently reside in the streets of booming areas like downtown, Overtown and Wynwood.

Suarez and Carollo agreed to have the city commission pause the effort until Miami’s legislative body reconvenes in September. During the next six months, the city will work with Miami-Dade County officials on making more shelter beds available, identifying other publicly-owned properties for temporary housing and stopping the release of homeless people from county jails within city limits, the Miami Herald reported.

Local environmentalists, homeless activists, Miami-Dade County Mayor Daniella Levine Cava, and Historic Virginia Beach Park Trust Chairman Patrick Range, among others, widely derided the plan as an ill-conceived idea to tackle the city’s homelessness. The trust oversees a historically designated area of Virginia Key that was the only place Black residents could swim in during the Segregation era.

At the press conference, Carollo, who’s been accused in federal lawsuits of using the city’s police and code enforcement departments to shut down venues owned by real estate investor Bill Fuller and his partners, blasted critics “elitists” and “pulling the race card.”

— Francisco Alvarado


The post Controversial Virginia Key homeless camp plan put on hold appeared first on The Real Deal South Florida.

Citadel's Scott Hazard and Ken Griffin with Southwest 94th Street in Pinecrest (1Oak Studio, LinkedIn, Getty)

Citadel’s Scott Hazard and Ken Griffin with Southwest 94th Street in Pinecrest (1Oak Studio, LinkedIn, Getty)

Another Citadel executive is making the move to Miami, fueling a payday for the sellers of one Pinecrest home.

Scott Hazard, a former Google executive who joined the Chicago-based hedge fund as chief workplace officer in May, paid about $6.5 million for a home on Southwest 94th Street.

Hazard bought the five-bedroom, 5,900-square-foot Pinecrest house from Marco and Gisell Torres for just over $1,000 per square foot, property records show.

Citadel employees have been on the hunt for homes in South Florida ever since their billionaire boss, Ken Griffin, announced in June that he was moving the hedge fund and the financial services firm, Citadel Securities, to Miami. Griffin himself has been assembling residential properties in South Florida for more than a decade.

The timing worked out for the sellers of the Pinecrest home, who paid just $3.4 million for it in April 2021 and sold it to Hazard for nearly double that.

The non-waterfront house was on the market with One Sotheby’s International Realty’s Michael Martinez, while Gloria Arango of Coldwell Banker represented the buyer, according to Zillow.

The two-story house, on a 0.7-acre lot with a pool and summer kitchen, was completed last year.

After announcing the move to Miami, Citadel scored space at the under-construction 830 Brickell office tower and expanded its existing office at the Southeast Financial Center downtown while Sterling Bay builds its new headquarters on another bayfront site in Brickell.

Citadel employees have been working with top real estate agents across South Florida to find homes, which are in short supply. Records show that in May, a Citadel Securities partner bought an under-construction home in north Coconut Grove.

Citadel has also been expanding its footprint in Brickell. In addition to being linked to the buyer of the development site at 1201 Brickell Bay Drive, which sold for a record $363 million, and the $286.5 million sale of the office building across the street at 1221 Brickell Bay Drive, Citadel recently paid $20 million for the apartment building at 1250 Brickell Bay Drive and an adjacent lot.


The post Citadel migration continues: Exec buys Pinecrest home for 91% markup appeared first on The Real Deal South Florida.

Longpoint Realty Managing and Founding Partner Dwight Angelini and the El Paraiso shopping center at 1700 and 1800 West 68th Street in Hialeah (LinkedIn, Google Maps, Getty)

Longpoint Realty Managing and Founding Partner Dwight Angelini and the El Paraiso shopping center at 1700 and 1800 West 68th Street in Hialeah (LinkedIn, Google Maps, Getty)

A Boston-based private equity firm is continuing its shopping spree for grocery-anchored retail properties in South Florida.

Longpoint Realty Partners has acquired El Paraiso, a two-building shopping center at 1700 and 1800 West 68th Street in Hialeah, for $43.2 million, or about $317 a square foot, in an off-market deal, the firm said Monday.

Anchored by a Sedano’s grocery store, the 9-acre site is 98 percent occupied, according to Longpoint. Other tenants in its 136,000 square feet include University Healthcare, Regions Bank and Pet Supermarket.

In a statement, Longport principal Dwight Angelini framed the deal as an opportunity to break into a highly sought-after infill market. Built in the 1980s, the Hialeah property joins Longpoint’s portfolio of South Florida shopping centers that includes properties in Pembroke Pines and Naranja, which the firm acquired in 2019 and 2020 for $37.5 million and $11.7 million, respectively.

The sellers are Elpara Inc. and Elcanar Inc., entities managed by Antonio Rodriguez and Jesus Gonzalez of Miami, records show. Elcanar acquired the 1800 West 68th Street property in 1988 for $1.8 million and completed the 62,000-square-foot building a year later. Elpara acquired the neighboring 74,000-square-foot building at 1700 West 68th Street in 2000 for an unknown amount.

Investors are circling grocery-anchored retail plazas throughout South Florida, including in Hialeah. Last month, Seritage Growth Properties banked $6.2 million in a single day when it bought Westland Gateway Plaza, a Hialeah shopping center anchored by Aldi and Bed Bath & Beyond, among others, for $22.1 million then immediately flipped it to Sunny Isles Beach-based RK Centers for $28.3 million.

Also last month, Toronto-based Slate Grocery REIT paid $425 million for a portfolio of 14 grocery-anchored shopping centers in Georgia, Florida and North Carolina, according to an investment summary. Included in the deal were three shopping centers anchored by Publix grocery stores in Miramar, Dania Beach and Palm Beach Gardens and a retail plaza anchored by a Fresh Market store in Pembroke Pines, records show.

In June, El Paso-based River Oaks Properties paid $25.5 million for a Delray Beach complex anchored by Joseph’s Classic Market, while in Plantation, an affiliate of Charles Ladd’s Barron Real Estate bought a Food Fair-anchored shopping center for $38.4 million.


The post Longpoint picks up Hialeah shopping center for $43M appeared first on The Real Deal South Florida.

Damac Properties founder Hussain Sajwani and 8777 Collins Avenue, Surfside, Fl (Getty, Twitter/HussainSajwani)

Damac Properties founder Hussain Sajwani and 8777 Collins Avenue, Surfside, Fl (Getty, Twitter/HussainSajwani)

Hussain Sajwani had been trying to break into U.S. real estate for years.

The Emirati billionaire’s Dubai-based development firm, Damac Properties, looked at New York properties prior to the pandemic, hoping to land a prime site near Central Park, but had no luck. So when the Surfside site became available less than two months after the condominium collapse, Damac didn’t hesitate, moving to become the all-cash stalking horse bidder for the oceanfront land.

“We immediately took action and we moved fast,” Sajwani told The Real Deal.

Brokers marketed the site for months after that but plans for an auction fizzled when no other developer wanted to touch the 2 acres of land that families of the victims – the 12-story, 136-unit Champlain Towers South collapsed in June of last year, killing 98 people – have called “hallowed ground.”

In late July, Damac closed on its $120 million purchase, making it the steward of the country’s most emotionally charged development site.

The tragedy associated with the site is not lost on Sajwani, who expressed his condolences for the families of the victims during the interview with TRD.

Damac, which Sajwani founded in 2002, has developed mostly in Dubai but also in Jordan, Lebanon, Qatar, Saudi Arabia and London. It’s known for its flash, sometimes throwing in a Lamborghini with a home purchase or raffling off private jets. It’s got a penchant for tying up with international brands, developing a Trump-branded golf course – the first in the Middle East – at Damac Hills in 2017, and is developing a 70-story Cavalli-branded tower in Dubai. (Sajwani bought the distressed luxury fashion house in 2019 through his private investment firm.)

Damac’s plans for Surfside are in the early stages. But Sajwani is clear that the project will reflect the Damac ethos: big and bold, with all the bells and whistles. When asked about the possibility of a recession – something that has put many developers in wait-and-see mode – Sajwani brushed it off, saying he is a believer in the U.S.’s resiliency.

TRD caught up with him to talk about his American debut and expansion plans.

Now that you’ve closed on the site, what’s next?

First of all, we really [want to offer] our deepest condolences for the victims of this building and what has happened. We will do anything we can to make their experience less harmful.

On the business side, we are planning to put up the most luxurious, the highest standard of condominiums in North America and in the world on that [site].

It will take a little time because we have to hire a number of consultants, architects, planners and others. We just received the land a couple of weeks ago and that normally takes a couple of months. Then the standard process takes about six to nine months between planning, designing, tendering until the construction starts.

Besides it being a Cavalli-branded building, what else can you tell us about the design?

We want to make it very luxurious, and have all the amenities and facilities in the building, from swimming pools and gyms and restaurants and services, which would qualify [it as] the most luxurious condominium globally.

Do you plan to honor the 98 victims who died in the collapse? Have you considered working with the town and the families to create a memorial?

We would love to meet with the community, with the people and I’m going to send some of my senior executives to Miami and to meet with the government officials and the city councils to see if there’s anything we can do and contribute to make that bad incident less hurtful and less bad.

What can you tell us about pricing and Damac’s timeline for this project?

It is too early but we are of course in a competitive market so we have to be competitive.

Is there a Damac project out there you can compare this to?

[Last year] we launched Cavalli tower in Dubai. We have done some interesting amenities in that building, including an artificial beach. Of course, here we don’t have to do an artificial beach – there’s one of the most beautiful beaches in the world there.

Every Cavalli tower is going to have its own style and class. And of course, we have to do a little more homework on the local demand. What the people, what our customers want, it’s very important. What the customer wants aside from an apartment, the amenities. You appreciate that every city is a little bit different.

Are you eyeing other U.S. sites?

At the moment, we want to focus on Surfside and get it off the ground. Of course we are open to other cities. We think New York has potential, and Boston – those are two cities on the East Coast where we would love to do something in the future. We have a number of projects in Toronto.

Do you want a larger footprint at the Surfside site? Would you acquire more parcels?

We are a business firm – we are always open to opportunity. If there is another piece of land next door or a few kilometers up or down, we think the market has great potential, the market is good and will continue to be good. A lot of people [are] moving to Miami, from up the East Coast and also from South America. We believe in Miami.

Any concerns about timing, given rumblings of a recession?

Our analysis of a recession, if it comes to the States, is that it’s going to be mild and it’s not going to be very long. A project like that takes one year of planning and design, and then takes about two to three years of construction. So we are not concerned about the recession. From history, and I have seen it, [the] U.S. whenever it gets in a recession it is the first one to come out. And they always come out stronger.

What is your investment target for U.S. projects over the next 10 years?

We are already quite big investors in the U.S. through private equity and we have invested in about 30 funds in biotech and technology… funds like Starwood. The U.S. has been and is always going to be a target for overseas investment. It’s the largest world economy and it’s — I wouldn’t say it’s easy but it’s more clear to do business in the U.S. — you know what is allowed and what is not allowed very quickly. This project could be in the range of half a billion dollars, and we are open to doing more.

Have you spent time in South Florida?

I know Miami very well. I come quite often.

This interview has been edited and condensed for clarity.


The post “We took action and moved fast”: Damac boss on Surfside plan, US expansion appeared first on The Real Deal South Florida.

Turnberry Associates' Jackie Soffer and LeFrak's Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)

Turnberry Associates’ Jackie Soffer and LeFrak’s Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)

Richard LeFrak and Jackie Soffer have begun leasing the third multifamily development at their massive SoLé Mia mixed-use project in North Miami.

Known as Villa Laguna, the 190-unit rental building sits on 2.3 acres at 2200 Sole Mia Square Lane, overlooking a 7-acre artificial lagoon intended to evoke “Caribbean waters,” according to the developers. The six-story property contains studios as well as one- and two-bedroom apartments, ranging from 500 to 1,150 square feet.

Leasing kicked off on Monday, with monthly rents from $2,400 up to $3,800 for the priciest units. Tenants are expected to begin moving in next month.

Jointly developed by Richard LeFrak’s eponymous New York-based firm and Jackie Soffer’s Aventura-based Turnberry Associates, the master-planned SoLé Mia community sits on 184 acres near the southeast corner of Biscayne Boulevard and Northeast 151st Street.

Upon completion, it’s expected to have 1.5 million square feet of commercial real estate and 4,000 residential units, according to the developers.

The first rental component, a pair of 17-story apartment buildings called The Shoreline, contain a combined 397 units. The second, called Villa Solé, was finished last year and leased in nine months after LeFrak and Turnberry scored a $32 million construction loan.

In April, Turnberry partnered with developer Carlos Rosso on a 32-story, 303-unit condominium, the first at SoLé Mia, called One Park Tower by Turnberry at SoLé Mia.

The Soffer family has long been active in South Florida, with Jackie’s father, Don Soffer, having developed most of Aventura. Jackie and her brother Jeffrey Soffer jointly ran Turnberry for decades before splitting in 2019 to pursue individual projects. Jeffrey is now CEO of Fontainebleau Development, also based in Aventura.

SoLé Mia is one of the largest-ever development projects in North Miami. Elsewhere in the city, Omega Real Estate Management is planning a mixed-use project known as The Gardens District with apartments, offices, a grocery store and restaurants, starting with a nine-story, 358-unit apartment building at 1155 Northeast 126th Street.

Developer Blue Road is planning a 20-story, 139-unit apartment tower in the city, just west of I-95 along Northwest 7th Avenue.


The post LeFrak, Soffer kick off leasing at SoLé Mia rental appeared first on The Real Deal South Florida.

17141 Collins Ave, Sunny Isle

17141 Collins Ave (Condo, Getty)

Condo prices in Miami-Dade continue to recover.

In August’s first week, prices were up, and ranged from $1.7 million to $12.5 million, compared to $2 million to $5 million the previous week.

Dollar volume also increased to $111 million, from $91 million the previous week, and $99 million two weeks ago.

The average sale price last week of $666,000 exceeded averages from the two prior weeks, which were at $565,000.

The sale of unit UPH-1 at 17141 Collins Avenue in Sunny Isles Beach reached the top spot last week with a $12.5 million sale price. Bill Hernandez and Bryan Sereny with Douglas Elliman represented the sellers, and Mariam Kaira with Optimar International Realty was the buyer’s agent.

A $6.3 million sale at One Ocean in Miami Beach snagged the second highest sale last week. Listed as a comp sale, Jonathan Corso with Coldwell Banker Realty represented the buyer for unit 507 at 1 Collins Avenue.

Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl.

Here’s a breakdown of the top 10 sales from July 31st to August 6th:

Most expensive

Muse Residences, 17141 Collins Avenue, unit UPH-1 | 107 days on the market | $12.5M | $2,047 psf | Listing agent: Bill Hernandez and Bryan Sereny with Douglas Elliman | Buyer’s agent: Mariam Kaira with Optimar International Realty

Least expensive

Trump Royale, 18201 Collins Avenue, unit 806 | 192 days on the market | $1.7M | $796 psf | Listing
agent: Oscar Donado with Kismet 2 Realty | Buyer’s agent: Felipe Quintero with EXP Realty

Most days on market

Bal Harbour, 10155 Collins Avenue unit 710 | 415 days on the market | $2.5M | $756 psf | Listing agent: Carolina Powell with Premier Brokers International | Buyer’s agent: Ryan Mendell with Maxwell E Realty

Fewest days on market

Surf Club, 9111 Collins Avenue, unit N612 | 7 days on the market | $3.7M | $3,015 psf | Listing
agent: Ximena Penuela with Fort Realty | Buyer’s agent: Ximena Penuela with Fort Realty




The post Muse Residences in Sunny Isles Beach tops weekly condo sales appeared first on The Real Deal South Florida.

The single-family rental sector has grown steadily in value (Source: John Burns Real Estate Consulting)

As housing braces for a prolonged downturn, the single-family rental sector appears poised for a shopping spree.

Accounting for a third of the total U.S. rental inventory, single-family rentals now comprise nearly 16 million units worth over $4 trillion, according to data from Harvard’s Joint Center for Housing Studies. The sector — and especially its even faster-growing build-to-rent segment — would appear to be threatened by a combination of rising rates, inflation and sky-high construction costs crimping the rest of the real estate world.

But with the growing realization that even wealthy Americans may be locked out of buying, and with rents increasing at record rates — 11.8 percent year-over-year in June, according to Yardi Matrix — the prospect of owning rental homes appears increasingly popular and profitable. Just follow the money. John Burns Real Estate Consulting found $45 billion was invested in the sector last year, making 2020’s $3 billion look like pocket change. The firm also estimates that the sector has doubled in value over the last decade.

It is a golden hour for build-to-rent,” said Brad Hunter, founder of Hunter Housing Economics. “People who would have been in the market to buy a home are rethinking, shut out of ownership or simply indignant at the monthly cost of a mortgage. We’ve studied hundreds of build-to-rent developments around the country, and they’re leasing up as fast as the homes can be delivered.”

Even inflationary pressure can’t constrain the flow of funds and renters; while profits seem less eye-popping, it’s merely a quick set break in the midst of an all-day dance party. Recent financials reflect how, because of a lack of housing options, ever-rising rents are far from hitting a ceiling, or as American Homes 4 Rent CEO Bryan Smith said on a May 6 earnings call, the firm hasn’t encountered much price sensitivity in the marketplace.

There has been a speed bump due to increasing acquisition costs — nationwide, the median home sale price topped $400,000 this summer, and many operators have slowed down purchasing single homes until values moderate. A recent Attom Data report showed that in the last year, average gross yields before expenses for newly acquired single-family rentals decreased in over two-thirds of counties, but only by a percentage point. Most markets, especially the fast-growing South and Midwest, still show 8 percent yields.

Other figures tell the whole story: Lease growth for renewals rose 7.8 percent in the first quarter, and operating incomes soared by double digits. Canadian-American giant Tricon Residential saw 11.6 percent year-over-year growth in net operating income, while Invitation Homes notched an 11.7 percent gain. The stock prices of public single-family rental firms have declined roughly 5 percent this year, significantly outperforming the broader market.

As demand for rental housing rises, industry players will push to expand.

You need to be doing scattered-site, build-to-rent and buying portfolios,” said Doug Brien, co-founder of Mynd, which develops property management software. “That’s really the way to make sense of this business.”

Trevor Koskovich, an investment sales broker at Northmarq, sees a perfect storm for growth: Minimal housing construction in hot Sun Belt markets like Phoenix, Las Vegas and Nashville creates opportunity; increased operational efficiency means owners are collecting more on a per-square-foot basis; out-of-reach homeownership means wealthier tenants with less turnover; and capital is pouring in.

John Burns recently found that it costs, on average, an additional $800 a month to own rather than rent. Build-to-rent firms expect to deliver a record 14,000 new homes nationwide this year.

With rents keeping pace with home values, even though the latter is leveling off, it’s still one of the best risk-adjusted investments you can make,” said Koskovich. “One thing people always need is housing, and they’ll forgo a lot of other expenses and luxuries to make sure they get to live in the kind of place they want to live in.”

As Josh Hartmann, CEO of national single-family rental developer NexMetro Communities, puts it: “The rents work for us, the cap rates work for us, the costs work for us, and the land cost works for us.”

It helps that demographic tailwinds have pushed renters from two of the biggest generations in history, baby boomers and millennials, into rental housing. Boomers want to age in place and forgo the pains of ownership but not the privacy of a detached home. Some builders, like Maxwell Group, are planning senior-focused build-to-rent communities.

But even more vital to the sector’s success are aging millennials, who are filling a key 30- to 44-year-old age group that is expected to grow to 70.2 million in 2030 from 65.7 million in 2021, outpacing the overall U.S. population. This single-family segment, including a wealthy cohort of would-be homeowners, has driven up occupancy and renewal rates; Invitation Homes saw occupancy hit just over 98 percent in early 2022, with renewal growth almost hitting double digits every month.

While the customer base grows, now may seem like an especially expensive time for expansion, with record housing prices and building costs already slowing down homebuilders. Bloomberg reported that KKR, American Homes 4 Rent and others have hit the brakes on acquisitions, with some investors cutting buying activity by half. But while there’s definitely appreciation in land costs — Hunter expects aggressive land purchasing to taper off as home prices settle down — the SFR world is uniquely positioned to grow even in recessionary times.

Some developers, like NexMetro, have focused on smaller units and squeezing more profit out of build-to-rent communities. They’re opting for compact, 1,000-square-foot homes, maximizing returns on 20-acre plots and charging higher rents per square foot.

Increasingly stuck with spec inventory many buyers can’t afford, homebuilders are simply offloading to growing institutional landlords. They’re running a dual track, said Koskovich, especially publicly traded builders under pressure to sell; they can counter rising interest rates by diversifying and simply selling homes to rental firms. Multifamily players like Alliance Residential and builders like Toll Brothers, Lennar and D.R. Horton either have deals with such firms or have vastly expanded their in-house rental-home segments.

Homes, as the owners of these rapidly appreciating assets know, are not just places to live, but investments. For single-family rental firms, these assets seem poised to continue to pay off. Unlike commercial property leases, home leases get re-signed and adjusted annually, allowing inflationary pressures to be more immediately reflected in rents. Another recent John Burns analysis suggests rents almost never drop for single-family homes. While home values see-sawed during the Great Recession and other downturns, rent growth never went negative.

Factor in operational efficiencies from technology and green design — Hunter has seen more single-family rental builders and long-term owners invest in energy efficiency and sustainability features — and a clearer picture emerges of better profit margins.

Owners are saying, ‘I want to keep buying — I have a long-term thesis, and I can whittle away at the edges, but if I could apply technology, I can actually change my cap rate,’” Lucas Haldeman, co-founder and CEO of proptech firm SmartRent, told The Real Deal last year.

Invitation Homes, Tricon and others can also continue to afford expansion because the funding is there. The long-term value of these assets keeps increasing with rent growth, enough to make this period of higher mortgages an opportunity to expand portfolios.

In some sense, the sector might be an even better investment now.

Hartmann noted that due to a limited supply of rental homes, high demand and hungry investors, the sector is experiencing what’s called cap-rate compression; the income stream for the same investment is rising, making it an even bigger target for investors. So far this year, there have been 10 single-family rental securitization deals worth $7.8 billion, according to Kroll Bond Rating Agency data. MetLife Investment Management recently predicted that growing the institutional ownership of single-family rentals to 10 percent from its current 2 percent would require $200 billion in incremental debt financing.

Negative sentiment over institutional landlords has been growing, with a congressional subcommittee meeting in June bringing attention to what one representative called the “mass predatory purchasing” of private equity, while the same NIMBY sentiments and regulatory issues that harm other builders also apply to the build-for-rent sector. But even with slowing growth, investors seem confident that the value of rental assets during a housing crisis is assured.

As the space continues to proliferate, it will become more efficient,” said Koskovich. “It’s like Amazon — you become the largest company in the world by becoming more efficient.”

The post Could a recession be rocket fuel for single-family rentals? appeared first on The Real Deal South Florida.

Champlain Towers South site (Getty Images)

Champlain Towers South site (Getty Images)

UPDATED, Aug. 8, 6:30 p.m.: Unit owners of the collapsed Surfside condo are no longer on the hook for their 2022 property tax bills.

Judge Michael Hanzman, who has been overseeing the collapse litigation, ordered that the unit owners’ property tax bill this year be paid out of the proceeds from the $120 million sale of the property in July.

The 136 owners of the collapsed Champlain Towers South received their tax bills for the first half of the year, which frustrated some who felt they were shortchanged by their share of the more than $1 billion settlement in the class action case, the Miami Herald reported.

After news emerged that they would each be on the hook for thousands of dollars in payments, Hanzman ordered that the receiver use leftover funds from the sale to pay the bill. The owners will still receive their $96 million payout.

Florida Governor Ron DeSantis and lawmakers waived the tax bills last year following the tragedy in Surfside, which killed 98 people when the oceanfront building collapsed in June 2021.

The Miami-Dade County Property Appraiser’s office assessed the vacant 1.8-acre site at 8777 Collins Avenue, which was sold to Dubai developer Damac Properties, at $41.3 million. The $787,000 bill averages out to $5,800 per unit, but each owner’s share varies based on their unit’s square footage.

Owners were only responsible for their property taxes from January to July. Damac will be responsible for the property taxes for the remainder of the year.

State law requires the county to assess properties and collect taxes, which means it would be up to the state to waive property taxes for any property.

Oren Cytrynbaum, whose family owned units in the building, told the Herald that the tax bill for the site “doesn’t sit well with owners, who are also victims.”

“Not only did we receive a reduced settlement amount and the lowest settlement amount, and now you’re coming after us to pay property taxes, too?” Cytrynbaum said.

– Katherine Kallergis

The post Judge rules Surfside condo owners off the hook for $800K tax bill appeared first on The Real Deal South Florida.

A rendering of the Estates at Acqualina’s and Jules Trump (Estates at Acqualina’s, Trump by Sonya Revell)

A rendering of the Estates at Acqualina and Jules Trump (Estates at Acqualina, Trump by Sonya Revell)

The Estates at Acqualina’s south tower has finally been completed.

The Trump Group also settled litigation with the project’s general contractor, marking a major step forward for the long-planned luxury condo development.

Eighty five closings have been recorded with Miami-Dade County for the 154-unit, 49-story south building at the two-tower oceanfront development at 17909 Collins Avenue, property records show. Despite lagging records, the 248-unit project is sold out. The second 52-story, 94-unit north tower is not yet completed.

The $1.8 billion project also includes a 45,000-square-foot amenities villa that’s expected to be delivered later this year. Both towers include lobbies designed by the late fashion designer Karl Lagerfeld, and the amenities building will include an ice skating rink, bowling alley and the Avra Miami Estiatorio restaurant.

The Estates marks developers Jules and Eddie Trump’s (no relation to Donald) third luxury project in Sunny Isles Beach. Michael Goldstein, president of sales for the Trump Group, handled sales and marketing in-house. Prices ranged from the low $4 millions up to $35 million for the penthouse. The Estates also includes three single-family homes.

Buyers include South African wine mogul Lance Ellman, and his wife, Caryn; Ferraro Foods owner Michael Giammarino; Avra Group co-owner Nick Tsoulos (Avra is opening a 10,000-square-foot restaurant at the project); luxury broker Ryan Mendell; psychiatrist and author Dr. Daniel Amen and his wife Tana Amen; a company led by Ashok “Chuck” Khubani, the founder and CEO of Ontel Products; and a company managed by André El-Mann, CEO of the Mexican investment firm Fibra Uno.

The developer revealed initial plans for the two-tower complex in 2015, and construction began in 2018. Though the south tower was expected to be completed a year ago and the 52-story north tower was supposed to be done by February 2022, those dates came and went. Like a number of other projects, the project was not immune to construction delays exacerbated by the supply chain issues stemming from the pandemic.

Trump affiliate A3 Development sued its general contractor, Suffolk Construction, in February and Suffolk countersued the following month, over the project’s delays and disagreements over construction change directives and allegedly unpaid work. Both lawsuits were settled, court documents show.

Suffolk signed a $129.5 million contract two years ago to develop the north tower, taking over from Coastal Construction, which signed a $600 million contract with the developer to build the entire project in 2018.

A spokesperson for Suffolk declined to comment on details of the settlement. The developer was not available for an interview.


The post Lawsuit settled, closings underway at Trump Group’s Sunny Isles tower appeared first on The Real Deal South Florida.

Realterm Logistics CEO Robert Fordi and the vacant lot at the intersection of northwest 104th Street and northwest 95th Avenue (Realterm, Ferreira Construction)

Realterm Logistics CEO Robert Fordi and the vacant lot at the intersection of northwest 104th Street and northwest 95th Avenue (Realterm, Ferreira Construction)

A warehouse boom is taking shape in Medley, where a 4-acre industrial site just sold for more than four-times what it last traded for five years ago.

An affiliate of Maryland-based Realterm Logistics paid $15 million for two properties at 9455 Northwest 104th Street in the western Miami-Dade town, records show. The lots include two 6,500-square-foot structures, one an office building and the other a warehouse, as well as a truck yard.

The seller, New Jersey-based contractor Ferreira Construction, bought the two properties for just $3.7 million in 2017, records show.

CBRE’s Nicolas Palazzo and Andrew Fernandez brokered the deal, according to a press release, which said the Realterm affiliate also retained Palazzo and Fernandez to lease the property.

Realterm, led by CEO Robert Fordi, had been relatively quiet in South Florida since a pair of big-ticket January deals in which it paid $127.5 million for five warehouses in Riviera Beach and $47.2 million for a distribution facility in unincorporated northwest Miami-Dade in January, records show. Realterm also bought a fully leased industrial property near Miami International Airport for $15 million in late December.

Now the firm is jumping into Medley, where investment activity has picked up since the second quarter. Last month, San Francisco-based Terreno realty paid $20 million for a foreclosed aviation maintenance facility in the town, while Miami-based Basis Industrial acquired a mixed-use site with small bays and self-storage components for $37.5 million.

In May, Seagis Property Group, a Conshohocken, Pennsylvania-based logistics firm, acquired two adjacent industrial properties in Medley for $23.7 million a month after buying a nearby trailer parking lot for $14.8 million. Also in May, South Dakota-based Vertical Cold Storage paid $66 million for a freezer facility in Medley.

Seller Ferreira, led by president and CEO Nelson Ferreira, is also an active South Florida commercial real estate investor. He and his brother, Antonio Ferreira, paid $36 million in June for a North Palm Beach shopping center.


The post Medley industrial site trades for 4x its 2017 price appeared first on The Real Deal South Florida.

G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)

G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)

Blackstone sold off a quintet of budget hotels in South Florida for $61 million as part of an eight-property portfolio deal in the Sunshine State.

Affiliates of Georgia-based Global Hotel Group bought three Motel 6 properties in Cutler Bay, Dania Beach and Fort Lauderdale, as well as two Studio 6 extended-stay hotels in Coral Springs and West Palm Beach, records show.

The five properties traded hands as part of a larger $279.4 million deal that also includes Global Hotel Group picking up four Motel 6 locations in Orlando and the refinancing of two hotels it already owns in Lakeland and Miami, according to published reports. Global Hotel Group, led by CEO Sam Patel, obtained a $180.8 million mortgage from Starwood Mortgage Property.

The seller is G6 Hospitality, Blackstone’s Texas-based operator of the Motel 6 and Studio 6 budget hotel chains, which the investment giant acquired in 2012. Last year, G6 scored a $685 million loan from Goldman Sachs and JPMorgan to refinance more than 100 Motel 6 and Studio 6 properties across the country. In Cutler Bay, Global Hotel Group paid $10.7 million or $69,480 per key for the 154-room Motel 6 at 10775 Caribbean Boulevard that G6 acquired for $6 million in 2009. The hotel was completed in 1979.

In Dania Beach, Global Hotel Group paid $12.7 million, or $77,914 per key for the Motel 6 at 825 East Dania Beach Boulevard, which G6 paid $5.8 million for in 2012. The 163-room property was built in 1982.

In Fort Lauderdale, Global Hotel Group paid $12.1 million for the Motel 6 at 1801 State Road 84 that G6 acquired for $4 million in 2008. The deal broke down to $114,150 per key for the 106-room hotel completed in 1973.

As for the two Studio 6 properties, Global Hotel paid $14.6 million for the hotel at 5645 University Drive in Coral Springs and $10.8 million for the one at 1535 Centrepark Drive North in West Palm Beach. G6 had paid $6 million in 1998 for the Coral Springs hotel, which was completed the same year, and $7.8 million in 2012 for the West Palm Beach site that was built in 1998.

Blackstone, which is reportedly eyeing a $1 billion sale of G6, has offloaded other pieces of the portfolio in recent weeks, including four Motel 6 locations in the San Francisco Bay Area for $40.3 million last month and one in Los Angeles for $46 million in June.


The post Blackstone sells five South Florida budget hotels for $61M appeared first on The Real Deal South Florida.

From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)

From left: BlackRock’s Larry Fink and Related Companies’ Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)

Investment management behemoth BlackRock is heading to downtown West Palm Beach, marking a continuation of New York financial firms’ migration to South Florida.

Larry Fink’s company subleased 5,000 square feet at the 360 Rosemary building, which was developed by Stephen Ross’ Related Companies, The Wall Street Journal reported. The new location has been nicknamed the “snowbird office” among company employees.

The 20-story building was completed last year and is fully leased. Tenants reportedly include Paul Singer’s hedge fund Elliott Management, Goldman Sachs Group and Steven Cohen’s Point72 Asset Management, according to people familiar with the matter. (A Related Southeast representative has previously declined to confirm these as tenants to The Real Deal.)

About 35 BlackRock employees are expected to move in early next year, although more from the New York headquarters could join them. Rick Rieder, who is the company’s head of fixed income and owns property in Palm Beach County, also is expected to work in this office when in Florida.

Rieder paid $7.3 million for a teardown home in Jupiter’s Admirals Cove neighborhood early last year. Records show that the entity Rieder used to purchase the home applied for a property demolition permit last August and then filed construction notices of commencement early this year.

BlackRock, which has roughly $10 trillion of assets under management and more than 18,000 employees, will keep its Midtown Manhattan headquarters. It has no plans to relocate additional heads to Florida and its “executive leadership teams” will remain based in New York, the company said in a statement to WST.

Ross and his New York-based Related have made a hefty bet on downtown West Palm where they are the biggest Class A office building owners. Their assets include the two Phillips Point towers and CityPlace Tower. Related also purchased half of the ownership interest in Esperanté Corporate Center for an undisclosed amount last year.

Downtown West Palm is a growing hot spot in South Florida for financial firm relocations and expansions, earning it the moniker of the “Wall Street of the South.”

Miami’s Brickell has also become a magnet for the financial sector. Ken Griffin’s hedge fund Citadel and financial services firm Citadel Securities is moving their headquarters there.

Palm Beach, across the bay from West Palm, has also attracted financial industry behemoths, with Griffin’s Citadel taking over the former Neiman Marcus building at 151 Worth Avenue.

– Lidia Dinkova


The post BlackRock lands in West Palm Beach appeared first on The Real Deal South Florida.

Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)

Tricera Capita’s Ben Mandell with rendering of The Press project (Tricera Capital, Storyn Studio)

Calico, Blue Sky Financial, SROA Capital, More I The Press I West Palm Beach

Tricera Capital is quickly filling up its The Press project in West Palm Beach.

Salons by JC leased roughly 10,400 square feet; interior design, custom furnishings and fabric retailer Calico leased roughly 3,200 square feet; cryotherapy and wellness provider Restore Hyper Wellness leased roughly 2,700 square feet; and Raw Jūce leased roughly 1,700 square feet at the project’s retail portion, called the Shops at The Press, according to a Tricera news release.

At the office building, called Workspaces at the Press, self-storage investor SROA Capital took about 26,000 square feet; flexible office provider Knotel took about 18,000 square feet; and mortgage broker Blue Sky Financial renewed its 5,200-square-foot space, the release says. Blue Sky relocated from another part of the building.

Ben Mandell’s Tricera, based in Miami, is redeveloping the Palm Beach Post’s campus at 2751 South Dixie Highway. The printing press and distribution facility is being retrofitted into the Shops at The Press, and the existing office building is turning into Workspaces at the Press.

The buildout of tenant spaces is expected to be completed in the fourth quarter. Joseph’s Classic Market already leased at The Press and is expected to open this year.

Along with the leases, Tricera scored a $19 million refinancing from Monroe Capital, according to the release. The additional funds will be used for tenant and site improvements, and for the buildout of the retail and office buildings.

Jason Krane of Ackman-Ziff Real Estate Group handled the loan.

Tricera had also taken out a $50.8 million refinancing and construction loan from Monroe last year.

Wells Fargo I 1675 Midtown I Boca Raton

Tricera Capital’s recent leasing deals were not restricted to West Palm Beach.

In Boca Raton, the real estate firm signed Wells Fargo for a 25,000-square-foot office space at the 1675 Midtown building, according to a Tricera news release.

The bank, which will move in in March, has an option to expand its footprint in the building.

Tricera bought the seven-story building at 1675 North Military Trail in November for $20 million, records show. Constructed in 2008, the building spans 70,000 square feet and includes a four-story parking podium.

Dustin Ballard of Tricera brokered the Wells Fargo deal.

John Criddle and Joe Freitas lead the CBRE team that now leases available spaces at 1675 Midtown.

MDNow I Palm Beach Gardens

Urgent care provider MDNow leased more than 18,000 square feet in Palm Beach Gardens.

MDNow signed a 10-year deal for the fourth-floor space at 4200-4400 Northcorp Parkway, according to a news release from the landlords. MDNow is moving from its West Palm Beach offices.

New York-based Alchemy-ABR Investment Partners and Miami-based Breakers Capital Partners bought the two-building campus in 2016 for $30.1 million. The buildings total more than 115,000 square feet on 6.2 acres, according to property records and the release.

Trinity Commercial Group represented MDNow. Anthony Librizzi of Cushman & Wakefield represented the owners.


The post Lease roundup: Tricera scores tenants in West Palm, Boca appeared first on The Real Deal South Florida.

Julie Jones (Getty)

Julie Jones (Getty)

A Fort Lauderdale brokerage is suing its co-owner, Julie Jones, who is now working with Douglas Elliman, alleging that she transferred millions of dollars worth of luxury home listings before she left the firm.

The lawsuit demonstrates how disputes can arise when an agent decides to switch firms, many times taking their listings – which belong to the original brokerage – with them. In this case, the agent also owns a stake in her former brokerage.

Jones left Florida Luxurious Properties to join Elliman as an agent in June. Jones owns 55 percent of Florida Luxurious Properties, and retained her ownership when she transferred her license to Douglas Elliman.

The lawsuit, filed in Miami-Dade Circuit Court last month, alleges that Jones had a falling out in April with Benjamin Olive, then-co-manager of Florida Luxurious Properties, over her profit distributions and other money she alleges she was owed. She provided notice to the brokerage in May that she planned to leave the firm as an agent, according to the lawsuit, filed by Florida Luxurious Properties’ attorney, Daniel DeSouza of DeSouza Law.

Jones’ dollar volume last year totaled nearly $369 million, Elliman said in June. So far this year, she’s been involved in deals totaling $129.4 million, and had about $29 million more under contract when she joined Elliman. A top broker in Fort Lauderdale, she focuses on luxury sales of waterfront homes and condos.

Olive, a real estate attorney who focuses on litigation, is managing partner of Fort Lauderdale-based Olive Judd, P.A.

Florida Luxurious Properties is alleging that between May and June 23, the day before Jones joined Elliman, she violated her fiduciary duties to the firm by telling a client that she would “no longer service their listing,” so that that client and other clients of hers would then hire Elliman after she left.

In the weeks before resigning, Jones “secured multiple listings for properties to sell that she never presented to [Florida Luxurious Properties] … opting instead to hold those listings until she transferred her license to Douglas Elliman,” the lawsuit alleges.

Jones did not respond to a request for comment. Elliman declined to comment through a spokesperson.

Florida Luxurious Properties alleges that it has lost hundreds of thousands of dollars’ — or millions of dollars’ — worth of income/commissions due to listing transfers. It claims that she has continued her conduct, “somehow apparently believing that she is free to destroy [Florida Luxurious Properties’] business so long as she is not a manager,” according to the suit.

The complaint also alleges that Jones tried to take over and lock the brokerage out of its own social media accounts, and is now competing against herself.


The post Florida Luxurious Properties sues ex-partner Julie Jones over Elliman jump appeared first on The Real Deal South Florida.

13000 and 13001 Lewin Lane (Photos via Jills Zeder Group)

13000 and 13001 Lewin Lane (Photos via Jills Zeder Group)

The chiropractor behind the accident victim attorney referral line 1-800-411-PAIN is asking $54 million for two side-by-side Florida mansions he built for himself and identical twin brother.

Robert Lewin is selling the mansions at 13000 and 13001 Lewin Lane, which sit on a 7.6-acre estate with a private bass-stocked lake between them, the Wall Street Journal reported. Jill Eber and Jonathan Mann of the Jills Zeder Group at Coldwell Banker Realty have the listing, their website shows.

13000 and 13001 Lewin Lane (Photos via Jills Zeder Group)

13000 and 13001 Lewin Lane (Photos via Jills Zeder Group)

Records show that Robert Lewin and his wife, Lisa Lewin, bought the land in Southwest Ranches in 2017 and own both homes. Lewin commissioned architect Jeffrey Dungan to design the homes, which were completed in 2020, according to Robb Report. Robert Lewin’s home is the larger of the two, with 17,000 square feet, seven bedrooms and a theater. Harley Lewin’s 14,500-square-foot manse has five bedrooms and a game room. Both houses have pools that –naturally–face each other.

13000 and 13001 Lewin Lane (Photos via Jills Zeder Group)

13000 and 13001 Lewin Lane (Photos via Jills Zeder Group)

Lewin told the Journal that he and his brother have always lived close to each other. Being away from his brother, he said, is like “trying to clap with one hand,” he said.

Lewin told the Journal that building the houses took longer than expected, and while the twins enjoyed sharing the property during the pandemic, the homes are too big for soon-to-be empty nesters.

Southwest Ranches, about 25 miles west of Fort Lauderdale, is a mostly rural community with fewer than 8,000 residents and a median home price of $1.2 million, according to Zillow. Luxury listings in the area top out at $20 million, and most are priced below $10 million.

If the twins’ estate sold for close to the asking price, they would almost double the record for Broward County, set last month when a waterfront Fort Lauderdale estate sold for $28.5 million. The previous record was $27.5 million for another waterfront property in 2015.

— Kate Hinsche


The post #Twinning: Identical brothers asking $54M for side-by-side mansions appeared first on The Real Deal South Florida.

Ken Griffin and 1250 Brickell Bay Drive in Miami (Getty Images, Google Maps)

Ken Griffin and 1250 Brickell Bay Drive in Miami (Getty Images, Google Maps)

Billionaire hedge funder Ken Griffin is continuing his Brickell shopping binge, scooping up properties across the street from the development site his Citadel bought this spring.

In the latest deal, an entity led by Citadel COO Gerald Beeson bought the three-story, 12-unit apartment building at 1250 Brickell Bay Drive in Miami and the adjacent vacant lot at 1260 Brickell Bay Drive for $20 million, a deed shows.

The seller, Yamal Yidios’ real estate development and investment firm Ytech, flipped it for a major profit. It bought the property for $11 million in July and sold it to Citadel’s affiliate for a $9 million gain, records show.

The apartment building was constructed in 1958 on 0.1 acres, and the next-door lot is 1,300 square feet, according to property records.

The site is across the street from the 2.5 acres of land Citadel purchased for a record $363 million in April, shortly after Griffin announced Citadel and financial services firm Citadel Securities will move their headquarters to Miami’s Brickell Bay from Chicago.

The latest deal marks Griffin’s takeover of Brickell, as Citadel also leased roughly 95,000 square feet under a long-term deal at the 830 Brickell tower under construction. The space, as well as Citadel’s expansion of its offices at the Southeast Financial Center at 200 South Biscayne Boulevard in downtown Miami, will be an interim location for the company, sources told The Real Deal.

Citadel has retained Chicago-based Sterling Bay to build the company’s new headquarters.

The hedge fund’s play on Brickell has further kicked into high-gear the neighborhood’s office market.

Asking rents at 830 Brickell have hit $125 to $150 a square foot, a new high for Miami, brokers said.

Some recent leases at the building, at 830 Brickell Plaza, have closed at $110 to $120 a square foot, with deals under negotiation for $130 a foot, sources told TRD.

Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International are developing the 55-story tower, slated for completion in six months.


The post Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase appeared first on The Real Deal South Florida.

Federal Realty CEO Donald Wood and The Shops at Pembroke Gardens at 527 Southwest 145th Terrace in Pembroke Pines (Getty Images, Pembroke Gardens, Federal Realty)

Federal Realty CEO Donald Wood and The Shops at Pembroke Gardens at 527 Southwest 145th Terrace in Pembroke Pines (Getty Images, Pembroke Gardens, Federal Realty)

Federal Realty Investment Trust is jumping on the South Florida shopping center bandwagon, acquiring a Pembroke Pines retail plaza for $180.5 million.

An affiliate of the Rockville, Maryland-based real estate investment trust bought Shops at Pembroke Gardens at 527 Southwest 145th Terrace at a $7.5 million discount from the previous sale price seven years ago, records show. The price breaks down to $460 a square foot. The open-air plaza is on a 41-acre site near I-75.

Eastdil Secured brokered the deal, according to a press release.

The seller, an entity managed by Cincinnati-based Jeffrey A. Anderson Real Estate, paid $188 million for the 392,000-square-foot shopping center in 2015, records show. Completed in 2008, Shops at Pembroke Gardens’ tenant roster includes Nike, Sephora, Old Navy, DSW and Barnes & Noble.

Federal Realty, led by CEO Donald Wood, said it sees an opportunity to increase the value of its Pembroke Pines acquisition over time through remerchandising, raising rents and making incremental capital investment, according to the firm’s second quarter earnings report.

The purchase of Shops at Pembroke Gardens comes more than a year after Federal Realty and its partners, Grass River Property and the Comras Company, offloaded The Shops at Sunset Place in South Miami for $65.5 million to Alex Vadia’s Midtown Opportunities. The Federal Realty joint venture paid $110.2 million for the shopping center in 2015, records show.

In South Florida, cap rates for shopping center deals have remained steady, and the sale price per square foot rose slightly in the second quarter due to investor optimism, according to a recent Lee & Associates report.

Even with inflation dimming the national retail outlook, the South Florida market continues to outpace the rest of the country in rent growth and positive net absorption, the report states. In the second quarter, South Florida’s retail market had a vacancy rate of 3.4 percent, compared to 4.3 percent during the same period of last year. The average asking rent grew to $33.81 a square foot from $29.90 a square foot, according to Lee & Associates.

Since last year, investor appetite for shopping centers and retail plazas in South Florida has been on the rise. Recently, Seritage Growth Properties made more than $6 million in a single day by buying and then flipping a Hialeah shopping center to Sunny Isles Beach-based RK Centers for $28 million.

In the largest deal this year so far, New York-based RPT Realty paid $216 million last month for Shops at Mary Brickell Village, an outdoor center in Miami’s Brickell neighborhood. Also in July, Miami Beach investor Jimmy Resnick bought a shopping center in Kendall for $32 million.


The post Federal Realty buys Pembroke Pines shopping plaza for $180.5M appeared first on The Real Deal South Florida.

RK Centers’ Raanan Katz and Aimco's Wes Powell with the SW corner of Northeast Fifth Avenue and Northeast Ninth Street (LinkedIn, Google Maps)

RK Centers’ Raanan Katz and Aimco’s Wes Powell with the SW corner of Northeast Fifth Avenue and Northeast Ninth Street (LinkedIn, Google Maps)

Aimco added the final piece to its Flagler Village development site where the company plans a major mixed-use project.

Denver-based Aimco bought 1.4 acres of land on the southwest corner of Northeast Ninth Street and Northeast Fifth Avenue in downtown Fort Lauderdale for $16 million, according to a deed. An affiliate of Miami Heat co-owner Raanan Katz’s RK Centers sold the land.

This completes Aimco’s 9-acre assemblage purchased for a combined $100 million in three deals. The property allows for the development of up to 1,500 units, more than 300 hotel keys, and over 100,000 square feet of retail for a combined 3 million square feet, according to an August filing by Aimco to the Securities and Exchange Commission. Aimco plans to develop the project through joint venture financing.

It first scooped up the 5.6-acre former Searstown Plaza at 901-927 North Federal Highway, which is directly north of the most recently purchased parcel, for $64 million in June. The 155,760-square-foot retail building will be demolished after Sears closed this year.

In July, Aimco paid $20 million for 1.7 acres of parking lots on the southeast corner of Northeast Ninth Street and Northeast Fifth Avenue, or directly east of its latest parcel.

And that’s not the extent of Aimco’s bet on Fort Lauderdale. It partnered with New York-based Kushner Companies to purchase the 4.2-acre property at 200, 300 and 520 West Broward Boulevard for $49 million in January. The city has approved the property for a four-tower development with 1,300 apartments, office, retail and a hotel. Aimco has a 51 percent project stake.

Aimco, led by CEO Wes Powell, also is targeting Miami’s Edgewater neighborhood. In 2020, Aimco bought the 28-story Hamilton on the Bay apartment building at 555 Northeast 34th Street, as well as a nearby vacant lot and a next-door apartment building, for $89.6 million. Aimco’s spinoff Air Communities manages the property.

Aimco is planning two projects there: a 60-story waterfront apartment tower at 555-640 Northeast 34th Street; and a 1.5 million-square-foot development with over 600 apartments, retail and offices on the southeast corner of Biscayne Boulevard and Northeast 34th Street, in partnership with Beitel Group.


The post Aimco completes $100M Flagler Village dev assemblage with latest $16M deal appeared first on The Real Deal South Florida.

Mayo Shattuck (top) and Brentwood Associates' Roger Goddu (Capital One Investor Relations, Brentwood Associates, Redfin)

Mayo Shattuck (top) and Brentwood Associates’ Roger Goddu (Capital One Investor Relations, Brentwood Associates, Redfin)

The former chairman of Chicago energy utility giant Exelon sold his renovated Bear’s Club mansion in Jupiter for $15 million.

Property records show Bearhaven Land Trust, with Mayo Shattuck as beneficiary, sold the estate at 190 Bears Club Drive to Kathryn Goddu. Philip DiComo, a Palm Beach attorney, signed as trustee for Shattuck.

Mark Griffin of Bear’s Club Sotheby’s International Realty had the listing. James Kenny of K2 Realty brought the buyer.

Goddu is the wife of Roger Goddu, a senior advisor at Los Angeles-based private equity firm Brentwood Associates. Most of Roger Goddu’s career has been as a retail executive. His Brentwood Associates profile notes previous stints at Toys “R” Us and Target, and current positions on the boards of Boston Proper and J.McLaughlin.

Shattuck bought the 9,153-square-foot, six-bedroom, six-bathroom mansion in 2018 for $7.4 million, according to records. The property spans 1.3 acres in the Bear’s Club, an exclusive private golf community masterminded by famed course designer Jack Nicklaus. The estate includes a pool and wine room, and backs up to the seventh and eight holes on the Bear’s Club course.

The home was originally built in 2007, and Griffin said the seller recently completed an extensive renovation.

“It wasn’t done for speculative purposes, they did it for themselves,” Griffin said.

Griffin said the seller bought another property in Jupiter, and will remain as a member of the Bear’s Club.

Shattuck retired in February as chairman of Exelon, the nation’s largest utility company, serving more than 10 million customers, according to its website. The Washington Post profiled Shattuck in 2006, saying he is “the kind of guy put on earth to run companies and make multibillion-dollar deals.” Shattuck split from his second wife, Molly Shattuck, the oldest cheerleader in NFL history, in 2014, after she was arrested for sexually assaulting a minor. She was convicted of rape in 2015 and served 48 weekends in a Delaware community corrections center, the Baltimore Sun reported.

Pandemic migration brought a population boom to Palm Beach County and boosted demand for luxury real estate. North County, which includes Jupiter, Juno Beach, and Palm Beach Gardens, has long been a hub for the golf-obsessed, as it is the site of PGA National Resort and the Trump National course. In recent months, it has drawn the attention of buyers looking for an alternative to Palm Beach’s extreme prices.

Nevertheless, Griffin said properties in Bear’s Club rarely sell. Founded in 1999, the community sits on 400 acres, but only has 63 estate-sized homes, most of which are still owned by the original buyers.

“It’s rare for there to be more than two or three homes on the market,” Griffin said. That inventory squeeze serves as a deterrent for sellers, who feel at risk of not finding a new place, he added.

Other parts of North County have broken through the gridlock. Two Palm Beach Gardens mansions recently flipped, landing among South Florida’s biggest flips of this year to date. A New York-based hedge funder bought a double lot in the Old Palm Golf Club for a record $22.5 million, and local developers Robert and Myron Miller bought a 1.4-acre waterfront estate for $11 million. They immediately relisted the property for $13.9 million.

The Corcoran Group also recently opened an office in Palm Beach Gardens to focus on North County, including Jupiter.


The post Retired Chicago utility honcho sells renovated Bear’s Club mansion in Jupiter for $15M appeared first on The Real Deal South Florida.

From left: TRP's President Daniel Firtel, MV Real Estate Holdings' Alex Mantecon, and TRP's Brandon Johnson with 8303 SW 40th Street

From left: TRP’s President Daniel Firtel, MV Real Estate Holdings’ Alex Mantecon, and TRP’s Brandon Johnson with 8303 SW 40th Street (Google Maps, FIU Alumni, Getty)

UPDATED, Aug. 6, 10:05 a.m.: One of the nation’s most popular cannabis brands is setting up its first Florida pot shop in Westchester, an unincorporated neighborhood in Miami-Dade County.

Cookies, a San Francisco-based marijuana firm co-founded by rapper Berner, whose real name is Gilbert Miliam Jr., is opening a medical marijuana dispensary Aug. 13 at 8303 Southwest 40th Street, also known as Bird Road. The 3,100-square-foot building is owned by an affiliate of Miami-based MV Real Estate Holdings, led by principals Alex Mantecon and Guillermo Vadell, records show.

Later this month, Miami voters will consider approving a proposal by MV Real Estate and Driftwood Capital to build a $185 million Dream Hotel-anchored mixed-use project on a city-owned site along the Miami River.

Cookies, one of 22 companies with state licenses to grow and sell medical marijuana in Florida,
secured the Bird Road building through its partner, Los Angeles-based TRP, led by CEO Brandon Johnson and President Daniel Firtel. Founded in 2019, TRP specializes in cannabis real estate and is also partners with two other national marijuana brands, Dr. Greenthumb and Insane, Johnson and Firtel said.

“Part of what TRP is doing in Florida is finding the right locations to get as close to patients, and get as close to convenience from a traffic and visibility [standpoint] — all the things a traditional retailer will look at,” Johnson said.

Firtel said TRP signed Cookies’ lease in November of last year after spending several months scouting buildings in areas of Miami-Dade that allow medical marijuana dispensaries. “Miami is pretty blocked out from a zoning perspective,” Firtel said. “One of the reasons we looked at [Bird Road] is because the area is zoned properly. It is densely populated and it is very accessible to patients.”

Opening a medical marijuana dispensary is not easy in Miami-Dade, Broward and Palm Beach counties, even though Florida voters approved a constitutional amendment making cannabis accessible for medicinal purposes in 2016. When the Florida Legislature approved rules and regulations for medical marijuana license holders a year later, it gave cities and counties the autonomy to completely prohibit cannabis retail sites or restrict where such facilities can be placed. Coral Gables and Jupiter, for example, are two South Florida cities that do not allow medical marijuana dispensaries.

In Miami Beach, commissioners passed regulations that dispensaries can only open in small designated zones in the South Beach, Mid-Beach and North Beach neighborhoods. It also prohibited dispensaries from being within 1,200 feet of each other. Two companies, MedMen and AltMed, sued the city over its cannabis restrictions in 2019 and 2020, respectively, but the complaints were later dismissed, according to Miami-Dade court records.

Until recently, city leaders in Miami took a different tact, relying on City Attorney Victoria Mendez’s opinion that the federal prohibition on marijuana superseded Florida’s constitutional amendment, therefore deciding that granting dispensary permits would violate Florida law. Marc Roberts, a Miami-based real estate investor and developer, and Romie Chaudhari, a Los Angeles-based real estate investor, sued the city last year after they were denied a dispensary permit for a property they own at 90 Northeast 11th Street in Miami’s Park West neighborhood.

After a Miami federal judge ruled the federal government doesn’t have jurisdiction and sent the case back to state court, the Miami City Commission in May approved the dispensary permit for the Park West property. However, the Miami Planning, Zoning and Appeals Board recently upheld staff’s denial of a dispensary permit for a building in Miami’s MiMo Biscayne Boulevard Historic District owned by Michael Comras.

Municipal restrictions notwithstanding, TRP’s goal is to open 10 Cookies dispensaries across Florida in the next year, and a total of 25 retail sites within two years, Johnson said. In South Florida, TRP scouted properties from Homestead to Boca Raton, he added.

“We have three locations already permitted and under construction,” Johnson said. “When we first started mapping Florida, the entire TRP team spent three weeks driving around every single city and just about every dispensary that we knew of … and then we went to work in each of those cities.”

Johnson and Firtel have a combined 40-plus years of commercial real estate experience, handling $4 billion worth of commercial real estate deals and projects, according to a TRP statement. Both TRP executives have specialized in cannabis real estate for the past four years.


The post Who wants Cookies? National cannabis firm opening dispensary in Westchester appeared first on The Real Deal South Florida.

Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl.

Developers are zeroing in on Bay Harbor Islands, planning almost a dozen projects with nearly 400 condos and apartments.

An analysis by The Real Deal found that developers have pumped nearly $150 million into land purchases in the waterfront town since May of last year.

Here are some of the residential projects planned for Bay Harbor Islands:

Ugo Colombo’s CMC Group and Morabito Properties, 1135 103rd Street

Designed by Arquitectonica, Onda Residences will have more than 300 feet of bay frontage and a 16-slip private marina. The 41-unit, eight-story condo development is scheduled to be completed in 2023, and is more than 85 percent presold, according to the developers. Bank OZK provided a $64.5 million loan in June. Fortune International group is handling sales.

Regency Development Group, 9927, 9955, 9781, 10301 East Bay Harbor Drive

Chicago developers Igor Michin and Alex Troyanovsky didn’t return a request for comment on development plans, but according to a press release, the properties are approved for luxury mid-rise condominiums. The firm paid $22.5 million for all the properties in May.

Menachem Kranz, 9110 West Bay Harbor Drive

Kranz said he plans to build an eight-story, 10-unit Kobi Karp-designed condo project. The smallest unit will be roughly 3,000 square feet and will be priced at about $6 million.The largest condo will have 5,000 square feet, six bedrooms, and will be priced at about $10 million. Through an affiliate, the developer paid $6.5 million for the assemblage in May.

Clara Homes, 10200 and 10290 East Bay Harbor Drive, 10281 West Bay

Harbor Drive, 1147-1163 100th Street
Clara Homes plans to develop Clara Bay Harbor, with three six-story luxury apartment buildings on non-contiguous lots. The developer completed the $32.3 million assemblage in May. Douglas Elliman’s new development rental arm is handling leasing.

Alta Developers, 9901 West Bay Harbor Drive

Alta Developers took over this seven-story, 30-unit condo project from Santiago, Chile-based Ambienta Developers, after Ambienta was unable to secure construction financing. Ambienta assembled the site for $5.9 million in early 2018. Alta took over the project at no cost in May.

Terra, 1177 Kane Concourse

Terra’s project includes Class A offices and residential units, although the developer hasn’t offered specifics. Terra took over the previous development agreement for 90 residential units. It paid $31.5 million for the development site last year and scored a $141 million construction loan in January from Mack Real Estate Credit Strategies.

Ian Bruce Eichner, 9201 East Bay Harbor Drive

Continuum developer Ian Bruce Eichner launched presales of La Baia, a 68-unit, eight-story condo project. Prices start at $810,000, and units range from one to four bedrooms. Records show his entity paid $17.5 million for this parcel in May of last year.

Ian Bruce Eichner, 9481 East Bay Harbor Drive

Eichner also paid $12 million in May of last year for this parcel, and said he expects to wait to develop La Baia at 9201 East Bay Harbor Drive before he begins development of this site. Project plans have not been disclosed.


The post Here are the resi projects planned for Bay Harbor Islands appeared first on The Real Deal South Florida.

Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)

Rendering of 830 Brickell office tower; Cushman & Wakefield’s Brian Gale, JLL’s Manny De Zárraga, Avison Young’s Donna Abood, Dwntwn Realty Advisors’ Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)

When Brian Gale took on 830 Brickell four years ago, he felt pretty good about his chances of getting it leased.

The 55-story tower being developed by Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International will be the neighborhood’s first standalone Class-A project in roughly a decade, so there were no rivals to worry about. Plus, rent and occupancy numbers were on the up.

Fast forward to today and Gale’s prognosis has gone from “pretty good” to “a given.” More than 70 percent of the building is spoken for, and additional tenants are in play, according to sources familiar with the discussions.

“Covid hit and then it [the market] just went on steroids,” said Gale, of Cushman & Wakefield. “We have never seen that much demand increase so quickly. It was unheard of.”

The national commercial real estate market has had a big question mark on it, but try telling that to Miami: The city has attracted blue-chip finance and technology firms at a record-setting pace, and brokers, above all others, are giddy.

They went from closing deals in months to closing them in weeks. They went from quoting roughly $60 a square foot in rent to quoting over $100 a foot.

The influx, Gale said, has left office leasing brokers to tackle the equivalent of 15 years worth of demand over roughly 18 months

“And it’s continuing,” he said.

So who else, aside from Gale, is raking it in? The Real Deal dug in to find out.

JLL’s Brickell binge

JLL’s Manny De Zárraga, Hermen Rodriguez, Matthew McCormack, Eric Williams, Maurice Habif and Danny Finkle closed three Brickell deals since the spring.

First came the $363 million trade of the 2.5-acre bayfront development site at 1201 Brickell Bay Drive. Billionaire Ken Griffin’s hedge fund Citadel has been reported as the buyer. Griffin has announced that Citadel and financial services firm Citadel Securities will move their headquarters along Brickell Bay in Miami from Chicago.

The deal closed at $145 million per acre. It broke the previous record of $236 million, or $16 million per acre, set in the 2011 trade of the Miami Herald’s former bayfront site in Miami’s Arts & Entertainment District.

JLL also helped Rockpoint reap its Brickell bonanza by selling its 1221 Brickell Avenue office tower for $286.5 million and Shops at Mary Brickell Village for $216 million.

Cushman digs in Downtown

Dominic Montazemi, Miguel Alcivar, Mike Davis, Mike McDonald and Adam Spies closed four downtown Miami office trades.

The Citigroup Center, Miami Tower and 100 Biscayne came to market in early 2020. Given that it was the peak of the pandemic, they languished on the market. Then, last spring, Monarch Alternative Capital, an investment fund headquartered in New York, bought Citigroup Center for $300 million.

Aby Rosen’s New York based firm RFR Holding paid $81.1 million for 100 Biscayne in January, and a joint venture of CP Group and DRA Advisors paid $163.5 million the following month for the Miami Tower.

The team also closed the deals for the Courthouse Tower at 44 West Flagler Street and the 10-story 200 Southeast First Street. Triple Double Real Estate and Stonerock Capital Partners paid a combined $56.7 million for the properties in May.

Cushman, Part II

Robert Given, Troy Ballard and Zachary Sackley take the cake for the biggest single-asset multifamily deal in South Florida since at least 2015.

The trio sold the ParkLine Miami apartment towers at Brightline’s downtown Miami station for $450 million in March.

Jordan Slone’s Harbor Group International bought the towers perched atop the MiamiCentral train stop from the developer, Florida East Coast Industries. New York-based Cammeby’s International Group, Miami Beach-based AB Asset Management and Image Capital partnered on the purchase.

Cushman, Part III

Gale, of Cushman, has been leasing 830 Brickell with colleagues Ryan Holtzman and Andrew Trench.

They just scored Griffin’s Citadel as a tenant for roughly 95,000 square feet, marking the tower’s biggest lease, according to sources familiar with the deal.

Other tenants will be Microsoft, private equity firm Thoma Bravo, financial services firm A-CAP, Marsh & McLennan Companies’ insurance arm, Marsh, and law firm Sidley Austin.

The brokers are also tying up deals at Nuveen Real Estate’s 701 Brickell, where they’ve pulled in financial giant Apollo Capital Management and British-American insurance firm Aon.

Avison Young takes on Brickell

Donna Abood and Mark Robbins first brought CI Financial to 830 Brickell late last year for a roughly 20,000-square-foot lease. In January, they helped CI double its space, which will be the Canadian asset manager’s new U.S. headquarters.

Abood, along with Joe Abood, also placed tenants in more suburban county office markets. In March, they represented Sandals Resorts-affiliated Unique Vacations in its 53,000-square-foot lease at the Waterford Business District near Miami International Airport.

The Aboods, along with David Herbert, brought medical research company Evolution Research Group to a 75,000-square-foot space at the Quattro Miami office complex in western Miami-Dade.

Blanca spreads its wings countywide

Tere Blanca’s Blanca Commercial Real Estate represented Blockchain in a 22,000-square-foot office lease at Cube Wynwd and WeWork in a 32,000-square-foot lease at Wynwood Garage.

They also scored Swatch Group as a tenant at Nuveen and Allianz Real Estate’s 800 Waterford Way building at the Waterford Business District in April.

The team also represented the Spanish investors who own the 150 Alhambra building in Coral Gables in four new lease deals:. Hermès Parfum, Regal Rexnord, law firm Sugarman Susskind Braswell & Herrera and consulting firm PRI Management Group

Colliers gets in on the action

Stephen Rutchik and Tom Farmer are leasing R&B Realty Group’s The Gateway at Wynwood.

So far, they’ve brought in San Francisco-based tech firm Ripple, renewable energy company Spearmint Energy and Marcus & Millichap.

E-commerce startup OpenStore – backed by venture capital heavyweights Peter Thiel and Keith Rabois’ Founders Fund, and Jack Abraham’s Atomic – has a 40,000-square-foot office at the building.

Dwntwn Realty welcomes the techies

The brokerage’s Tony Arellano and his team can tell you all about Silicon Valley’s influx to Wynwood.

Founders Fund and Atomic were among the first new-to-market firms to hone in on the Miami neighborhood. They took 22,000 square feet at the Wynwood Annex in March of last year.

Arellano represented Wynwood Annex’s developers, Related Group and East End Capital, also closing deals with New York-based Ramp Financial, psychedelic therapy company Field Trip Health and mobile payments platform Play2Pay.

Arellano’s quick work didn’t go unnoticed.

In March, San Francisco-based Brick & Timber Collective made its South Florida office market debut, paying $49 million for the building.

In case you’re wondering, Arellano, along with Dwntwn Realty’s Devlin Marinoff, also closed that deal.


The post Meet the commercial brokers making bank in Miami appeared first on The Real Deal South Florida.

Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)

Brick & Timber’s Jesse Feldman and Glenn Gilmore, Tricera Capital’s Ben Mandell, and Lndmrk Development’s Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)

UPDATED, Aug. 5, 2:00 p.m.: Brick & Timber Collective plans to purchase its third Wynwood building, The Real Deal has learned.

Glenn Gilmore’s Brick & Timber put the Cube Wynwd offices at 222 Northwest 24th Street under contract for over $60 million, sources told TRD. The seller is a joint venture of Tricera Capital and Alex Karakhanian’s Lndmrk Development, which will retain a 20 percent stake, two of the sources said.

In March, Brick & Timber paid $49 million for Wynwood Annex at 215 Northwest 24th Street, across the street from Cube Wynwd. The deal marked the San Francisco-based firm’s debut in South Florida. On the heels of that deal, Brick & Timber bought the three-story office and retail building at 2724 and 2734 Northwest First Avenue for $9 million in May.

Cube Wynwd is almost fully leased, one of the sources said.

The eight-story, roughly 100,000-square-foot building was completed in 2019. The developers, Redsky Capital and JZ Capital Partners, sold it to Tricera and Lndmrk for $28 million in the spring of last year.

Wynwood, a former warehouse district redeveloped into an arts and dining destination, has also become an office market in recent years. The neighborhood has attracted some of the influx of financial and tech firms to South Florida.

North of Cube and Annex, R&B Realty Group completed The Gateway at Wynwood, at 2916 North Miami Avenue, late last year. Since then, it has scored e-commerce startup OpenStore, Victory Polymers and renewable energy company Spearmint Energy as tenants, among others.

Correction: A previous version of this story incorrectly reported the number of Wynwood purchases Brick & Timber has made. 


The post Brick & Timber to buy Cube Wynwd office building for $60M appeared first on The Real Deal South Florida.

Todd and Kim Glaser with 125 Via Del Lago in Palm Beach (Google Maps, Illustration by Priyanka Modi for The Real Deal with Getty)

Todd and Kim Glaser with 125 Via Del Lago in Palm Beach (Google Maps, Illustration by Priyanka Modi for The Real Deal with Getty)

Spec home developer Todd Michael Glaser bought a Palm Beach mansion he previously owned and renovated with partners, and he is moving in with his family.

Glaser and his wife, Kim, paid about $23.2 million for the home at 125 Via Del Lago, property records show. An entity managed by Rhode Island attorney Bridget Mullaney sold the 9,271-square-foot, eight-bedroom house.

Todd Glaser and unnamed partners owned the home between 2017 and 2019. A Glaser-led LLC paid nearly $11 million for the property in 2017, and sold it two years later for $16.1 million.

The non-waterfront property was built in 1928 and designed by Marion Sims Wyeth on a 0.8-acre lot. Glaser and his wife renovated the house, and landscape architect Harry Nelson designed the landscaping and gardens.

“My wife renovated it back when we owned it. She did it exactly the way she wanted it,” Glaser said. “It was one of my favorite homes.”

The property includes three fireplaces, two galleries, an elevator, sauna, wine cellar, massage and fitness room, separate guest house, poolside cabana, full house generator and a cooling tower.

Suzanne Frisbie of the Corcoran Group represented the buyer and seller. Frisbie also brokered the previous sale in 2019.

Glaser said the house was the first home he renovated in Palm Beach. The Miami Beach builder is moving out of his Flamingo Drive home in Miami Beach, which he plans to rent out, and moving to this property in Palm Beach, where he has been more active.

Glaser’s recent deals include the $15.5 million sale in May of the non-waterfront Palm Beach home at 215 Indian Road. The buyer is a company managed by philanthropist Sandra Edgerley, who is married to Paul Edgerley, a senior adviser at Bain Capital Private Equity.

Glaser and his partners also flipped two waterfront Palm Beach homes in May for a combined $70 million, $20 million more than they paid for them last year. They sold the seven-bedroom, 6,266-square-foot house at 1320 North Lake Way for $44.4 million, and the five-bedroom, 5,558-square-foot home at 576 Island Drive for about $25.8 million. In both cases, Glaser renovated the properties.


The post Seller’s remorse? Developer Todd Glaser buys back Palm Beach mansion for $23M appeared first on The Real Deal South Florida.

Barry Sternlicht, Starwood Property Trust, recession, earnings

Barry Sternlicht (Getty)

Against soaring inflation and interest rates, a global economic slowdown and trillions of dollars wiped from the stock and crypto markets, billionaire Barry Sternlicht believes real estate has “held up well” this year.

But despite an upbeat second-quarter earnings report, the chairman and CEO of Starwood Property Trust and Starwood Capital Group said he is proceeding with caution.

“The markets are expecting rates will fall sometime in the middle of next year. I agree with that,” Sternlicht said on Starwood Property Trust’s second-quarter earnings call Thursday. “We’ll all settle into this period of time where we’ll be in a slow, stuck negative cycle, but it will be easy to build off of that.”

Sternlicht criticized the Federal Reserve for moving too slowly to address inflation by raising interest rates.

“They’re now trying to make up for being so far behind by using the sledge hammer, increasing interest rates at a pace we’ve hardly ever seen to try to get in the way of inflation,” he said.

The fact that banks have largely taken a step back creates “tremendous opportunities for alternative lenders” like Starwood, Sternlicht said. He expects that Starwood’s Real Estate Investment and Servicing arm, formerly known as LNR Partners, will soon be the country’s largest mortgage servicer.

“There will be a lot of workouts, people,” he said, adding that “we’re in the eye of the hurricane.”

Starwood reported $212.3 million in second-quarter earnings, or 67 cents per share, up 83 percent compared to the second quarter of last year. The REIT, based in Miami Beach and Greenwich, Connecticut, reported $325.6 million in revenue for the quarter, up about 12 percent from $294 million in the same period last year. Starwood’s shares, which opened at $23.48 Thursday, ended the day at $23.58, up 0.6 percent.

President Jeff DiModica said Starwood has reduced its debt exposure to office buildings, hotels and mixed-use properties and has an overall loan-to-value ratio of 61 percent, the lowest in the REIT’s history. Starwood doubled down on multifamily and industrial-backed loans during the pandemic, and has also continued to tout the strength of its affordable housing portfolio in Florida, where rents are poised to continue rising.

Chief financial officer Rina Paniry acknowledged that repayments have been lower than usual, given current market conditions.

“We expect to get better structure and pricing on what we do in the second half of the year than almost any time in our history,” DiModica said, referring to the firm’s commercial loan portfolio.

Sternlicht spent much of his time discussing the bigger picture and how it affects consumers.

High oil and gas price increases are “really temporary,” he said. Apartment rents will continue to grow. Hotels, which are having a “wonderful season,” could face headwinds soon, and the industrial markets are still “very strong” despite Amazon’s pullback on last-mile warehouses.

The only real cause for concern, he said, are office markets, depending on the city and the quality of a given building. And as a result of high labor and construction costs, a number of projects won’t get built. (Sternlicht built a new headquarters for Starwood in Miami Beach last year, and is looking to build more offices in the city.)

Sternlicht said he expects that a recession in Europe and slowdown in China will affect the U.S. economy in the second half of the year.

“I wouldn’t be surprised if the third quarter or fourth quarter GDP numbers were bad,” Sternlicht said. “The question will be how bad? The consumer, the backbone of the U.S. economy, may be spending, but his confidence is at the lowest point it’s been in decades. There is no question the consumer will stop spending.”


The post “We’re in the eye of the hurricane”: Sternlicht eyes growth in economic turmoil appeared first on The Real Deal South Florida.

From left: RK Centers principal Ranaan Katz and Seritage CEO Andrea Olshan in front of the shopping center at 1460 West 49th Street in Hialeah (Google Maps, Seritage Growth Properties, RK Centers)

From left: RK Centers principal Ranaan Katz and Seritage CEO Andrea Olshan in front of the shopping center at 1460 West 49th Street in Hialeah (Google Maps, Seritage Growth Properties, RK Centers)

Seritage Growth Properties made a $6 million profit in a single day by quickly flipping a Hialeah shopping plaza to RK Centers.

A Seritage affiliate bought Westland Gateway Plaza at 1460 West 49th Street for $22.1 million from Daytona Beach-based CTO Realty Growth on July 25, records show. The same day, Seritage sold the 117,021-square-foot retail center for $28.3 million to RK Centers, the Sunny Isles Beach-based retail real estate investment firm led by Miami Heat minority owner Ranaan Katz. The deeds recently became publicly available.

The deal marks a small bright spot for Seritage, a New York-based publicly traded company that’s a spinoff of Sears. Last month, the embattled firm recommended a plan to liquidate all of its real estate holdings and return the proceeds to shareholders, as Seritage seeks strategic alternatives to pay off $640 million in debt to billionaire Warren Buffett. The plan requires a two-thirds vote from shareholders.

Seritage’s board is also considering a possible sale of the company, which transitioned from a real estate investment trust to a C corporation in March.

Westland Gateway Plaza is on the site of a former Kmart store that Sears acquired for $5.7 million in 2000, records show. When Seritage was formed in 2015, the Hialeah property was among 235 former Sears and Kmart department store sites the company acquired, according to published reports. The Hialeah building was completed in 1968, records show.

After the Kmart closed in 2020, Seritage renovated the Hialeah property for multiple tenants, including Aldi, Ross Dress for Less, Bed Bath & Beyond, and dd’s Discount. The same year, Seritage sold the shopping center to CTO Realty Growth for $21 million, but still managed the property via a 25-year land lease, records show.

Seritage owns 161 properties with 19 million square feet of retail space across the country, including Esplanade at Aventura, a retail-and-office project currently under construction on the site of a former Sears at Aventura Mall. The company also owns a shopping center between Miami Shores and North Miami anchored by Ross Dress For Less, Aldi and Burlington that is part of a 38-property nationwide portfolio Seritage has listed for sale.

While Seritage is in selling mode, RK Centers is on the hunt for more retail properties to fatten its portfolio. In December, the company bought three Davie retail centers for a combined $28.7 million. Also last year, RK Centers acquired a Winn-Dixie-anchored shopping plaza in Miramar for $15.7 million; a Best Buy store in West Palm Beach for $12 million; and a Publix-anchored Plantation shopping center for $17 million.


The post Seritage flips Hialeah shopping center for $28M, banking $6M profit in hours appeared first on The Real Deal South Florida.

Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)

Related Group’s Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)

Related Group wants to build a 167-unit, mixed-income apartment project in Miami’s Little Havana neighborhood.

The developer, led by Jorge Pérez and Jon Paul Pérez, proposes a 12-story building at 450 Southwest Fifth Street and 445 Southwest Sixth Street, according to plans filed to Miami-Dade County late last month. The acre site is west of I-95 and south of Jose Marti Park.

Related Urban, the affordable housing arm of Coconut Grove-based Related, filed the application and would develop the project under its Gallery brand. A meeting on the proposal with county officials is scheduled for Aug. 11.

Plans for Gallery at Marti Park call for one- and two-bedroom apartments, ranging from roughly 620 square feet to 850 square feet, the application shows.

The 85 affordable and workforce units would be designated for households earning from 30 percent to 80 percent of the area median income. Miami-Dade lists the countywide AMI at $68,300. The remaining 82 units will be at market rents.

The county-owned site consists of a parking lot and the one-story Myers Senior Center, which would have its own space on the ground floor of the Gallery at Marti Park, according to the application.

Related Urban’s other projects include the redevelopment of Liberty Square in Miami’s Liberty City into a mixed-income complex; and the Gallery River Parc, also in Little Havana.

The proposal comes as Miami is experiencing skyrocketing rents amid high demand from an influx of residents during the pandemic.

The hot market has prompted investment sales, with Little Havana experiencing some of the activity.

In July, entities managed by Richard Gerber, and Brett and David Talla paid $15 million for the recently completed, eight-story building at 39 Northwest Seventh Avenue. The buyers are tied to Los Angeles-based real estate firm Cochise Capital.

The same month, Miami-based Lloyd Jones bought First Apartments at 701 Southwest First Street in Little Havana for $92 million.


The post Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana appeared first on The Real Deal South Florida.

A photo illustration of 12203 Tillinghast Circle in Palm Beach Gardens (top) and 6300 North Bay Road in Miami Beach (Getty Images, Old Palm Golf Club, Coldwell Banker)

A photo illustration of 12203 Tillinghast Circle in Palm Beach Gardens (top) and 6300 North Bay Road in Miami Beach (Getty Images, Old Palm Golf Club, Coldwell Banker)

The frenzied South Florida market has finally begun to mellow, offering an opportunity to survey how much the landscape has changed since the pandemic’s migratory buyers came flocking.

Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl.

While new price records for neighborhoods, counties, and the entire state of Florida have defined the market, flips have proven to be a truly show-stopping sign of the times. Demand for luxury properties and limited supply have translated into properties flipping in as little as a month, and more than a few homes selling for double their last price within a year.

Just in case a few slipped by you, The Real Deal ranked South Florida’s top 10 luxury market flips for the year so far. Competition was stiff: flipping a property for a 50 percent gain wasn’t enough to make the rankings. Miami Beach locked in the top spot, but Palm Beach County won in volume.

1) 186% ↑ in price in 15 months | 6455 Pine Tree Drive Circle | Miami Beach

A company led by Steve Witkoff flipped this lot with 342 feet of water frontage on Pine Tree Drive Circle for $20 million in April. Witkoff paid $7 million for it in January 2021, and sold it for 186 percent more in 15 months. Witkoff also listed the lot for $50 million, a deal that would have included a completed spec house, but buyers didn’t bite. The 0.6-acre property faces both La Gorce and Allison islands.

2) 142% ↑ in price in 13 months | 215 Indian Road | Palm Beach

This flip stands out as one of the few non-waterfront homes to make the rankings. Developer Todd Michael Glaser and his partners sold the 1950’s era, 4,573-square-foot home to a Bain Capital honcho in May for $15.5 million after a renovation. They bought it for $6.4 million through an LLC in April of last year, marking a price hike of 142 percent.

3) 117% ↑ in 12 months | 6300 North Bay Road | Miami Beach

This waterfront Miami Beach home flipped for $21 million in February, after selling for $9.7 million in late January of last year. Russell Pancoast designed the 7,765-square-foot house, originally built in 1939. It includes over 100 feet of bay frontage, a hot commodity in a market driven by demand for waterfront, especially on North Bay Road.

4) 105% ↑ in 13 months | 12203 Tillinghast Circle | Palm Beach Gardens

This 9,655-square-foot Palm Beach Gardens mansion more than doubled in value in one year, and blew past the previous $15 million sale record for the Old Palm Golf Club community. A New York-based hedge fund manager paid $22.5 million in July for the estate, one of two double lots in Old Palm. It previously sold in June of last year for $11 million. The property has a tennis court and pool, and backs up to the golf course.

5) 104% ↑ in 8 months | 622 North Flagler Drive, unit 1003 | West Palm Beach

This One Watermark Place condo is far from the priciest recent condo sale in South Florida, but it did flip for double the price in eight months. Claremont Companies founder Pat Carney, a long time resident of Palm Beach, bought the 4,045-square-foot condo for $5 million in May of last year, and sold it for $10.2 million in January.

6) 87% ↑ in 12 months | 14958 Palmwood Road | Palm Beach Gardens

Local developers Robert Miller and Myron Miller bought this Palm Beach Gardens estate for $11 million in July. The mansion is a rarity on the city’s waterfront, topping 9,300 square feet on a 1.4-acre lot. It previously sold for $5.9 million last summer, and the owners spent $500,000 on updates to the property. The Millers are hoping to flip it again, and have already re-listed the mansion for $13.9 million.

7) 68% ↑ in 9 months | 2929 Ocean Trust | Gulf Stream

This oceanfront estate flipped for $26.7 million in March, in a deal that involved two trusts affiliated with hedge fund Elliott Management. Seller David J. Miller bought the 7,592-square-foot house for $17 million via a trust in his name in June of last year. Billionaire Elliott Management CEO Paul Singer announced the firm would move from New York City to West Palm Beach in 2020, joining the finance industry’s migration to the region.

8) 67% ↑ in 12 months | 1371 Royal Palm Way | Boca Raton

This 7,819-square-foot Boca Raton house got a 67 percent price markup in nine months when luxury carpet mogul Steven Stark and his wife Candice bought it for $17.2 million in July. Jeffrey Kaplan, the former COO of Appaloosa Management, and his wife Amy Kaplan had paid $10.3 million for it in June of last year. Another rare dry lot among South Florida’s biggest flips, this property is in the Royal Palm Yacht & Country Club community, and backs up to the golf course.

9) 58% ↑ in 12 months | 576 Island Drive | Palm Beach

In May, developer Todd Michael Glaser and his partners flipped two waterfront Palm Beach estates in a pair of deals that totaled $70 million. One mansion nabbed a $44.4 million price tag, but that’s not the one that made the list. The second home, a 5,558-square-foot, five-bedroom house on Island Drive saw a 58 percent jump in price, topping out at $25.8 million. Glaser and his partners bought the 0.4-acre property for $16.3 million in April of last year.

10) 57% ↑ in 12 months | 1020 North Lake Way | Palm Beach

Safarilands CEO Warren Kanders, who has been criticized for his company’s sale of tear gas and was forced to step down from the board of the Whitney Museum, flipped his 7,595-square-foot waterfront mansion for $39.9 million in June. Kanders and his wife paid $25.4 million for the estate almost exactly a year earlier.


The post Flipping crazy: South Florida’s top resi flips of the year so far, ranked appeared first on The Real Deal South Florida.

Ken Griffin in the center, with Brickell (right) and Palm Beach (below)

A home in north Coconut Grove sparked a bidding war, even though the house wasn’t built yet. One buyer was paying all cash, and the other was financing his purchase. 

The seller, a spec home builder, saw an opportunity. The builder raised the price to $4.9 million from $3.8 million, said the listing agent, Compass’ Liz Hogan. The all-cash buyer then made the developer an offer he couldn’t refuse: $3 million on the spot, with another $1.5 million once the house is built, likely next year. 

It’s fair to say money wasn’t an issue for the winning bidder, who is a partner at Citadel Securities, the market-making firm founded by billionaire Ken Griffin. 

It was great for my developer,” Hogan said. “He ended up with another $1 million, guaranteed.”

The slowdown in the residential market this summer is well-documented, but there’s an opposing force that’s providing welcome momentum for brokers and sellers while supercharging the commercial market. Let’s call it the “Citadel effect.” 

Since Griffin opened up temporary offices in South Florida, agents are seeing an uptick in Citadel executives and well-heeled mid-level employees looking for homes. That intensified after Griffin announced he would relocate the companies’ headquarters from Chicago to Miami. 

One hundred percent, they are looking,” said Hogan, who is having trouble finding enough available homes to show them. “I’m sitting here knocking on doors, begging agents for inventory.” 

On the commercial side, Citadel’s move is a big boost for the thesis that Miami’s brokers and developers have been touting since the pandemic began: that the region is becoming the “it” destination for blue-chip financial and tech firms. 

A wave of name-brand firms have already moved to South Florida or announced plans to do so, driving up commercial rents, land values and home prices. Asking rents for new Class A office space can now top $150 per square foot. 

Citadel considered leasing space at Related Group’s new Terminal Island office project in Miami Beach, as well as at 830 Brickell, an under-construction office tower where Microsoft, Thoma Bravo and Marsh Insurance are taking space, sources said. But ultimately, Griffin decided to partner with Sterling Bay to build an office building where 1,000 Citadelers will be based. (After this story went to press, news emerged that Citadel leased 95,000 square feet at 830 Brickell as interim space.) 

In June, Citadel purchased a bayfront lot in Miami’s Brickell financial hub for $363 million. Some said that Griffin is also behind the $286.5 million purchase of 1221 Brickell Avenue, the existing office building across the street, which is expected to serve as a temporary space for Citadel employees while the tower is being built. 

In Palm Beach, about 200 executives are expected to work out of the former Neiman Marcus space on Worth Avenue. 

A spokesperson for Citadel confirmed that a few hundred employees are expected to relocate to Miami over the next year, but declined to comment further. 

Place to crash

Citadel’s arrival, spec home developer Todd Michael Glaser predicted, will “jump-start the finished product market of homes.”

The last two years have been incredible,” said Glaser, who is active in both Miami Beach and Palm Beach. “But the next two years, with the amount of wealth that’s coming … it’s going to be insane.”

There’s going to be more off-market listings than you’ve ever seen in your entire life,” he added. 

Griffin has already paid at least $350 million assembling land in Palm Beach for his personal real estate portfolio over the last decade, in addition to owning homes or residential lots in Miami Beach and Coral Gables.

Now Citadel’s more senior executives have enlisted top brokers, including The Jills Zeder Group, Dora Puig, Julian Johnston and, in Palm Beach, Lawrence Moens, Chris Leavitt and others, to find them homes, sources said. 

These people need a place to live. These people need a place to work. These people need a place to go out to dinner,” said Camilo Miguel Jr. of Mast Capital, which has condo and rental projects planned two blocks from the Citadel properties as well as in Miami Beach. “That just continues to support our business plan.” 

Office momentum

South Florida has been recruiting companies for years, touting the state’s lack of income tax and business-friendly climate. But the lack of restrictions during the pandemic provided “rocket fuel” for the inbound migration, said Justin Oates, an executive at developer Cain International. Cain is co-developing the 830 Brickell office tower with Vlad Doronin’s OKO Group, as well as luxury condo projects in Miami and Miami Beach. 

The developers are asking $150 per square foot for remaining spaces at 830 Brickell, with closed lease deals at “well over” $100 per square foot. Three years ago, top rents were in the $70-per-square-foot range. It’s become a landlords’ market for most, and that has trickled down to Class B properties and nearby neighborhoods. 

When we were sitting here three years ago, it was definitely an aggressive — some would say risky — thing we were doing,” Oates said. “It was almost like an ‘if you build it they will come’ mentality.” 

Now bidding wars are common. “I wish we could build another 10 stories,” he said.

What Citadel plans to do is similar to what billionaire investor Barry Sternlicht of Starwood Capital has already done. Sternlicht, who relocated to Miami Beach in 2018, partnered with Integra Investments to develop a Class A building in South Beach, near his 1 Hotel & Homes South Beach, for Starwood’s new headquarters. Companies were “clamoring” to lease space there, one broker said. 

Miami-Dade’s vacancy rate fell to 2.5 percent in the second quarter. “If I’m representing an office tenant looking for space, they’re in a tough position,” said Lee & Associates broker Matthew Katzen. 

With record rents and low vacancies, the investment sales market is in overdrive. 

We used to see, maybe once a year or a couple of times a year, these sizable deals of $200 million-plus,” said RelatedISG broker Tomas Sulichin. “It’s just incredible.” 

New York developers, including Steve Ross’ Related Companies and Michael Shvo, are betting that demand for top-drawer product will persist. Related is teaming up with Swire Properties on One Brickell City Centre, a 1.6 million-square-foot supertall office building that would rise 1,000 feet. Shvo’s project is smaller, at just 250,000 square feet near Lincoln Road.

Related and Swire reportedly have new-to-market tenants interested in 800,000 square feet of their project, one developer said. 

The developers we are talking to for the most part have not been in South Florida before,” said Colliers broker Stephen Rutchik, who is handling leasing of Deco Capital Group’s Eighteen Sunset, a boutique office and luxury condo building that’s rising in Miami Beach’s Sunset Harbour neighborhood. 

Bradley Colmer, CEO of Deco Capital, said leases for three-fourths of the office space will be signed in the coming weeks. 

It’s gone so well, we might even consider converting the penthouse and rooftop to office,” Colmer said. He added that it would be “foolish not to build more of this product” in Miami Beach, “even as turbulent as the capital markets are right now.” 

Brandon Charnas, a broker who represented Silicon Valley venture capital firm Andreessen Horowitz in its lease at the new Starwood building, said that Miami’s social scene and ability to attract huge wealth has been a magnet for firms. 

What you’re seeing is these billionaires saying, ‘I can play this game too,’” said Charnas, of Current Real Estate Advisors. “They’re being creative and playing off this whole craze. Let’s see the next round. If you’re going into a recession and people aren’t spending like they used to … I don’t know how Miami fares.” 

The post Ken Griffin’s Citadel comes to Brickell — and supercharges the market appeared first on The Real Deal South Florida.

A photo illustration of Megacenter Palmetto at 8600 Northwest South River Drive in Medley (top left), 401 North Military Trail in West Palm Beach (top right), and Pelican Bays office/warehouse complex at 4990 Southwest 52nd Street in Davie (bottom) (Getty Images, LoopNet, Extra Space Storage)

A photo illustration of Megacenter Palmetto at 8600 Northwest South River Drive in Medley (top left), 401 North Military Trail in West Palm Beach (top right), and Pelican Bays office/warehouse complex at 4990 Southwest 52nd Street in Davie (bottom) (Getty Images, LoopNet, Extra Space Storage)

Inflation? Recession? Pfft. South Florida’s industrial market hasn’t slowed down, as super low vacancy rates continue driving rents to new heights.

In the second quarter, industrial landlords in Miami-Dade County increased asking rents by more than $1, compared to the same period last year, while Broward and Palm Beach industrial property owners jacked up the rate by $3, according to a recent Cushman & Wakefield report. In all three counties, the vacancy rate dropped below 4 percent in the second quarter, the report shows.

“In Miami-Dade, we cannot keep up with the demand, so rents continue to push up,” said Sebastian Juncadella with Miami-based Fairchild Partners. “We have seen the highest level of pre-leasing in the market in the last year, and that continues. For the most part, Broward and Palm Beach are seeing the same trends.”

Miami-Dade County

The vacancy rate hit a record low 2.3 percent in the second quarter, compared to 3.4 percent during the same period of last year, according to Cushman. The average asking rent shot up 14 percent, year-over-year, to $10.87 a square foot from $9.28 a square foot.

Some industrial investors are looking to carve out a niche catering to tenants in need of small and mid-size warehouse space. Last month, Basis Industrial, formerly known as Miami City Self-Storage, acquired Megacenter Palmetto, an 180,000-square-foot mixed-use site in Medley, for $37.5 million. The company plans to offer small bays between 700 square feet to more than 4,000 square feet.

Broward County

Industrial space is at a premium in Broward, as landlords bumped up the average asking rent to $13.02 a square foot in the second quarter, according to Cushman. During the same period last year, they charged an average of $10.05 a square foot. The county also saw a dramatic drop in the vacancy rate, year-over-year, to 3.7 percent from 6.6 percent, the report shows.

Similar to Miami-Dade, Broward is seeing increased interest from industrial buyers for small bay warehouses. In July, Dallas-based MSP Capital Investments paid $50 million for Pelican Bays, a collection of eight warehouses in Davie totaling 197,000 square feet.

Palm Beach County

Landlords are so confident that demand is outpacing supply of existing and newly built industrial buildings that the average asking rent jumped 20 percent in the second quarter to $13.19 a square foot. Last year during the same period, Palm Beach County landlords were asking an average of $10.55 a square foot. In the second quarter, the vacancy rate dipped to 3.6 percent, compared to 4.1 percent during the same period of last year.

In one of the second quarter’s largest deals, Salt Lake City-based Extra Space Storage acquired two self-storage facilities in West Palm Beach that the company already operated for $29.2 million.


The post Industrial rents keep climbing, as vacancies drop in South Florida appeared first on The Real Deal South Florida.

Jennifer Hyland, John Hackett and Pamela Liebman with the new office at 2000 PGA Boulevard in Palm Beach (Corcoran, Getty)

Jennifer Hyland, John Hackett and Pamela Liebman with the new office at 2000 PGA Boulevard in Palm Beach (Corcoran, Getty)

The Corcoran Group is expanding its presence in Palm Beach County, opening an office in Palm Beach Gardens.

This is the fifth office in Palm Beach County for the New York-based brokerage, which also has offices in Delray Beach, Palm Beach, Hobe Sound, and West Palm Beach. John Hackett, Corcoran’s senior managing director of South Florida, is leading the new office at 2000 PGA Boulevard.

According to Corcoran, its sales in Palm Beach County totaled $3 billion last year.

So far, Diana Reed and Jennifer Hyland, leader of the Peters + Hyland Group, have moved from the Palm Beach office to the Palm Beach Gardens office. Hackett says Corcoran is “actively hiring” for the office and hopes to have between 30 and 40 agents licensed there.

Hyland joined the Palm Beach office last year, after 15 years with Illustrated Properties, where she primarily focused on Palm Beach Gardens.

“Palm Beach Gardens has been on the horizon for a long time,” Hackett said, “Jennifer Hyland probably accelerated that discussion.”

Corcoran’s expansion comes amid a cooling South Florida market and a looming recession, yet according to Hackett, market conditions are not dissuading the brokerage from further expansion.

“We’re very thoughtful about expansion,” he said, “but we’re looking for opportunities wherever we can.”

Palm Beach Gardens’ market has been heating up, as finance firms have moved to Palm Beach County, and demand for waterfront property has priced buyers out of Palm Beach. Brokers also say Palm Beach Garden has more infrastructure for younger families, including medical and educational institutions.

“So many of the buyers that reach out to me, they say they really want to be in North County,” Hyland said. North County includes Palm Beach Gardens, Juno Beach, Jupiter, and Singer Island, areas Corcoran is targeting with this new office.

Recent Palm Beach Gardens sales have reached record prices. A mansion on a double lot in Old Palm Golf Club flipped for $22.5 million last month, shattering Old Palm’s last record of $15 million. In another recent sale, local developers bought a flipped 1.4-acre waterfront estate for $11 million. Broker Vince Marotta of Illustrated Properties said the buyers are re-listing it immediately for $13.9 million.

Palm Beach Gardens, a hub of golf activity thanks to the proximity of PGA National Resort, Trump National Golf Course, and the highly-exclusive Bear’s Club, has long attracted stars of the sport. In March, the former mansion of golf pro Lee Westwood sold for $12.2 million. In December, the son of renowned golfer and course designer Jack Nicklaus sold his waterfront Palm Beach Gardens estate for $6.2 million.


The post Corcoran opens Palm Beach Gardens office appeared first on The Real Deal South Florida.

Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)

Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)

Seven months after unveiling plans to develop a new office building and renovate an existing one in downtown West Palm Beach, a joint venture secured an $87 million construction loan for both projects.

New York-based Acore Capital provided the financing to Brand Atlantic Real Estate Partners and Wheelock Street Capital, according to records. The funds will go toward the development of a 12-story office tower at 300 Banyan Boulevard and a gut renovation of a historic building at 111 Olive Avenue, a press release states.

A Newmark team led by Dustin Stolly and Jordan Roeschlaub arranged the loan for Brand Atlantic and Wheelock, the release states.

Palm Beach-based Brand Atlantic is led by managing partners Andrew Dance and Adam Demark. Wheelock, a Greenwich, Connecticut-based real estate investment firm, is led by managing partners Rick Kleeman and Jonathan Paul. The partnership acquired the two sites for $20 million in June of last year, records show.

The joint venture is developing the projects, known as 300 Banyan and 111 Olive, at a time when the office market in downtown West Palm Beach is booming with new office construction, and an influx of out-of-state hedge funds and financial services firms are moving into the city.

Brand Atlantic and Wheelock plan to complete 111 Olive by the end of this year and 300 Bayan in early 2024, the release states. 111 Olive will have 27,000 square feet of offices and 11,000 square feet of retail. 300 Banyan will have 115,000 square feet of offices, 6,000 square feet of ground-floor food and beverage space and about 300 parking spaces.

With fierce competition from other new office projects like One Flagler, the joint venture is banking on 300 Banyan attracting tenants with its floor-to-ceiling windows with water views, private office terraces and an indoor golf simulator lounge, among other features.

Stephen Ross’ Related Companies is developing One Flagler, a 25-story office tower that is commanding asking rents of between $140 and $180 a square foot, according to JLL.

Last month, Related announced six firms signed leases for more than 50,000 square feet at One Flagler. The new tenants include Chicago-based Private equity firm GTCR, which is expanding its South Florida presence, and New York-based Diameter Capital, which is moving its downtown West Palm office from 360 Rosemary, another downtown West Palm Beach office tower Related also developed.


The post JV scores $87M construction loan for West Palm Beach office projects appeared first on The Real Deal South Florida.

Ken Griffin with 830 Brickell

Ken Griffin with 830 Brickell (Getty, OKO Group and Cain International)

UPDATED, Aug. 3, 12:18 p.m.: Billionaire Ken Griffin inked a major lease for Citadel’s offices at 830 Brickell, less than two months after he announced moving the hedge fund to Miami from Chicago, with plans to build a new headquarters.

Citadel took roughly 95,000 square feet in a long-term lease at the 55-story tower at 830 Brickell Plaza that is under construction, according to sources familiar with the deal and Bloomberg, which first reported the news. Vlad Doronin’s OKO Group and Cain International are developing the building, where asking rents have hit $125 to $150 per square foot.

Recent leases have closed at $110 to $120 a square foot for full-service rents, and two leases at $130 a square foot are being negotiated, an additional source said.

At these rates, Citadel’s deal could equate to $10.5 million to $11.4 million per year.

Citadel is also expanding its space at the Southeast Financial Center at 200 South Biscayne Boulevard in downtown Miami, according to Bloomberg. The space is needed as the “shift to permanent building will take several years,” Citadel’s spokesperson said in late June.

OKO and Cain expect to complete 830 Brickell in the next six months, with tenants moving in sometime next year, Justin Oates, SVP at Cain, previously told The Real Deal.

In June, Griffin announced that Citadel, as well as financial services firm Citadel Securities, will move their headquarters to Miami from Chicago. The decision comes as Miami has blossomed into a mecca for out-of-state financial firms’ relocations and expansions over the past year and a half.

Griffin’s June letter to his staff did not disclose the new headquarters site, saying only that it will be along Brickell Bay. He retained Chicago-based Sterling Bay, led by Andy Gloor, to build the headquarters.

Citadel is the buyer of a 2.5-acre, bayfront development site at 1201 Brickell Bay Drive, Bloomberg previously reported and sources confirmed to TRD. That deal closed for a record $363 million in April. Citadel could also be linked to the $286.5 million June purchase of the 28-story office building across the street at 1221 Brickell Avenue. Citadel has not confirmed or denied the acquisitions.

The 830 Brickell and Southeast Financial Center offices will be interim locations, sources told TRD.

Citadel also took offices in Palm Beach, leasing the 48,578-square-foot former Neiman Marcus building at 151 Worth Avenue last month.

Griffin, a Daytona Beach native who grew up in Boca Raton, has homes in Palm Beach and Miami Beach. Over the last decade he has spent at least $350 million assembling properties in Palm Beach, and recently secured approval to build a sprawling estate for his mother on part of his land. He also owns homes in Coral Gables and on Star Island in Miami Beach.

830 Brickell, which will span 640,000 square feet, is more than 70 percent leased, according to a spokesperson for the development team.

Chicago-based law firm Sidley Austin took 60,000 square feet on three floors in July.

Canadian asset manager CI Financial doubled its original lease signed last year to about 40,000 square feet in January.

Tech giant Microsoft; insurance and financial services firm A-CAP; and Marsh & McLennan Companies’ insurance arm, Marsh, also leased space between late last year and this summer.

And private equity behemoth Thoma Bravo took the top two floors in May of last year.


The post Ken Griffin’s Citadel leases at 830 Brickell office tower in Miami appeared first on The Real Deal South Florida.

Tonino Doino and Peter Saliamonas with Jimmy’s Eastside Diner

Tonino Doino and Peter Saliamonas with Jimmy’s Eastside Diner (Getty)

Italian restaurateur, real estate investor and soccer club owner Tonino Doino bought Jimmy’s Eastside Diner, which was featured in the 2016 film “Moonlight.”

Doino, who owns the Lincoln Road restaurant Rosinella Italian Trattoria, paid about $4.3 million for the property at 7201 Biscayne Boulevard, according to the brokers involved in the deal and the buyer’s representative, Peter Saliamonas. The property is in Miami’s Upper Eastside, east of Little Haiti.

“Moonlight,” Barry Jenkins’ award-winning film set in Miami, featured the diner in a scene with actors Trevante Rhodes and André Holland.

The diner will remain the same and keep its employees, some of whom have worked there for decades. “We’re going to leave it alone as much as we can and let it run,” Saliamonas said.

Aghios Gerasimos, a Miami-based company named after the Patron Saint of Kefaloni in Greece and led by Angie Tetenes, sold the 2,563-square-foot building, records show. Alex Tsoulfas and Juliette Gruener of Miguel Pinto’s Apex Capital Realty brokered the all-cash deal, according to Tsoulfas.

“We would rather put our money in real estate than put it in the bank,” said Saliamonas, general manager of Rosinella. “We like the area a lot.”

Tetenes has owned and operated the diner for years. Records show her company paid $425,000 for the building and parking lot in two separate deals in 1998. It was constructed on 0.6 acres of land in 1968.

Doino has invested in real estate across the Miami area, including in Allapattah and Miami Beach. Last year, Doino and Saliamonas’ Miami Avenue Holdco sold a Sunset Harbour retail property to a company led by Wayne Boich for $21.3 million. In 2019, they sold a site in Allapattah to CenturyLink for $18.8 million.

“We’re focusing our attention on Italy. We bought a soccer team in Rome – that’s where we’re going to spend half the year,” Saliamonas said. The company is renovating a sports center for Roma City FC.


The post Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner appeared first on The Real Deal South Florida.

Gatsby FL president Babak Ebrahimzadeh and a rendering of 11200 RCA Center Drive in Palm Beach Gardens (LinkedIn/Babak Ebrahimzadeh, Gatsby FL, Getty Images)

Gatsby FL president Babak Ebrahimzadeh and a rendering of 11200 RCA Center Drive in Palm Beach Gardens (LinkedIn/Babak Ebrahimzadeh, Gatsby FL, Getty Images)

The Florida arm of Gatsby Enterprises is taking over a proposed office and retail project in Palm Beach Gardens after paying $17.5 million for a development site.

Miami-based Gatsby FL, an affiliate of the New York-based real estate investment firm, bought a 7-acre site at 11200 RCA Center Drive from an entity managed by Palm Beach Gardens-based developer Daniel Catalfumo, records show.

Gatsby intends to move forward with Catalfumo’s city approved plan to build PGA Tower, a 200-square-foot Class A mixed-use building, according to a press release.

Chris Smith with CBRE and Darryl Kaplan with Darryl R. Kaplan Company represented the buyer. Smith is also leading a CBRE team that will handle leasing at PGA Tower, which is expected to be completed in the first quarter of 2024, the release states. The project has not yet broken ground.

Catalfumo’s entity paid $5 million for the vacant lot in 2019. Two years later, the Palm Beach Gardens City Council approved PGA Tower, along with a separate 396-unit apartment building to be developed by The Richman Group on land acquired from Catalfumo next to the office and retail project, according to published reports. The two projects are part of master-planned development known as PGA Station.

Rising eight stories, PGA Tower will be mostly office space with 7,000 square feet of restaurants, retail and a fitness center for tenants, the release states. The building will also have an attached parking garage with 1,000 spaces.

In the past few years, Gatsby, led by principal Nader Shalom, and its partner Master Mind, led by Babak Ebrahimzadeh, have targeted trophy office assets in the South Florida market. Ebrahimzadeh is also Gatsby FL’s president, the release states.

In 2019, the joint venture paid $125.5 million for 800 Brickell, a Class A office tower in Miami’s Brickell Financial District. A year later, Gatsby and Master Mind acquired DiVosta Towers, a two-building complex, each with 11 stories of office space in Palm Beach Gardens. The partnership paid $80 million for DiVosta Towers.

Palm Beach County’s office market is booming from the influx of out-of-state hedge funds and financial services companies. The county’s overall office vacancy rate dropped to 12.6 percent in the second quarter, compared to 16.1 percent during the same period of last year, according to Cushman & Wakefield. Overall asking rents rose by 4.5 percent, year-over-year, to $42.67 a square foot.

Class A space in Palm Beach Gardens is doing exceptionally well, with asking rents jumping to $49.79 in the second quarter, compared to $40.35 during the same period of last year, according to Cushman & Wakefield.


The post Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M appeared first on The Real Deal South Florida.

Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot (Rendering courtesy of 1664 Meridian Ave General Partner LLC)

Ian Bruce Eichner took on two condominium projects last year. 

In Manhattan’s Murray Hill, he struck a deal to buy the Community Church of New York’s home. And in Bay Harbor Islands, a small town north of Miami Beach, he closed on the purchase of two vacant lots. 

Both developments will be strictly within the height and unit counts allowed on the sites. Yet this only makes one of the ventures a straight shot. The other? Not exactly. 

“In the case of Bay Harbor, I complied but I still have to present the building” to town officials, said Eichner, founder of New York-based Continuum Company. “They still have to say, ‘I like the facade.’ It gets comments. [This] does not exist in New York.” 

New York and South Florida’s real estate markets have long been lures for high-risk, high-reward developers. They are intertwined: Many of New York’s titans have expanded to South Florida, especially in recent years, with an increasing number of dual-market buyers and frustration with the Big Apple’s regulatory policies. The pandemic, of course, served as a supercharger for the South Florida boom. In some cases, the region’s developers have also been inspired to take their talents to New York. 

Taking on projects in both South Florida and New York means working through vastly different project approval processes in each market.  

The Real Deal asked four developers with experience in both places to spill the tea on specific market quirks. Is South Florida really a refuge compared to New York when it comes to availability of affordably priced land? Is New York truly the place where developers have to go to make it big? And what are the only-in-Miami and only-in-New York peculiarities? 

Some of the distinctions are apparent. Yes, New York is costlier than South Florida, but the windfall usually is bigger, developers said. 

New York’s much higher costs come despite the lack of a requirement to pay impact fees. South Florida mandates that developers pay the fees, which are for the expansion of roads, water and sewer connections, schools and other infrastructure needed to support the new development. Both require payment to pull building permits. 

Other differences, you’ll only find out, well, if you build in both markets, like Eichner is doing. 

Opting to develop the Murray Hill site in line with the existing zoning allows him to quickly embark on building the condos. Same goes for the rest of New York City, where the development code has been hammered out  down to each lot, with few opting for the massive undertaking of a rezoning, he said. 

“If you have a matter-of-right project, you can pull permits as quickly as you can file the plans,” Eichner said. 

South Florida, in contrast, has three counties and 104 municipalities, each still striving to preserve or carve out its character. Don’t build over 75 feet in Bay Harbor. Or over 120 feet on beachfront lots in Surfside. These towns don’t want to look anything like one of their neighbors to the north, Sunny Isles Beach. And in Miami’s Wynwood Arts District, make sure building designs are architecturally distinctive. 

Call the region vain, if you will, but a developer usually can’t proceed without layers of advisory boards and elected officials weighing in.

Eichner bought the Bay Harbor lots because they have existing project approvals. Still, not only did he have to show the town his designs, he also had to tweak plans to remove an underground garage. The Federal Emergency Management Agency bans subterranean parking on some residential-only properties, he said. To pull permits, Eichner worked with the town, where some Building Department staff members work part-time.

“The concept that it’s easier to do business in South Florida is ridiculous,” Eichner said. 

Todd Benson of Boca Raton-based Pebb Capital disagrees. New York, too, has its headaches. 

Hint: Just look at how densely developed the city is, and think about what it would take to build when your neighbor’s building is immediately next to your project site. 

“To try to narrow it on the differences between New York and doing business in South Florida, I can’t say one way or the other one is easier than the other,” Benson said. “There’s definitely challenges in both markets.”  

Reviews, votes? NY has no time for that  

Overall, South Florida’s extensive project reviews are an opportunity for collaboration with officials that lead to thought-out designs, developers said. 

But when a project undergoes several advisory boards with multiple members — each of whom has different ideas— and then another round in front of commissioners, each of whom has varying visions and requirements,  it could politicize the process. 

Don Peebles, who hopes to build offices with some apartments on public land in Miami Beach, knows this well. 

“I never hired a lobbyist until I came down to Miami Beach,” said Peebles, who redeveloped the Royal Palm Hotel, renovated the historic Bath Club and developed next-door condos on the barrier island. “I think because it’s a small municipality, small amounts of opposition can slow a project down or derail it.”

In partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, Peebles wants to build a six-story building with 80,000 square feet of offices and 46 market-rate apartments on a 1.4-acre, city-owned parking lot at 1664 Meridian Avenue. 

In July, commissioners greenlit the 99-year land lease and development agreement after months of renegotiations with city staff members and then multiple commission hearings. 

Between the planners, architects and attorneys needed to handle the back-and-forths, the project’s soft costs easily went up 15 percent, Peebles said. 

And it’s not over. On Nov. 8, Miami Beach residents will get the final say in a referendum.

“Imagine if New York City, in order to get a tower built, has to go through a public referendum,” Peebles said. “It would be vote after vote.” 

Now, compare Peebles’ Miami Beach odyssey to his bid to build the 2 million-square-foot “Affirmation Tower” on state-owned land on Manhattan’s West Side. The 1,663-foot-tall building, envisioned as hotels and offices, would be the tallest by floor height in the Western Hemisphere. 

The decision lies with one authority: Gov. Kathy Hochul. 

The state late last year rescinded the request for proposals for the site. But Peebles expects the solicitation will be reissued in the coming months. 

If that happens, if the state doesn’t significantly change what it wants on the site and if Peebles succeeds, it would take a negotiation with state staff members and then a contract signing. 

“The developer doesn’t even appear and it’s over,” Peebles said. “New York doesn’t have time to be inefficient.” 

Apples to oranges

Eichner paid $29.5 million for the 1.8 acres of Bay Harbor land at 9201 and 9461 East Bay Harbor Drive in May of last year. 

For the much smaller, 0.2-acre Murray Hill church site at 40 East 35th Street, his acquisition is slated to close this summer. (Eichner declined to disclose the price, but TRD reported it last December as a $69.5 million ground lease deal that will later convert to a sale.) 

The pair of eight-story Bay Harbor buildings, the first with 68 units and the second with 57, will have condos ranging from 1,500 to 2,400 square feet, he said. The first building sold out at an average of $1,100 a foot. 

The 17-story Murray Hill condo will have roughly 180 units, which will be roughly 20 percent smaller than Bay Harbor’s but, he hopes, will fetch at least $2,000 a foot, he said. 

Overall, the Bay Harbor acquisition cost is 60 percent of the Murray Hill one, and the construction costs would be about 25 percent less, Eichner said. After all, concrete is just more expensive in New York. 

“The concrete cost in New York is 35 percent higher than New Jersey across the river,” Eichner said. “Go figure. That’s what it is.” 

Still, it’s nearly impossible to draw a true comparison between projects in the two markets. Although the Murray Hill condo has a sellout 80 percent higher than the Bay Harbor one, it actually won’t come to market until about two years from now, Eichner said. There are just too many moving parts in each project. 

Even the general view of South Florida being a sanctuary for New York developers because it has more available buildable sites at more attainable costs is being tested. The past two years have seen a rush to buy up developable land that pushed prices to new highs. 

“All of a sudden it’s not so user-friendly,” Eichner said. “It’s not so easy to find a piece of land that makes sense.”

Only in Fort Lauderdale 

When Pebb Capital embarked on the 14-story, 80-unit Monarch Heights student housing building near Columbia University, it had to sit down with the next-door building owner. 

In New York, where buildings often abut one another, licensing agreements that ensure construction won’t impact those next door are often required.

“If you go into a New York deal and don’t think about your neighbor and how you are going to handle that, that could hold you up,” said Benson, principal at Pebb Capital.  

The agreements between the developer and adjoining property owner detail items such as the scaffolding. 

Asi Cymbal, a developer who made a full transition to South Florida from New York 17 years ago, said construction costs are lower when builders don’t have to worry about neighboring buildings. 

“The type of protective measures you need when you are literally abutting another structure is different than when you are not,” said Cymbal, who heads Miami-based Cymbal DLT. 

As for South Florida, much of it low-lying, construction of underground garages often has been limited because the water table rises high. 

Cymbal looked into building a 200-space below-ground garage for his two-tower Riverwalk Raintree Residences project in downtown Fort Lauderdale. But at three times the cost of putting those spaces in an above-ground garage, he opted against it.

Construction will start early next year on the 28-story Riverwalk Raintree tower, followed by commencement of work on the 29-story tower. The project will have 677 apartments, combined, at 413 Southwest Third Avenue.

But it couldn’t start until Cymbal took care of another aspect of the project, one that he says he never ran into in New York: the relocation and preservation of a tree. 

The century-old rain tree has been at the root of a decade-long debate, with some in the community arguing it could never be replaced if it dies when moved. Cymbal has pledged $1 million if the tree dies within five years. 

With consultation from an arboricultural consultant and an arborist, the 100-foot-tall, 130-foot-wide tree is slated for relocation this month.

During his time in New York, Cymbal experienced all sorts of hiccups with projects, such as the time he worked alongside Shaya Boymelgreen on a development that employed nonunion workers. 

“Every day I walked to the site and there would be dozens of union guys protesting the fact that that developer brought in nonunion labor,” he said.

But he never ran into having to relocate a rain tree. That, Cymbal said, “is unique to South Florida.” 

The post Miami vs NYC: A developer’s guide appeared first on The Real Deal South Florida.

From left: Monroe Capital’s Theodore Koenig, Steve Witkoff, HFZ's Ziel Feldman and Benny Shabtai with the Shore Club (Monroe, Witkoff, HFZ, Getty)

From left: Monroe Capital’s Theodore Koenig, Steve Witkoff, HFZ’s Ziel Feldman and Benny Shabtai with the Shore Club (Monroe, Witkoff, HFZ, Getty)

A judge awarded Israeli investor Benny Shabtai a $4.6 million judgment in his lawsuit against HFZ Capital Group over the failed Shore Club Miami Beach redevelopment.

New York-based HFZ, led by Ziel Feldman, lost its ownership of the historic Shore Club when Monroe Capital foreclosed on the property. Monroe brought on Witkoff as its partner to renovate and redevelop the oceanfront Art Deco hotel at 1901 Collins Avenue.

Monroe and Witkoff are now on the hook for the judgment tied to the lawsuit that Shabtai, a former HFZ investor, filed last year. The ruling marks the latest update in HFZ’s demise, which has been documented through a number of legal battles with former partners and lenders.

Shabtai’s investment in the Shore Club dates back to 2013, when Fortress and HFZ joined SC Philips Clark to redevelop the property into a luxury condo and hotel.

In exchange for Shabtai’s $3.5 million investment in 2013, he was to receive a 3.34 percent Class B interest in the HFZ Shore Club project, according to court documents. The following year, Shabtai and HFZ agreed that Shabtai would redeem his interest to purchase a unit on the 18th floor, and that he had the right to buy the rest of that floor for $1,800 per square foot, court documents show.

HFZ ended up canceling plans for the Fasano-branded development. It returned buyers’ deposits when the condo market slowed down in 2018 and let the property fall into disrepair, a number of lawsuits allege. The hotel has been closed since the pandemic started more than two years ago.

Shabtai sued HFZ and affiliates of the company that owned the Shore Club in May 2021 in New York.

A spokesperson for Witkoff disagreed with the judge’s decision, which it called “an inherited claim that is all about HFZ and their relationship with a former investor.” In a statement to The Real Deal, the spokesperson said that Witkoff plans to appeal.

Shabtai’s attorneys have alleged that the investor “never pledged any of his equity” in connection with the loans that Monroe ultimately used to foreclose on HFZ. Once Monroe took over the property, Monroe and the Shore Club entities “intentionally, in bad faith, and without notice” to Shabtai divested him of his ownership and dissolved HFZ Shore Club “so that they could avoid their obligation to pay him the money owed to him,” court documents allege.

With interest and other fees, the judgment awarded to Shabtai exceeds $5 million, court records show. Shabtai is a watch mogul whose family made about $500 million in 2014 when they sold their majority stake in the instant messaging app Viber to Rakuten, according to published reports. Shabtai was also Raymond Weil’s exclusive watch distributor in the U.S.

Shabtai’s attorney, Kristin Pendergrass of New York-based Schwartz Sladkus Reich Greenberg Atlas, declined to comment.

Feldman of HFZ did not respond to a request for comment.

Witkoff’s spokesperson said the company will “aggressively litigate any inherited claims from HFZ’s past troubles that are not meritorious or simply brought by litigious plaintiffs in search of a deep pocket” and that the lawsuit has “nothing at all to do with” Witkoff and Monroe’s partnership and plans for the project.

Witkoff and Monroe are planning a major redevelopment and expansion of the Shore Club, one of a handful of Art Deco hotels along Collins Avenue that are expected to be restored and renovated. The project calls for luxury condos and hotel rooms.

A handful of lawsuits involving the Shore Club have been filed over the past two years. In July, SC Philips Clark, a former owner, sued Witkoff and Monroe, alleging that it was illegally stripped of its ownership in the hotel through what it called a “crooked and secretive land grab.” Witkoff’s spokesperson called the lawsuit “baseless.”


The post Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach appeared first on The Real Deal South Florida.

Peters + Hyland's Jennifer Hyland and Illustrated Properties' Vince Marotta with 14958 Palmwood Road (Peters + Hyland Group, LinkedIn, Google Maps)

Peters + Hyland’s Jennifer Hyland and Illustrated Properties’ Vince Marotta with 14958 Palmwood Road (Peters + Hyland Group, LinkedIn, Google Maps)

A local father-son real estate development duo bought a flipped waterfront mansion in Palm Beach Gardens for $11 million, almost double its sale price a year ago.

Property records show Robert and Myron “Mosie” Miller’s buying entity, RLMM Real Estate LLC, bought the estate at 14958 Palmwood Road from Rizhin Holdings LLC, managed by Aaron Levine and Joshua Gross.

Jennifer Hyland of the Peters + Hyland Group at Corcoran’s Palm Beach office represented the sellers, and Vince Marotta of Illustrated Properties represented the buyers.

Levine and Gross bought the house, built in 2005, for $5.9 million in July of last year, records show. It has 106 feet of water frontage according to

Levine is a health care executive with West Palm Beach-based Telstone IOP, an addiction treatment facility. Gross is the son of Gary Gross, a convicted fraudster who was caught in the FBI’s undercover Operation Jail House for allegedly swindling elderly people out of millions of dollars, the Florida Bulldog reported. He was sentenced in 2012 to 27 months in prison, five years of supervised release, and was ordered to pay more than $215,000 in restitution on a charge of conspiracy to commit bank fraud, according to the FBI. Hyland said Joshua Gross was a minor partner in the Palm Beach Gardens property investment.

Hyland said the sellers rented out the 9,306-square-foot, eight-bedroom, nine-bathroom, seven-half-bathroom mansion during the year they owned it, and spent about $500,000 on minor renovations.

Property records show the lot as 0.9 acres, but Hyland said a newer survey found the lot comes to a total of 1.4 acres, a rarity in the area.

“To find that on the water up here you’d think would be easy, but it’s not,” Hyland said.

Marotta said the Millers recognized the value of the area and the significance of a lot and home of that size on the Intracoastal Waterway, and they’re already aiming to make a profit.

“We’re going to immediately put it on the market for $13.9 million,” Marotta said, noting that plans for a major renovation are already in the works. The Millers will either sell the house untouched with the plans at that price, or fully renovated for north of $20 million, Marotta said.

Robert Miller, the father in the duo, is a long-time investor in the area and owner of the Jupiter Pointe Club & Marina. Myron Miller regularly partners with his father on real estate projects, in addition to his role as CEO of Expedited Travel, a West Palm Beach-based company that specializes in speedy travel document acquisitions.

Myron Miller and his wife Michelle Miller listed their estate at 149 East Inlet Drive in Palm Beach for $78.5 million last year, the Palm Beach Daily News reported. The property includes 250 feet of inlet frontage and 114 of ocean frontage. shows Miller raised the price to $79 million before taking it off the market in June. Marotta said Miller is still open to selling, for the right price.

“He’s the kind of guy who’s happy to sell if someone hits his number,” Marotta said, “He’s not an anxious seller.”

Records show the Millers bought the Inlet Drive property for $14.6 million in 2017 and completed the redevelopment in 2020. They sold their previous home at 134 El Vedado Road, in Palm Beach in 2020 for $13.6 million.

Palm Beach Gardens home prices jumped during the pandemic, as wealthy buyers were priced out of Palm Beach.

“The prices have just gone insane,” Hyland said of Palm Beach. “Now people are discovering Palm Beach Gardens as the suburbs of Palm Beach.”

A home in the Old Palm Golf Club community flipped for a record $22.5 million last month, doubling in price in a year. And the former home of golf pro Lee Westwood sold for $12.2 million in March.


The post Developers Robert and Myron Miller buy flipped waterfront Palm Beach Gardens mansion appeared first on The Real Deal South Florida.

Stuart Elliott

There’s money, and then there’s money. 

That’s the main takeaway from our cover story this month about how much real estate professionals working in different parts of the business earn.

The story by Joe Lovinger surveys what the bosses at brokerages and REITs have made in recent years, even amid a pandemic, inflation, rising interest rates and a sagging stock market. 

There is king-of-the-last-mile money: Prologis CEO Hamid Moghadam made the most of any real estate trust chief, earning a whopping $24 million last year and $34 million in 2020. (As the magazine was going to press, news broke that Moghadam had been mugged in San Francisco, with the thieves taking off with his Patek Philippe watch.)

The average head of a REIT took home a more modest $5.9 million last year, which at least qualifies as I-own-four-houses-and-always-fly-private money.  

Then there are the perks. For better-than-a-Metrocard money, Howard Lorber receives up to $200,000 in private jet usage a year from Douglas Elliman for commuting and travel. Not that he couldn’t have paid out of pocket: Lorber’s compensation after bonuses and equity grants reached $32 million last year.  

Elsewhere in the issue, we take a look at sunny money: how blue-chip financial and tech firms are heading down to Miami in large numbers, boosting commercial rents, land values and home prices (even if the residential market is now starting to slow in South Florida, like the rest of the country).  

The recent news that Citadel Securities, the market-making firm founded by billionaire Ken Griffin, would relocate its headquarters to Miami from Chicago means more I-don’t-care-what-it-costs-I’ll-take-the-place money for residential brokers and commercial landlords to chase after. Check out the story here.

There’s also a lot of profit-on-the-backs-of-strapped-millennials money out there — namely, capital being poured into building new homes that can be rented out and earn investors a tidy profit. The single-family rental segment is growing astronomically, as many younger Americans are now locked out of buying. More than $45 billion was invested in single-family rental properties last year, up from $3 billion the year before. Check out the story by Patrick Sisson.

Meanwhile, under where-have-my-tenants-gone money, the landlords of famed Sand Hill Road in Silicon Valley are being hit hard by the move to remote work. The thoroughfare is known for housing the venture capital firms that have funded almost every prominent Silicon Valley company — Google, Facebook and Apple among them. But dominoes have already begun to fall, as reporter Matt Niksa writes, with Andreessen Horowitz, one of the world’s most influential VC firms, announcing last month that its headquarters was moving to the cloud, and Sequoia Capital planning an office in New York. 

Then there is make-a-killing-with-a-contrarian-bet money, as our profile of Shaya Prager’s Opal Holdings in Chicago explores. Prager is making a surprising billion-dollar gamble on the office market, even as the nature of office work in the city has changed, perhaps forever. 

And finally, we examine the behind-the-ridiculously-high-hedgerow money in the Hamptons in our last special section on the East End before the summer ends. 

Read on to follow the money! 

The post Editor’s note: Where the money’s at appeared first on The Real Deal South Florida.

From left: Rockpoint's Bill Walton, AvalonBay Communities' Benjamin W. Schall and Timothy J. Naughton, and The Altman Companies' Seth Wise with 11385 SW 30th Ct and 2750 SW 113th Ln

From left: Rockpoint’s Bill Walton, AvalonBay Communities’ Benjamin W. Schall and Timothy J. Naughton, and The Altman Companies’ Seth Wise with 11385 SW 30th Ct and 2750 SW 113th Ln (Rockpoint, LinkedIn, Trulia, Avalon Bay, Getty)

AvalonBay Communities bought two Miramar apartment complexes for a combined $295 million.

AvalonBay purchased Altís Miramar at 11385 Southwest 30th Court for $149 million, and the adjacent Altra Miramar at 2750 Southwest 113th Lane for $146 million, according to records.

An affiliate of Boca Raton-based The Altman Companies, Fort Lauderdale-based BBX Capital and Boston-based Rockpoint sold the communities that were completed last year. BBX Capital Real Estate, which is the real estate arm of BBX Capital, owns roughly 50 percent interest in Altman Companies. Rockpoint and BBX Capital Real Estate, through its Altman ownership, developed Altís and Altra.

The developers’ affiliate paid $35 million in 2019 for the 30-acre development site. The purchase also included lots other than those for Altís and Altra. The deal closed after Altman first sought a site rezoning in 2018.

The garden-style Altís Miramar has 320 units with an average size of about 1,000 square feet. Altra Miramar has several mid-rise buildings with 330 units, and an average size of about 940 square feet, according to a February news release from Altman Companies announcing the communities’ opening. Altís and Altra are separated by a park.

AvalonBay’s purchase breaks down to $453,846 per apartment.

The Arlington, Virginia-based real estate investment trust develops, redevelops, buys and manages multifamily communities in the U.S., according to its website. Timothy Naughton is AvalonBay’s executive chairman of the board, and Benjamin Schall is CEO.

This is at least the second AvalonBay investment in Miramar’s multifamily market in less than a year. The REIT scooped up the garden-style, 380-unit Avalon Miramar at 4300 Southwest 113th Terrace for $133 million in November.

South Florida’s multifamily market has been prospering because of high demand, partly fueled by out-of-state transplants who relocated to the region shortly after the pandemic’s onset. Miramar, which is in southern Broward County, has attracted some of the apartment investment sales and development frenzy.

In December, Brookfield Properties paid $187.7 million for the 512-unit Solano at Miramar complex at 11700 Southwest 26th Street.

Trammell Crow Residential scored city approval in September to develop the two-building, 250-unit Alexan Miramar on the northwest corner of Southwest 145th Avenue and Miramar Parkway. Two months later, Trammell paid $9.8 million for the 9-acre development site.


The post AvalonBay pays $295M for two Miramar complexes appeared first on The Real Deal South Florida.

From left: Related's Stephen M. Ross and Bruce A. Beal, Jr. (Photo Illustration by The Real Deal with Getty Images, Related)

From left: Related’s Stephen Ross and Bruce Beal (Photo Illustration by The Real Deal with Getty Images, Related)

The NFL dropped the hammer on Related Companies founder Stephen Ross and president Bruce Beal for violations of league policies, including repeated “impermissible” communications with superstar quarterback Tom Brady.

The league suspended the Miami Dolphins owner after a six-month investigation found Ross and Beal to have violated the league’s anti-tampering policy on three occasions, ESPN reported. Tampering involves recruiting players who are under contract with another team, as Brady is with the Tampa Bay Buccaneers.

Ross was fined $1.5 million and suspended through Oct. 17, meaning he won’t be allowed at the Dolphins facility for the next two months, and cannot attend any league meeting prior to the league’s annual one next year.

Meanwhile, Beal, who is vice-chair of the Dolphins, was fined $500,000 and suspended from league meetings for the rest of the calendar year.

Most painfully, the league stripped the Dolphins team of its 2023 first-round draft pick and 2024 third-round draft pick.

Beal was found to have communicated impermissibly with Brady in 2019 and again in 2021, discussing the star quarterback joining as a limited partner and possibly football executive during the latter conversation. Brady retired after last season, but quickly came back to football to rejoin the Buccaneers.

The league also found that the Dolphins had impermissible contact with Don Yee, who represents both Brady and head coach Sean Payton, who had yet to retire from the New Orleans Saints. Payton plans on taking the year off from the sidelines.

NFL commissioner Roger Goodell said “the investigators found tampering violations of unprecedented scope and severity.”

The investigation started in February, when former Dolphins coach Brian Flores filed a lawsuit against the NFL, alleging racist hiring practices while accusing the Dolphins owner of trying to pay off the coach to lose games. The NFL did not find any evidence that the team intentionally lost games during the 2019 season.

— Holden Walter-Warner


The post “Violations of unprecedented scope and severity:” NFL fines Stephen Ross for tampering with Tom Brady appeared first on The Real Deal South Florida.

Nicole Oge, Richard Jordan, Oren Alexander and Tal Alexander (Getty, Facebook)

Nicole Oge, Richard Jordan, Oren Alexander and Tal Alexander (Getty, Facebook)

Richard Jordan, a top new development marketing executive at Douglas Elliman, is joining top brokers Oren and Tal Alexander at their new firm, The Real Deal has learned.

Jordan is joining Official, the Side-backed brokerage the Alexanders launched in June. Also on board is Nicole Oge, a former top marketing executive at Elliman who later took a senior marketing role at WeWork.

Oge and Jordan are now both founding partners at Official, Oren Alexander confirmed. The hires give Official a platform to compete for new development business with the bigger and more established residential brokerages.

Oge was tapped last year to spearhead growth at residential brokerage Casa Blanca, a position that according to her LinkedIn and Instagram profiles she still holds. Oge is also listed as a “strategic adviser” at Side, which after a March 2021 venture capital round was valued at $2.5 billion. She was chief marketing officer at Elliman between 2014 and 2016, where she made a big push on branded content with two magazines, Elliman and Elevate. The former is still in publication. She joined WeWork at the peak of its venture-backed frenzy, at a time when it was known as the “We Company.”

Jordan left Elliman in recent months after nearly nine years with the brokerage, sources said. At Elliman, he was senior vice president and head of global markets for Douglas Elliman Development Marketing, and a key conduit for Elliman’s international referrals.

Oge and Jordan, who are a couple, did not respond to requests for comment. Elliman also did not immediately respond.

The Alexander brothers left Elliman in June to launch Official. They had been with the firm for a decade, and were the brokerage’s top large team. Last year, the team said it closed more than $1.8 billion in sales, which accounted for 3.5 percent of Elliman’s $51 billion book of business.

The Alexanders plan to expand Official to new markets, as well as take on sales of new projects. Over the last month, Official picked up about $120 million worth of new listings in Miami and $350 million in New York, Oren Alexander said.

Their team in Florida and New York includes Sara Goldfarb, Isaac Lustgarten, Andrew Krasnow, Leah Barney and Jared Schwadron, according to its website.


The post Richard Jordan and Nicole Oge make it Official with Alexanders appeared first on The Real Deal South Florida.

Bridge Industrial's Steve Poulos and Kevin Carroll with 2200 Northeast Seventh Avenue (Bridge Industrial)

Bridge Industrial’s Steve Poulos and Kevin Carroll with 2200 Northeast Seventh Avenue (Bridge Industrial)

Bridge Industrial is moving quickly on its project on the former Park ‘N Fly property in Dania Beach. It scored a $28 million construction loan less than two months after scooping up the site

Windsor, Connecticut-based Talcott Resolution Life Insurance provided the financing for Bridge’s planned logistics facility at 2200 Northeast Seventh Avenue between Fort Lauderdale-Hollywood International Airport and Port Everglades, according to mortgage records.

The developer, a prolific industrial real estate builder in South Florida, bought the 22.4-acre development site for $20 million in June. The property is just east of the airport, south of the port and off the I-595 Port Everglades exit.

The seller, Park ‘N Fly, had previously operated airport parking on the property.

The 171,000-square-foot planned project, called Bridge Point Port Everglades, is expected to complete construction in early 2024, according to a release.

Chicago-based Bridge has placed a hefty focus on developing industrial real estate in South Florida.

In Doral, Bridge plans a roughly 2.6 million-square-foot project spanning 175 acres on the southwest corner of Northwest 107th Avenue and Northwest 41st Street. The preliminary plan for the project, called Bridge Point Doral, is for six buildings, although some buildings could be combined.

In July, Bridge paid $15.6 million for the development site for its Bridge Point Gratigny project on the southwest corner of Northwest 135th Street and 47th Avenue in unincorporated Miami-Dade County, just south of the Miami-Opa locka Executive Airport. Bridge bought the property by assuming the lease on the land. Miami-Dade Aviation Department is the landlord.

In all, the company has purchased roughly 700 acres in South Florida since 2012, and it has completed or is building more than 10 million square feet of projects, according to a July news release from Bridge. Steve Poulos is CEO and Kevin Carroll is the partner for the Southeast region.

The tri-county region’s industrial market is booming because of high demand, partly fueled by e-commerce. In the second quarter, Broward County’s vacancy rate dropped to 3.6 percent, from 6.7 percent during the same period of last year, according to a Colliers report. The tight market also pushed asking rents to $12.18 per square foot, up year over year from $9.95 a square foot.


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Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)

Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)

Keiser University sold a pair of Fort Lauderdale office properties to its owner, Everglades College, in two deals for a combined $57.6 million.

In the bigger of the two deals, an affiliate of Keiser University sold the 111,542-square-foot office complex at 1900 West Commercial Boulevard for $30.4 million, according to records. Everglades College assumed an existing $14 million loan on the property.

Built in 1976 on 6.7 acres, the complex last traded for $6 million in 1998, property records show.

In the other deal, another entity tied to Keiser University sold the six-story building at 1500 Northwest 49th Street and the adjacent 4.4-acre parking lot at 4747 Northwest 15th Avenue, records show. The building is Keiser University’s Fort Lauderdale campus, which is the school’s main campus, according to its website.

Arthur Keiser and his mother, Evelyn, founded the school in 1977. Keiser University was a for-profit school until 2011, when Arthur Keiser sold it to nonprofit Everglades College.

The building at 1500 Northwest 49th Street was constructed in 1987 on 4.2 acres. It last traded for $4.3 million in 1993, and the parking lot last traded for $2.3 million in 2010, according to deeds.

In 2017, Keiser University purchased its Daytona Beach campus at 1800 Business Park Boulevard, and its Orlando campus at 5600 Lake Underhill Road.

South Florida’s office market has seen sales activity in recent months. In July, Asana Partners, based in Charlotte, North Carolina, paid $10 million for the office building at 707 Northeast Third Avenue and the adjacent warehouse in Fort Lauderdale’s Flagler Village neighborhood.

Farther north in Jupiter, print and digital publishing company LRP Media Group bought the office building at 1395 University Boulevard for $19 million in July.


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Prive at 5000 Island Estates Drive in Aventura (, getty)

Prive at 5000 Island Estates Drive in Aventura (, getty)

The summer slump in Miami-Dade’s condo market abated somewhat last week.
In July’s final week, condo prices rose slightly from the previous week, ranging from $2 million to $5 million. That compares to a range of $1.2 million to $2.7 million — save for one, isolated condo sale at $7 million — the previous week.

Dollar volume last week rang in at $91 million, higher than the $70 million total from the week prior, but lower than the $99 million the week before that.

The average sale price last week, $555,000, fell neatly between averages from the two prior weeks. It compares to $515,000 from July 17th to July 23rd; and $645,000 from July 10th to July 16th.

The sale of unit 1408 at Privé North, 5000 Island Estates Drive in Aventura, notched the top spot last week, with a $5 million price tag. Bento Queiroz with Compass Florida had the listing, and Viviane Wolak with One Sotheby’s International Realty represented the buyer.

A $3.2 million sale at Reach in Miami snagged the second place among MLS-recorded sales last week. Juan Carlos De Campos with Miami New Realty had the listing for unit 4111 at 68 Southeast Sixth Street. Elen Oliveira with One World Properties represented the buyer.

Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl.

Previously, MLS data from had suggested that the Miami-Dade condo market entered a summer slump. Top condo sales for June totaled $219.1 million, less than May’s total of $284.1 million and April’s total of $250.4 million.

Here’s a breakdown of the top 10 sales from July 24th to July 30th:


Most expensive

Privé, 5000 Island Estates Drive, unit 1408 | 85 days on the market | $5M | $1,277 psf | Listing agent: Benito Queiroz with Compass Florida | Buyer’s agent: Viviane Wolak with One Sotheby’s International Realty

Least expensive

Turnberry Ocean Colony, 16047 Collins Avenue, unit 3202 | 98 days on the market | $2M | $913 psf | Listing agent: David Copelow with Terrabella Realty | Buyer’s agent: Olga Mirer with Atlantic VIP Realty Group

Most days on market

Jade Ocean, 17121 Collins Avenue, unit 4005 | 1453 days on the market | $2.6M | $1,330 psf | Listing agent: Wanda Shortt with Yaffe International Realty | Buyer’s agent: Paula Sanchez with Unique International Properties

Fewest days on market

Bella Mare, 6000 Island Boulevard, unit 1501 | 26 days on the market | $3M | $730 psf | Listing
agent: Brandee Goldstein with FIP Realty Services | Buyer’s agent: Ronit Shiro with Beachfront Realty


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The Real Deal’s August 2022 issue is live for subscribers and slated to hit doorsteps early this month.

Money — it’s a gas, especially if you’re in real estate. In this issue, we look at just how much of it there is for bosses and brokers, down to the dollar.

Hedge fund money can buy an entire town, and tech money can buy a whole island. There’s not much of it for millennials, though, hence the rise of the single-family rental sector.

But if you go where the money goes, it’ll lead you to some interesting places, several of which we dove into this month.

Our cover story, “Paycheck Potential,” drills down into just how far your take-home will take you as a REIT CEO or top dealmaker. If Prologis is the REIT in question, it can get you a cool $25 million.

One of the big-name big bosses in the biz these days is Nest Seekers’ Eddie Shapiro. It’s been two years since Ryan Serhant fled the nest, but with agents in Miami, L.A., London and beyond, Shapiro is hardly an empty nester. Read more about this “approachable titan” in our profile.

Ken Griffin’s hedge fund Citadel is taking over Brickell, and our analysis this month on the Miami company town sheds light on the market implications of the move. Temporary offices in South Florida begot Citadel employees looking to buy homes in the surrounding area — the “Citadel effect,” if you will.

We’ve also got a comprehensive guide for developers this month on Miami versus New York. Both cities have been home to high-risk, high-reward opportunities, with a recent trend in cross-pollination — New York titans staking their claim down south, and vice versa.

On the opposite but equally sunny coast, the venture capitalists of Sand Hill Road are reckoning with remote work. It’s no longer about “the future of working from anywhere” — the future is here, and the landlords of the iconic Silicon Valley strip are being forced to adapt.

Lastly, this month’s Closing interview features one of the biggest bosses of all: James Whelan, president of the Real Estate Board of New York. The tax break 421a may be dead and gone, but Whelan was instrumental in efforts to renew it last time around. He chatted with The Real Deal about growing up Irish Catholic, raising kids in Queens and how to stay sharp-elbowed and behind-the-scenes.

Even more nationwide real estate coverage awaits you, so subscribe today and enjoy the August issue here.

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Carillon Miami Wellness Resort at 6801 Collins Avenue in Miami Beach (Google Maps, Getty)

Carillon Miami Wellness Resort at 6801 Collins Avenue in Miami Beach (Google Maps, Getty)

Z Capital Group lost its attempt to levy a $7.7 million assessment on condominium unit owners at the Carillon Miami Wellness Resort.

The outcome is the latest in the drawn out and still-ongoing legal battle, pitting the associations for the North, South and Central towers against Z Capital’s affiliate, Carillon Hotel. The oceanfront complex is at 6801 Collins Avenue in Miami Beach.

Z Capital owns the spa and roughly 70 condo-hotel units at the Central Tower, the order says. It is the only tower among the three that allows individual condo unit ownership and allows owners to put their condos in a hotel pool, according to an attorney representing one of the associations. Under the master declaration, this ownership gives Carillon Hotel control over the majority of the common areas such as hallways, elevators, pools and gyms in all of the towers, as well as the right to levy assessments on unit owners for the maintenance, operation and insurance of these shared facilities.

It is this level of control and assessment power that is at the heart of the litigation. The associations sued Carillon Hotel in 2016, with the case now in its eighth year. Z Capital has maintained in court filings that it has created an internationally recognized wellness resort since buying the hotel keys and spa in bankruptcy court in 2015.

In the latest chapter of the case, Z Capital, through Carillon Hotel, sought to levy the $7.7 million assessment to cover the legal fees and costs it has accrued in the lawsuit since 2017. New York-based Z Capital, led by James Zenni Jr., is a privately held merchant bank with $5.2 billion in Its portfolio of companies includes Affinity Gaming, Alchemy Wellness Resorts and Mrs. Fields.

On Monday, Miami-Dade Circuit Judge Michael Hanzman sided with the condo associations, calling the push for the assessment “audacious.” The fee is illegal and in violation of the master declaration that outlines the governing structure of the campus, the judge wrote in his order.

Because this was a temporary ban on the assessment, Hanzman ordered the associations to post a $712,000 bond in the event his ruling is overturned.

The order could set the stage for a decision on the broader issue of control of condo-hotels’ shared areas. Hanzman wrote that he intends to “address, on an expedited basis, the legality of the structure governing the shared campus.” In addition, some of the common areas unit owners pay assessments for are actually amenities, such as the spa and restaurant, which generate a profit for Carillon Hotel, Hanzman noted.

“Carillon Hotel has no right to charge anyone any costs of defendants’ [Carillon Hotel] profit-seeking hotel venture,” he wrote.

Carillon Hotel’s attorneys did not return a request for comment. Over the course of the case, It has counter-sued the condo associations, arguing that the entire case is really a ploy by the associations to undo Carillon Hotel’s purchase of the resort in bankruptcy court and take ownership and control of the property for themselves. It also argues that the associations could not sue as long as Carillon Hotel did not breach an assessment cap.

In two letters sent to unit owners in late July after Hanzman issued his order verbally at a hearing, Carillon Hotel said it plans to appeal. It called the lawsuit “meritless” and said that it is eager for a potential trial in the fall.

Its chief financial officer testified in court in July that it does have the right to levy assessments to maintain and operate the shared facilities, and that the residents have no say in how the shared facilities are run, according to the judge’s order.

Gene Stearns, an attorney for the associations, argues otherwise. He said it’s illegal for a private company to unilaterally control and issue assessments for the maintenance of common areas used by residents. The associations should elect a board that will give them a voice over the maintenance and operations of the facilities, said Stearns, of Miami-based Stearns Weaver Miller Weissler Alhadeff & Sitterson.

Z Capital can’t be “the dictator, the authoritarian ruler over a master association that controls all three buildings,” Stearns added.
Peter Zalewski, a South Florida condominium market analyst, said this is a common issue for condo-hotels, as they usually give the owner of the hotel — and not the unit owners — decision-making power.

“The corporate investors love this type of structure because of the subsidy,” said Zalewski of Condo Vultures, referring to the assessments on unit owners. “It’s not officially called a subsidy but that’s what it is.”

In a similar case, One Bal Harbour’s condo-hotel association had claimed the condo association changed the declaration to decrease its own expenses for shared utilities, parking and beach service access. The lawsuit settled this year.

“Corporate investors in condo-hotel ownerships, they can basically piss away cash and put the debt on individual unit owners,” Zalewski said.


The post Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment appeared first on The Real Deal South Florida.

Companies principal Alan Macken with Koya Bay

Alan Companies’ Alan Macken with Koya Bay (Getty)

Macken Companies scored a $16.5 million construction loan to complete a waterfront luxury townhouse development in its own backyard.

The North Miami Beach-based developer secured the financing from LV Lending, according to a press release. The funds will go toward finishing Koya Bay, a collection of 10 four-story townhomes on the Intracoastal Waterway at 4098 Northeast 167 Street. The project is in the Eastern Shores neighborhood of North Miami Beach.

In February, Macken broke ground on the project, which is expected to be completed in the first quarter of next year, the release states. Camilo Niño and Ricardo Uribe with LV Lending arranged the loan.

Designed by Randall Stofft Architects and Witkin Hults + Partners, Koya Bay’s townhomes will be a mix of three-, four- and five-bedroom homes ranging between 4,327 square feet to 5,288 square feet. Each townhome in the gated community will feature a boat slip outfitted with water and electricity, and a private rooftop terrace with a Jacuzzi and outdoor kitchen, the release states.

Macken Realty, a Macken affiliate, is handling sales, and the project is nearly sold out, according to a company spokesperson. Prices start at $2.7 million. Another Macken entity, VCM Builders, is Koya Bay’s general contractor.

In October 2020, the city of North Miami Beach approved the site plan submitted by Macken. The firm was founded nearly 30 years ago by CEO Alan Macken.

Koya Bay is near another major development planned for North Miami Beach’s Intracoastal Waterway. Dezer Development, the Sunny Isles Beach-based firm led by Gil Dezer, has city approved plans to redevelop the Intracoastal Mall property at 3881 163rd Street. Dezer wants to transform the 30-acre site into a $1.5 billion mixed-use project with 1,750 condo units, 200 apartments, 50 townhomes, 250 hotel rooms, 375,000 square feet of retail and 200,000 square feet of offices.


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NAR CEO Bob Goldberg (NAR, Getty Images)

NAR CEO Bob Goldberg (NAR, Getty Images)

When the housing market took off during the pandemic, so did the economic fortunes of National Association of Realtors members.

The median gross income for Realtors surged 25.3 percent year over year in 2021, Inman reported. The data comes courtesy of the National Association of Realtors 2022 Member Profile, which included survey responses from more than 9,200 members polled in March.

The median gross income for Realtors last year hit $54,300, up $11,000 from the 2020 median of $43,300. The hot housing market is an obvious explanation for the boost, as the sales volume for the typical Realtor rose from $2.1 million to $2.6 million and the number of closed transactions increased from 10 to 12.

More than 6.1 million homes were sold last year, the most in 15 years.

Alongside the income growth came a rise in expenses. Total median business expenses increased 17.3 percent year over year to $6,250 in 2021. While that’s up from 2020, it’s about flat from 2019.

Not all roles are created equal. The median gross income for brokers and broker associates was $90,000, but the median for sales agents was only $38,300, although it jumped 13.3 percent year over year.

Those with less experience were much less likely to capitalize on the soaring housing market. Realtors with at least 16 years of experience had a median gross income of $85,000. Realtors with two years or fewer of experience, however, made a median of roughly one-tenth of their older counterparts, $8,800.

The number of real estate agents across the country surged during the pandemic and the membership of the NAR did the same. The association’s ranks increased from 1.48 million at the end of 2020 to 1.56 million at the end of last year.

More people have made the leap into the industry to take advantage of the flexible hours, as well as the booming housing market that made selling homes a more appealing financial play. But the market’s low inventory meant that not everybody was going to benefit from the housing environment.

Realtors may not have as much to look forward to this year. The housing market is shifting as interest rates and mortgage rates rise, while fears of a recession grow. The slowdown could result in a hit to the pockets of real estate agents everywhere.

— Holden Walter-Warner


The post Agents notched 25% income bump in frenzied 2021 appeared first on The Real Deal South Florida.

 From left: Jonathan Leifer and Ari Pearl with Bay Harbor Towers (MSP Group/Blanca)

From left: Jonathan Leifer and Ari Pearl with Bay Harbor Towers (MSP Group/Blanca)

Developer Ari Pearl and investor Jonathan Leifer paid $32 million to acquire all of the units in an older Bay Harbor Islands condo complex on a waterfront property that they could redevelop.

Nearly 30 individual owners at Bay Harbor Towers, at 10141 and 10143 East Bay Harbor Drive, sold their units to Pearl and Leifer, records show. Pearl’s PPG BHT Owner LLC financed the 30-unit deal with a $70 million loan from an affiliate of New York-based MSD Partners, billionaire Michael Dell’s investment firm.

The owners banded together last year following the deadly Surfside condo collapse to seek a bulk buyer for their complex. The Art Deco-style Bay Harbor Towers property was developed in 1956.

The collapse of Champlain Towers South in Surfside last year put pressure on owners of older buildings across South Florida to bring their properties up to code, or sell in bulk to a developer or investor.

Bay Harbor Towers’ condo board tapped Blanca Commercial Real Estate’s Cary Cohen and MSP Group’s Deme Mekras to market the 1-acre property for sale last winter. The site can be developed into a 72-unit project, according to marketing materials.

Faisal Ashraf of Lotus Capital Partners arranged the financing.

Pearl declined to comment on specific plans for the property. He said he and his partner are “planning something that the Bay Harbor community will be very proud of.” Pearl’s son, Andrew, initiated the deal, he said.

It marks the second joint venture partnership for Pearl and Leifer in Bay Harbor Islands. Pearl, founder & CEO of Hallandale Beach-based PPG Development, and Leifer, principal of New York-based L3C Capital Partners, bought the waterfront hotel at 9540 West Bay Harbor Drive out of foreclosure for $30 million in 2020. They converted it to a condo-hotel, and have been selling units since October, records show. It’s now called The Altair.

Developers, including Ugo Colombo and Valerio Morabito, Alta Developers, Bruce Eichner, Clara Homes and Terra all have residential projects in the pipeline in Bay Harbor Islands.

Colombo and Morabito recently secured a $64.5 million construction loan from Bank OZK for a 41-unit, eight-story condo development planned for the site at 1135 103rd Street.

James Curnin’s Clara Homes plans to develop an assemblage at 10200 and 10290 East Bay Harbor Drive into a 150-unit luxury apartment complex.

Alta Developers recently launched sales of Alana, a seven-story, 30-unit luxury condo planned for the site at 9901 West Bay Harbor Drive. Alta took over the project, previously called Ambienta Bay Harbor Islands, after the previous developer was unable to build it due to rising construction costs and its inability to secure construction financing.


The post Ari Pearl JV pays $32M for Bay Harbor Islands condo complex appeared first on The Real Deal South Florida.

A photo illustration of the Sunrise on the Green Condominium Residences at 4001 North University Drive in Sunrise (ApartmentFinder, Getty Images)

A photo illustration of the Sunrise on the Green Condominium Residences at 4001 North University Drive in Sunrise (ApartmentFinder, Getty Images)

Duncan Hillsley Capital bulked up its South Florida rental portfolio with a $25.1 million acquisition of 143 units at a Sunrise condominium complex.

An affiliate of the Boca Raton-based real estate investment firm now owns a majority of Sunrise on the Green, a 238-unit garden-style condo complex at 4001 North University Drive, according to records. The deal breaks down to $176,049 per unit, and the buyer took out a $20.4 million mortgage with Coral Gables-based Amerant Bank.

The seller, an entity managed by Miami attorney Michael Montero, paid $22 million for all the units at the complex in 2005, and sold 95 units individually until 2015, records show. Sunrise on the Green was completed in 1975.

Founded in 2008 by Thomas Duncan and Shane Hillsley, Duncan Hillsley specializes in acquiring underperforming multifamily properties in desirable neighborhoods, according to the firm’s website. Duncan Hillsley and its partner, Pebb Capital, developed Downtown Dadeland, a seven-building, mixed-use complex with 127,635 square feet of ground-floor retail and 416 apartments. In 2018, the joint venture sold Downtown Dadeland for $78.2 million.

South Florida’s multifamily market is still experiencing high demand and record rents. The tri-county region’s vacancy rate hit 3.8 percent in the second quarter, compared to 4 percent during the same period of last year, according to Lee & Associates. The average asking rent rose to $2,048 a month from $1,786 a month. And multifamily investors paid an average of $330,000 per unit during the first six months of the year, Lee & Associates found.

Sunrise is seeing an uptick in multifamily purchases and development projects. In June, Chicago-based Nuveen Real Estate paid $43.7 million, or $158,333 per unit, for Oasis at Springtree, a 276-unit apartment complex at 3551 Northwest 85th Way.

In February, the Sunrise City Commission approved a land use change for a 22.5 acre redevelopment site where Houston-based Morgan Group plans to build a 452-unit apartment complex near the intersection of Oakland Park Boulevard and Pine Island Road.

The same month, Oscar Barbara’s Luxcom landed a $41.4 million construction loan to build a six-building apartment complex on the site of a closed BJ’s Wholesale Club at 8083 West Oakland Park Boulevard.


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From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)

From left: MHCommercial Real Estate Fund II’s Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)

FirstService Residential I Yamato Office Center I Boca Raton

Property management firm FirstService Residential will move its Boca Raton office to Yamato Office Center II.

FirstService will relocate in November to a 11,200-square-foot space at the building at 999 Yamato Road, according to a news release from the tenant’s broker.

Robert Listokin of Colliers represented FirstService. Jeff Kelly and John Jaspert of CBRE represented the landlord

The company is moving from 6300 Park of Commerce Boulevard, which FirstService sold to Brookfield Properties for $8.3 million last year in a sale-leaseback deal, according to the release. Listokin represented FirstService in that deal, as well.

A joint venture of MHCommercial Real Estate Fund II and an unidentified New York-based institutional real estate fund own the two-building Yamato Office Center. They paid $45.9 million for the property in May. The other building is at 1001 Yamato Road.

PlantLab I Bridge Point Powerline Road I Pompano Beach

Vertical farming company PlantLab will open its first location on the East Coast at Bridge Point Powerline Road in Pompano Beach.

Amsterdam, Netherlands-based PlantLab leased 50,570 square feet at the property at 1981 North Powerline Road, bringing the industrial campus to full occupancy, according to a news release from the tenant’s broker.

Tom Viscount of Avison Young represented PlantLab.

Bridge Development Partners built the three-building industrial complex on a speculative basis, scoring a $32.1 million construction loan for the project in 2018. Bridge Point Powerline Road spans 37 acres.

Shortly after the complex was completed in 2019, investment bank Morgan Stanley bought it for almost $69 million, property records show.

PlantLab chose this property because it is close to the company’s primary client, Sysco-owned FreshPoint, and it provides the ceiling heights necessary to maximize the amount of produce that can be grown, Viscount said in the release.

South Florida’s robust industrial market is fueled by high demand and a lack of developable land. In Broward County, the vacancy rate dropped to 3.6 percent in the second quarter, down from 6.7 percent during the same period of the previous year, according to a Colliers report.

Anchin I Boca Raton

Accounting, tax and advisory firm Anchin opened in Boca Raton, marking its first office outside of the state of New York.

Anchin, based in New York City, picked Florida for its expansion because of the company’s existing client base in the state, according to a news release. Although the new location wasn’t disclosed, Anchin’s website now lists an office at the One Boca Place building at 2255 Glades Road.

Anchin was founded in 1923.

CP Group, formerly known as Crocker Partners, and Rockwood Capital own the four-story, 277,000-square-foot building. CP originally purchased it with Wheelock Street Capital for roughly $76 million in 2014. Four years later, Rockwood bought out Wheelock’s stake.

Cargo Management Group I Doral

Freight forwarding company Cargo Management Group opened additional operations in an industrial building in Doral.

Cargo Management, based in Sweetwater, leased 49,986 square feet at 1325 Northwest 78th Avenue, according to a news release from the tenant’s broker.

Andrew Fernandez of CBRE represented Cargo Management. Ana Rivera of JLL represented landlord Seagis Property Group.

Conshohocken, Pennsylvania-based Seagis bought the 46,525-square-foot building, constructed in 1994, for $3.2 million in 2011, property records show.

In the second quarter, Miami-Dade County’s industrial vacancy rate dropped to a record low of 2.3 percent, according to a Colliers report. Asking rents increased to $11.88 per square foot from $11.24 a square foot during the same period last year.

All Florida Paper I Beacon Logistics Park I Hialeah

All Florida Paper leased Building D at Codina Partners’ Beacon Logistics Park in Hialeah.

The company will open in the 226,698-square-foot facility slated to be built at 14401 Northwest 107th Avenue, according to a Codina Partners news release.

Construction of Building D will begin in the fourth quarter, and All Florida Paper is expected to move in next summer.

Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the tenant.

All Florida Paper, founded in 1993 by Armando Cáceres, is a national wholesaler of paper, chemicals, cleaning supplies and safety products, the release says. It also provides janitorial and sanitation distribution services.

Coral Gables-based Codina Partners, led by father-daughter duo Armando Codina and Ana-Marie Codina Barlick, is developing the master-planned, 1.3 million-square-foot Beacon Logistics Park.

EFG Capital I 701 Brickell I Miami

Brickell has quickly morphed into a prime location for financial services firms. So when it came time for one investment advisory company to decide whether to keep its space at an office tower in the district, it chose to stay.

EFG Capital renewed its lease for 32,480 square feet, spanning the entire ninth floor and a portion of the 13th floor at 701 Brickell, according to a news release from the landlord’s broker.

Brian Gale and Andrew Trench of Cushman & Wakefield represented the building owner. Glenn Gregory of Transwestern represented the tenant.

EFG Capital is the U.S. subsidiary of Zurich-based private bank EFG International, according to EFG Capital’s website.

TIAA’s Nuveen Real Estate owns the 33-story 701 Brickell. It paid $172 million for the building in 2002, property records show. The building was constructed in 1986 on 3.8 acres.

Brickell has attracted much of the influx of financial services firms to South Florida. Billionaire Ken Griffin’s recent announcement that his hedge fund Citadel and financial services firm Citadel Securities will move their headquarters to Brickell is giving the neighborhood’s growth a boost.

Office space asking rents have reached unprecedented levels, with Class B assets such as 701 Brickell quoting over $70 per square foot, full service, brokers have said.

SH Hotels & Resorts I Coconut Grove I Miami

Starwood Capital Group’s subsidiary SH Hotels & Resorts will move its headquarters to Miami’s Coconut Grove from Los Angeles.

SH Hotels leased 5,800 square feet on the fifth floor of the Bayview Executive Plaza at 3225 Aviation Avenue. Its space will be ready early next year, the South Florida Business Journal reported.

SH Hotels scaled down its Los Angeles space to a 2,000-square-foot satellite office from its previous footprint of 5,000 square feet to 6,000 square feet.

Last year, Barry Sternlicht’s Starwood Capital completed its six-story headquarters building in Miami Beach at 2340 Collins Avenue.

SH Hotels manages 1 Hotel South Beach, which Starwood and LeFrak sold to Host Hotels in 2019 for $610 million.

Houston-based Madison Marquette owns the Bayview property. It paid $21.3 million for the building in 2019.

Bohemian Bazaar, Liv Hipp I River Landing Shops & Residences I Miami

River Landing Shops & Residences launched its Capsule retail space, which offers 4,000 square feet aimed for emerging local businesses to set up shop at affordable rents with flexible lease terms. So far, 20 businesses have a location at Capsule, according to a River Landings release.

They include artisanal household goods, crystals and jewelry store Bohemian Bazaar; Buena Vibra Soaps; women’s espadrille store Nina Bonita; menswear and shoe store Liv Hipp; clothing store Devinity Boutique; By Jessie Jewelry; clothing, handbags and shoe store Ania Designs; Sibila Jewelry; American Pop Candle; footwear and jewelry store Ilahi; Norma Restrepo Jewels; Golden Garden Designs; children’s accessories store Bella Blu Designs; Denim Raq; and womenswear by designer Danittza Zimic, according to the release.

Coral Gables-based Urban-X Group, led by Andy Hellinger and Coralee Penabad, completed the 2.2 million-square-foot mixed-use River Landing at 1400 Northwest North River Drive in 2020.

River Landing includes about 360,000 square feet of retail and other commercial space; 135,000 square feet of offices; 528 market-rate apartments; more than 2,000 parking spaces and a landscaped Riverwalk, according to the release.

In another round of recent retail leases, Pet Supermarket took 5,849 square feet, and Miami Optical Boutique took 1,140 square feet. Both signed 10-year terms and are expected to open later this year.

Eden Park, Saya/Sitka Semsch, and more I Shops at Merrick Park I Coral Gables

Brookfield Properties’ Shops at Merrick Park at 358 San Lorenzo Avenue in Coral Gables scored six new tenants.

Menswear retailer Eden Park, as well as womenswear and accessories store Saya/Sitka Semsch opened on the first floor, according to a Shops at Merrick Park news release.
Cosmetic medical treatments provider IMO Glow, which also is known as My Opinion Certified Procedural Medicine and Aesthetic Dermatology, opened on the corner of Altara Avenue and Salzedo Street.

LensCrafters Specialty Optical & Eyewear and doctor-led aesthetic clinic Sisu Clinic opened on the second level. Lafayette 148, a clothing, accessories and shoe brand, opened in mid-July in the center courtyard.

Jazwares I Lakeshore Plaza II I Sunrise

Toy manufacturing company Jazwares opened an office at Sawgrass International Corporate Park in Sunrise.

Jazwares leased 18,317 square feet on the third floor of the Lakeshore Plaza II building at 300 Concord Terrace, according to a news release from the landlord’s broker. The company, which has its headquarters elsewhere in Sunrise, has been growing, necessitating the expansion. Roughly 50 employees have moved into the new office.

Madelayne Garcia of CBRE represented the landlord. Jonathan Kingsley and Jarred Goodstein of Colliers represented the tenant.

Charlotte, North Carolina-based investment manager Barings, through affiliate TR Lake Shore Plaza, owns the 128,470-square-foot office building, which was constructed in 2008 on 8.9 acres, according to records. TR Lake Shore purchased the property for $32 million in 2013, although the entity at the time was affiliated with Cornerstone Real Estate Advisers.

In 2016, Barings’ parent company MassMutual Financial Group merged Cornerstone and other financial firms under the Barings brand, according to media reports.

Lakeshore Plaza II is 94 percent occupied by 10 tenants, the release says.

Lemongrass, P.F. Chang’s To Go I Renaissance Commons I Boynton Beach

Five restaurants leased at the Renaissance Commons mixed-use community in Boynton Beach.

El Sabor Latino opened in a 6,300-square-foot space, and P.F. Chang’s To Go will open in a 1,840-square-foot space in the fourth quarter, according to a news release from the landlord’s broker.

Slated to open in the first quarter of next year are First Watch, which took 4,100 square feet; Lemongrass, which moved from its previous Renaissance Commons space and expanded to 5,494 square feet; and Ramen Lab Eatery, which took Lemongrass’ former 2,131-square-foot space.

Eric Spritz and Daniel Solomon of Katz & Associates represented the property owners.

Renaissance Commons, on the southeast corner of East Gateway Boulevard and North Congress Avenue, includes retail, as well as individually owned residential condominiums and offices, according to a Katz spokesperson.

Cohen Commercial Properties and ALTO Real Estate Funds own the retail and restaurant real estate, the release says.


The post Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach appeared first on The Real Deal South Florida.

From left: Eli Neusner of Participant Capital and Karl Fong Yee of the Keyes Company (Getty Images, Participant Capital, The Keyes Company)

From left: Eli Neusner of Participant Capital and Karl Fong Yee of the Keyes Company (Getty Images, Participant Capital, The Keyes Company)

UPDATED, Aug. 1, 1:45 p.m.: The Riley Smith Group’s former director of operations joined the Keyes Company to start a new broker team.

Karl Fong Yee now leads AdvyZors, which has six associates and is aiming for $50 million in sales volume this year, according to a spokesperson. The move comes just weeks after the Riley Smith Group departed from its long-time brokerage, Berkshire Hathaway HomeServices EWM Realty, to join Compass.

The Keyes Company has been on an expansion path. In June it acquired a 140-agent brokerage in Broward and Palm Beach.

Dan Kodsi’s Miami-based real estate investment firm Participant Capital hired Eli Neusner as managing director and head of U.S. investor relations. Neusner comes to Participant Capital from Auerbach Funds, a Charlotte-based private equity real estate fund, where he managed investor relations. Neusner is Participant Capital’s second significant hire in recent months. In February the firm brought on Bernard Wasserman as its new president.

The Fine Living Group, a national brokerage team led by Jon Lahey at eXp Realty, hired Brandon Garcia for its South Florida office. The Fine Living Group now has more than 60 agents, and spans California, Maryland, Virginia, Georgia, and New York, in addition to Florida.


The post Movers & Shakers: Riley Smith’s ex-director joins Keyes to launch new team appeared first on The Real Deal South Florida.

Jeff Bezos and his parents, Jackie and Mike Bezos, with 9501 Journeys End Lane (Douglas Friedman, Getty)

Jeff Bezos and his parents, Jackie and Mike Bezos, with 9501 Journeys End Lane (Douglas Friedman, Getty)

The parents of Amazon founder Jeff Bezos closed on their second waterfront home purchase in Coral Gables for $44 million, bringing their total spending to $78 million, sources told The Real Deal.

Bezos’ mother, Jackie, and his stepfather, Mike, acquired the homes through an LLC tied to the Bezos Family Foundation, based in Mercer Island, Washington. The company paid $34 million for the 12,829-square-foot, six-bedroom, seven-bathroom mansion at 9475 Journeys End Road on July 20, according to property records.

This week, the same Bezos entity paid $44 million for the adjacent estate at 9501 Journeys End Lane, sources said. The 8,713-square-foot home on a roughly 2-acre lot, has six bedrooms and nine bathrooms, records show. The sellers are attorney Anthony Lopez and his wife, Dr. Nicole Martin. Martin was on Bravo’s “The Real Housewives of Miami” and Lopez is a shareholder at Marin, Eljaiek, Lopez & Martinez, a Coconut Grove-based law firm.

The deals mark a return to South Florida for Mike and Jackie Bezos, who owned a home in Palmetto Bay until 1984, two years after Jeff Bezos graduated from Miami Palmetto Senior High School. Bezos, the second wealthiest person in the world, is now worth $162.4 billion, according to Forbes. He also owns The Washington Post and the aerospace company Blue Origin.

Lopez and Martin had homebuilder Manny Varas of MV Group complete a $5 million renovation of the property after they bought it in 2019 for $14 million, at the time marking a record for the Journey’s End neighborhood. The property includes a 3,000-bottle temperature controlled wine cellar, 20-seat home theater, and 12-car garage, according to the developer.

Dennis Carvajal of One Sotheby’s International Realty represented the seller, according to sources. Carlos Coto, also with One Sotheby’s, represented the buyer.

Recent sales in Coral Gables include a $38 million trade of the waterfront estate at 8565 Old Cutler Road in April. The property previously housed the University of Miami presidents and was marketed as a teardown.

Also in April, Stonepeak Infrastructure Partners founder Michael Dorrell paid $34 million for a waterfront house in the same neighborhood.

Though residential sales have slowed this summer, a number of high-priced properties have traded across South Florida.


The post Jeff Bezos’ parents close on second Coral Gables mansion for $44M appeared first on The Real Deal South Florida.

Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)

Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)

Hyatt avoided a third strike at possible redevelopment of the James L. Knight Center site in downtown Miami. The Miami City Commission by a 4-1 margin on Thursday approved a voter referendum for the November election that calls for a dramatic makeover of the city-owned property on the Miami River at 400 Southeast Second Avenue.

The ballot question would ask residents to greenlight transforming the James L. Knight Center and the attached Hyatt Regency Miami hotel into a three-tower development called Miami Riverbridge. Designed by Arquitectonica, the project entails 1,500 apartments, a new 615-key Hyatt hotel with 264 service-branded apartments, and a 190,000-square-foot convention space.

Chicago-based Hyatt, led by CEO Mark Hoplamazian, is teaming up with Miami-based hospitality developer Gencom, led by founder and principal Karim Alibhai, to develop Miami Riverbridge. It will include two 61-story buildings and a 1,049-foot tower, making it one of the tallest buildings in the Southeast U.S., according to a press release.

The towers would sit atop a podium that will house the larger convention space, 20,000 square feet of co-working space, 12,000 square feet for retail and food and beverage spaces, and 1,100 parking spaces. A skybridge with a restaurant and lounge would connect the three towers 700 feet above ground level.

The referendum will also ask voters to give Hyatt a 99-year extension on a current lease that is up for a 45-year renewal in 2027. Hyatt has leased the 4.1-acre property from the city of Miami since 1979. The existing Hyatt Regency Miami, a 23-story hotel that has 615 rooms, and the 28,000-square-foot convention center were completed in 1982, records show.

The joint venture agreed to pay the city 2.5 percent of the project’s gross revenues or annual rent of $2.5 million, whichever is greater. Hyatt currently pays the city $250,000 a year.

The project’s public benefits include a $25 million donation to the city from the developers for affordable housing, expanding the riverfront promenade by 480 feet and adding more than 50,000 square feet of outdoor public space, the release states.

On two occasions in 2017 and 2018, Miami city commissioners voted against placing previous redevelopment proposals submitted by Hyatt on the ballot.


The post Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum appeared first on The Real Deal South Florida.

From left: Jorge Mas, Swire’s Kieran Bowers, David Beckham, and Stephen Ross

From left: Jorge Mas, Swire’s Kieran Bowers, David Beckham, and Stephen Ross (Getty, Swire Properties, Arquitectonica)

Two major Miami projects – David Beckham’s soccer stadium, as well as Swire Properties and Stephen Ross’ One Brickell City Centre office tower – are a step closer to fruition.

The Miami City Commission on Thursday gave preliminary approval to the Major League Soccer project’s designation as a Special Area Plan, as well as to items related to the Brickell office project.

The commission also approved on first reading five sites where 26 acres of greenspace will be created to compensate for the roughly 23 acres of park land that will be lost by the development of the soccer stadium complex.

The second and final votes on the items are expected in September.

Miami Freedom Park

Miami businessmen and brothers Jorge and Jose Mas are leading the partnership that will develop Miami Freedom Park on the closed Melreese Country Club at 1802 Northwest 37th Avenue, just east of Miami International Airport. Beckham and Los Angeles-based Ares Management also are partners.

The plan is for a 25,000-seat stadium on the western side of Melreese; a 750-key hotel; 400,000 square feet of offices on the northwest corner; 600,000 square feet of retail and restaurant space largely within a “soccer village” south of the stadium; and 5,100 parking spaces. The garage will include public use sports fields on its roof.

The Arquitectonica-designed development will span 73 acres of 131-acre Melreese. In April, Miami Freedom Park’s developers scored final approval for a 99-year lease for the site. The remaining 58 acres at Melreese will be converted into a public park under the city’s purview.

As part of the deal, the developers have to recreate almost 23 acres of park land that will be lost at Melreese. The plan is to actually create almost 26 acres of greenspace interspersed throughout Miami at the following sites: 2735 Northwest 10th Avenue and 2615 Northwest 8th Avenue; 150 Northeast 19th Street; 1950 Northwest 12th Avenue; 1641-1680 Northwest 5th Street and 1610 Northwest 6th Street; and 3851 Rickenbacker Causeway, according to the commission agenda.

The approvals didn’t come without some contention. Commission chairwoman Christine King questioned whether community benefits she asked for, such as a commitment to hire minority-owned businesses at the development, had been included in Miami Freedom Park’s legal documents.

City Attorney Victoria Méndez said staff and the developers still are tweaking the lease, adding that a lot of the words in the document now are “aspirational.”

“Stop the games. The chairwoman was not aspirational. She was direct,” Commissioner Alex Diaz de la Portilla responded. “You know what she wants. Put it in the language between now and second reading.”

Iris Escarra, attorney for Miami Freedom Park, agreed the items will be included in the documents.

One Brickell City Centre

Swire and Ross’ Related Companies want to build One Brickell City Centre at 700 Brickell Avenue and 799 Brickell Plaza in Miami. At the planned height of 1,000 feet, it would be the tallest commercial building in Florida.

Because it’s part of the larger mixed-use Brickell City Centre development, the commission approved tweaks to the entire project’s development agreement and Special Area Plan to allow for the tower’s construction. Part of the approval was to also allow for larger floor plates.

The tower is planned to have some of the largest floor plates for a Class A office building in Miami.

Brickell has emerged as a prime office hub, attracting much of the influx of financial firms to South Florida over the past year and a half.

Ken Griffin announced in June his hedge fund Citadel and financial services firm Citadel Securities will move their headquarters along Brickell Bay from Chicago.


The post Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK appeared first on The Real Deal South Florida.

Mark Post, CEO of Newport Beach, Calif.-based Javier’s Cantina with 1601 East Lake Drive in Ft. Lauderdale (Instagram via mark.javierscantina, Joy Triglia)

Mark Post, CEO of Newport Beach, Calif.-based Javier’s Cantina with 1601 East Lake Drive in Ft. Lauderdale (Instagram via mark.javierscantina, Joy Triglia)

A doctor sold a fully-furnished waterfront mansion in Fort Lauderdale to a California restaurateur for $13 million.

Records show Dr. David Soria sold the house at 1601 East Lake Drive to Mark and Michelle Post, who financed the purchase with a $9.1 million mortgage from First Republic Bank.

According to his Tumblr, Soria is an emergency physician who has worked with both the National Basketball Association and Ultimate Fighting Championship, and made appearances as a health specialist for NBC and Fox News outlets.

Post is the owner and CEO of Javier’s Cantina, a high-end Mexican restaurant that started in Laguna Beach, Calif., in 1995. Now based in Newport Beach, Javier’s has locations in Las Vegas, Los Cabos, Mexico, as well as across Southern California.

Joy Triglia and Jonathan Knight of the Triglia Knight Team at Premier Estate Properties had the listing, and David Marder of Level Realty represented the buyer.

Soria bought the six-bedroom, seven-and-a-half-bathroom home partially renovated for $7.5 million in June of last year, records show. Soria continued renovations on the 8,308-square-foot mansion, Triglia said, adding a wine cellar and gym to the home, which was originally built in 1989. The property has 109 feet of water frontage on Lake Sylvia, according to

Triglia said she approached Soria, asking ‘What’s your price’? “And we hit that number,” said Triglia, who is now helping Soria find a waterfront property in Miami.

She chalked the price jump to the lack of inventory in Harbor Beach, particularly on Lake Sylvia. “The buyer got a good deal when you consider there’s nothing left on the lake,” Triglia said.

For Post, buying on the lake became a priority after Marder told him about the area. “That street is highly coveted,” Marder said.

California transplants have become increasingly common in Fort Lauderdale since the start of the pandemic, according to Marder and Triglia. They don’t always stay, though, Triglia said. “Half of them are going back,” she said, “The other half are saying, ‘I’m never going back.’”

Marder said he’s seeing more sales of furnished homes due to the current supply chain restrictions. “No one wants to buy a new house and wait a year to put furniture in there,” he said.

Waterfront properties in Fort Lauderdale have set record prices in recent months, thanks to high demand and almost non-existent supply. A waterfront estate broke a record for Broward County this month, selling for $28.5 million. In April, the CEO of a medical device company bought a waterfront spec home on Lake Sylvia for $14 million. In March, Robert M. White Jr., the founder of Real Capital Analytics, paid $13.5 million for a waterfront Fort Lauderdale lot that had previously sold for $4.5 million in 2020.


The post California restaurateur buys waterfront Fort Lauderdale mansion for $13M appeared first on The Real Deal South Florida.

845 Northeast Fifth Terrace and two other unaddressed lots in Fort Lauderdale with Aimco's CEO Wes Powell (Google Maps, LinkedIn, Illustration by Priyanka Modi for The Real Deal with Getty)

845 Northeast Fifth Terrace and two other unaddressed lots in Fort Lauderdale with Aimco’s CEO Wes Powell (Google Maps, LinkedIn, Illustration by Priyanka Modi for The Real Deal with Getty)

UPDATED, Aug. 2, 9:30 a.m.: Aimco added another parcel to its Flagler Village development site slated for a 3 million-square-foot project.

Denver-based Aimco, through an affiliate, scooped up 1.7 acres of parking lots on the southeast corner of Northeast Ninth Street and Northeast Fifth Avenue in Fort Lauderdale. It bought the lots for $20 million from an entity tied to Raanan Katz’s RK Centers, according to records.

The purchase brings Aimco closer to completing a 9-acre assemblage where the real estate investment trust plans a mixed-use development that will have 1,500 apartments. In June, Aimco bought the 5.6-acre former Searstown Plaza at 901-927 North Federal Highway, which is adjacent to its latest property, for $64 million.  RK Centers also sold this property and is under contract to sell the remaining pieces of the development site.

The assemblage is north of another Aimco development site that it bought in a joint venture with New York-based Kushner Companies.  In January, the duo scooped up the 4.2-acre property at 200, 300 and 520 West Broward Boulevard for $49 million. The site has city approval for a four-tower complex with 1,300 apartments, office, retail and a hotel. Aimco paid $25 million for a 51 percentage stake in the property, according to an SEC filing.

Flagler Village, a former warehouse district in downtown Fort Lauderdale, has been redeveloped with new residential buildings and retail that has opened in retrofitted industrial properties.

More construction is on tap in Flagler Village. This month, Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for the 12-story Advantis Station apartment project. The 252-unit building will rise at 600-618 Northeast Third Avenue.


The post Aimco adds to Flagler Village dev site set for 3M sf mixed-use project appeared first on The Real Deal South Florida.

Crunch Fitness and Big Move Properties' Douglas Levine with 8200 Northeast Second Avenue and 201 Northeast 82nd Street

Crunch Fitness and Big Move Properties’ Douglas Levine with 8200 Northeast Second Avenue and 201 Northeast 82nd Street (Google Maps, Lead Edge Capital)

UPDATED. July 29, 5:35 p.m.: Douglas Levine, founder of Crunch Fitness, is pumping up his retail real estate holdings with a two-building, $17.8 million purchase in Miami’s Little Haiti.

An entity managed by Levine, a real estate investor who also founded Miami-based Big Move Properties, bought a 23,142-square-foot strip mall at 8200 Northeast Second Avenue for $11.8 million, and an adjacent 9,608-square-foot retail building at 201 Northeast 82nd Street for $5.6 million, records show.

The seller, an entity managed by Miami-based real estate investor Thomas Conway, bought both properties for $6.2 million in 2018, records show. The strip mall was completed in 1947 and the smaller building was finished in 1987.

Alfredo Riascos with Gridline Properties represented the buyer and the seller, according to a Gridline spokesperson.

Both buildings are subdivided into storefronts featuring small retailers and small restaurants, according to online listings. Tenants include Primal Fit, Eyebrow King, Metro PCS, La Santa Taqueria, Salon Dahlia, Tran An Vietnamese Eatery and Lucio Wine Shop.

When Conway acquired the buildings four years ago, he evicted neighborhood businesses that had been in Little Haiti for 30 years, including a tuxedo shop, clothing store, tax and immigration services and restaurants, according to the Miami Herald.

Conway still owns a 2.2-acre redevelopment site at 8038 Northeast Second Avenue and 165 Northeast 80th Terrace where he is seeking city approval to increase the density from 65 units per acre to 150 units per acre. Conway wants to build a mixed-income apartment project on the property, which he bought as part of a $25 million purchase of eight commercial buildings from defunct Bellsouth Communications in 2020.

In March, Levine branched out of Miami’s Allapattah, Little River and Wynwood neighborhoods, where most of his portfolio is concentrated. He paid $15 million for a fully leased Fort Lauderdale office building.

In Wynwood and Allapattah, Levine is converting several industrial properties into offices and retail buildings, including the Atrium @Trackside at 51-53 Northeast 24th Street and the Allapattah Marketplace at 728 Northwest 29th Street.


The post Crunch Fitness founder beefs up retail portfolio with $18M purchase in Little Haiti appeared first on The Real Deal South Florida.

NR Investments' Ron Gottesmann and Nir Shoshani (top) and a rendering of  the development in Allapattah (NR Investments, DPZ CoDesign)

NR Investments’ Ron Gottesmann and Nir Shoshani (top) and a rendering of  the development in Allapattah (NR Investments, DPZ CoDesign)

NR Investments wants to develop a massive mixed-use complex on Miami’s General Services Administration site in Allapattah.

Ron Gottesmann and Nir Shoshani’s development company filed a proposal for a 99-year lease and redevelopment of the city-owned 18-acre property at 1970 Northwest 13th Avenue and 1950 Northwest 12th Avenue, according to the application. The property is just south of the Santa Clara Metrorail station.

NR Investments wants to build 2,500 apartments; 300 hotel keys; 200,000 square feet of office space; and 100,000 square feet of retail, the plans show. As part of the multifamily portion, 500 units will be workforce housing for households earning from 100 percent to 140 percent of the area median income. The proposal calls for roughly 5 acres of open public greenspace.

The application does not specify the heights of the buildings, but does say the project won’t require changes to the site’s existing zoning. Currently, towers of up to 30 stories, or buildings with eight stories for podiums and 22 stories for the main portion of the towers, are allowed.

NR Investments’ submitted the application in late May as an unsolicited proposal for the public property, meaning the city has to allow other developers the opportunity to file redevelopment plans.

On Thursday, Miami commissioners unanimously voted to accept NR’s application, a symbolic decision showing they are not rejecting it, and agreed to issue formal requests for proposals. The official RFP will be issued in 45 days and allow another 45 days for applications submittals.

NR’s project envisions various public spaces, such as a “study house” for after-school, continuing education and job-training programs, as well as a community market with a stage for public events, and a promenade with food and retail stands, the application shows. The redevelopment also would breathe life into the Santa Clara station, which NR said has the lowest ridership out of all Metrorail stops.

The 5 acres of public parks will include a dog park, community gardens and possibly an urban farm.

DPZ CoDesign is the project’s architect.

NR proposes rental payments to the city that would add up to $1.5 billion for the land lease over the 99 years, the filed materials show.

The Miami GSA site currently is used for city services such as printing, and for the storage of trucks. It also has a fire rescue station on the northeast corner of the site. Under NR’s plan, the station would be moved elsewhere along Northwest 20th Street.

Among the issues commissioners discussed is that the GSA site is one of several locations designated for the creation of public park space to make up for the greenspace that will be lost by the development of Miami Freedom Park soccer stadium. Under city rules, a developer that builds over park space has to recreate it elsewhere.

NR’s proposal calls for slightly less than the 6.8-acre greenspace that must be recreated on the site to make up for what is lost from the Miami Freedom Park project.

Overall, this is something that can be fixed as the redevelopment plans move forward, some of the commissioners said.

“I don’t think that at this moment we need to determine down to the inch,” said commission chair Christine King.

Miami-based NR is among the firms that redeveloped the city’s Arts & Entertainment District. Its projects there include the 38-story Canvas condominium at 1630 Northeast First Avenue, and Filling Station Lofts, an 81-unit rental building at 1657 North Miami Avenue.

This year, NR started building the 29-story Uni Tower with 252 workforce and affordable rental units at 1642 Northeast First Avenue.


The post NR Investments wants to build mixed-use complex in Miami’s Allapattah appeared first on The Real Deal South Florida.

Juan Jose Zaragoza and Fernando Perez-Hickman with 429 Lenox Avenue (LinkedIn, Google Maps)

Juan Jose Zaragoza and Fernando Perez-Hickman with 429 Lenox Avenue (LinkedIn, Google Maps)

Azora Exan is jumping into Miami Beach’s office market with a $37 million purchase of a five-story building fully leased to WeWork.

An affiliate of Azora Exan, a joint venture of Madrid-based Azora and Miami-based Exan Capital, bought the property at 429 Lenox Avenue in the city’s South of Fifth neighborhood, according to records. The partnership paid $461 per square foot for the building and obtained a $19 million mortgage from Abanca USA.

Jonathan Kurry, a partner with the law firm Reed Smith who represented Abanca USA, said the buying entity also includes foreign investors who hold a minority stake in the property. “Azora is a strong borrower that has a history with the lender,” Kurry said. “It was a fairly quick closing on the deal.”

In 2014, the seller, an entity managed by Atlanta-based real estate investor Robert C. Goddard III, paid $14.3 million for the 80,223-square-foot building completed in 2002, records show.

In 2020, WeWork closed a co-working space at 350 Lincoln Road and consolidated its Miami Beach operations at 429 Lenox Avenue. At the time, its Lincoln Road landlord, an entity managed by Meir and Shaul Levy of Miami, sued WeWork for allegedly owing more than $650,000 in rent. The lawsuit was dismissed in July of last year after WeWork reached a private settlement with the Levy entity, court records show.

This month, WeWork opted out of its agreement to rent 146,000 square feet on 10 floors at 830 Brickell, a 55-story office tower where asking rents have hit $125 to $150 a square foot.

WeWork plans to remain at 429 Lenox Avenue, Kurry said. “From what I understand, the building is one of their top locations in the Miami market,” he said. “Even if something happened with WeWork, there is strong demand for offices, especially in South Beach. This is a well-positioned asset.”

Led by managing partners Juan Jose Zaragoza and Fernando Perez-Hickman, Azora Exan is a real estate investment and management firm founded last year. Azora Exan’s deals have totaled more than $2.3 billion in the office market, roughly $350 million in the retail market and $460 million in the industrial market across the U.S., primarily in Southern states, the firm’s website states.


The post Madrid-Miami JV buys WeWork leased office building in South Beach for $37M appeared first on The Real Deal South Florida.

Austin Rosen and 6417 Pine Tree Drive (Zillow, Getty)

Austin Rosen and 6417 Pine Tree Drive Circle (Zillow, Getty)

Music executive Austin Rosen dropped $12.5 million on the house next door to his waterfront Miami Beach home, The Real Deal has learned.

Rosen bought the house at 6417 Pine Tree Drive Circle from Barbara Kaufman, broker Jordan Karp of Jordan Karp LLC confirmed. Karp represented both the buyer and the seller in the off-market deal.

The 4,885-square-foot, five-bedroom, six-bathroom home was built in 1935 and includes a pool facing Allison Island.

Kaufman had paid $715,000 for the house in 1993, and she does not own any other properties in Miami-Dade County, property records show. It was an uphill battle convincing her to sell, according to Karp.

In March of last year, Rosen also paid $12.5 million for the 5,827-square-foot, six bedroom, five-bathroom house next door at 6401 Pine Tree Drive Circle, property records show. It was built in 1936. With his latest acquisition, Rosen will have 0.85 acres and 185 feet of water frontage on the two lots.

Rosen is the son of fashion honcho Andrew Rosen, the co-founder of Theory. Austin Rosen is the founder and CEO of Los Angeles-based Electric Feel, the management label of Post Malone, Iann Dior, and 24kGoldn. He bought a vacant building in Edgewater in October for $5.6 million, and Electric Feel’s website says a Miami studio is “coming soon.” Rosen declined to comment.

According to Karp, Rosen plans to keep both houses on Pine Tree Drive Circle as-is, for the moment. Karp said the purchase follows a movement of wealthy buyers building compounds on the Venetian Islands, Sunset Islands, and near Pine Tree Drive.

“This is a trend,” Karp said, “The future play is to assemble the land and build something new in the future when the time is appropriate.”

In fact, Rosen is not alone in taking the compound approach to Miami Beach real estate. Last month, A24 film studio co-founder Matthew Bires bought two adjacent properties on nearby La Gorce island for $15.9 million. This month, Scott Huizenga, son of the late Blockbuster billionaire H. Wayne Huizenga, bought the house next door to his waterfront Pine Tree Drive property for $7.5 million.


The post Hit repeat: Music exec Austin Rosen buys next-door waterfront Miami Beach home for $12.5M appeared first on The Real Deal South Florida.

South Florida Showcase Speaker Spotlight: Wes Powell

The Real Deal’s South Florida Showcase + Forum is just a few months away, and we could not be more thrilled to announce one of our first confirmed speakers, Aimco CEO Wes Powell.

If you haven’t done so already, register now for Florida’s biggest real estate event of the year, which returns to the Mana Wynwood on Nov. 10. The South Florida Showcase + Forum attracts thousands of real estate pros every year, and as an attendee you’ll have a chance to learn from the best and brightest in the industry.

Apartment Investment and Management Co., or Aimco, is a Denver-based real estate investment trust with thousands of apartments across the country.

Under Powell’s leadership, Aimco made headlines in August when it partnered with Kushner Companies on a massive downtown Fort Lauderdale development, which could include over 1,000 apartments, offices, retail and a hotel across four towers.

In March, Aimco teamed up with Brooklyn-based real estate firm Beitel for a 1.5 million-square-foot mixed-use project in Edgewater, joining numerous other multifamily developers planning projects in the South Florida town. In May, TRD reported Aimco’s plans for a 60-story apartment building on the site. Last month, it acquired a Flagler Village redevelopment site for $64 million.

Hear more about these money moves and more by getting VIP access to the event (remember, subscribers save 20 percent) to secure your spot in the speakers’ lounge, and get up close and personal with Powell and the rest of our brilliant guests who will impart their wisdom for how to make the most out of the changing landscape of real estate.

The post South Florida Showcase Speaker Spotlight: Wes Powell appeared first on The Real Deal South Florida.

Prologis CEO Hamid Moghadam (Getty Images, Prologis)

Prologis CEO Hamid Moghadam (Getty Images, Prologis)

The head of the world’s largest industrial landlord was mugged at gunpoint in San Francisco.

Hamid Moghadam, CEO of San Francisco-based Prologis, was assaulted on June 26 by several men outside of his Pacific Heights home, the San Francisco Business Times reported.

Now, he’s urging city leaders to make public safety their top priority, before San Francisco ends up like Detroit or Cleveland.

“I recognize we live in an urban environment, but the level of crime, including violent behavior, has become absolutely unacceptable,” Moghadam wrote in a letter to San Francisco Mayor London Breed, the city’s Board of Supervisors and Gov. Gavin Newsom.

“We pay some of the highest taxes, local and state, in the nation yet we have no sense of security. Protecting public safety should be the government’s top priority — that is the foundation to a successful city,” he continued. “I am deeply concerned that our city may be so far down the path toward decline that we may never recover — or at least not for a long, long time.”

The robbery took place as he pulled up to his home in the tony neighborhood whose residents include Sen. Dianne Feinstein and Rep. Nancy Pelosi.

The jarring episode lasted roughly 30 seconds, and his wife is still having nightmares.

“This car comes out. The guy jumps out with a hoodie and a gun,” Moghadam told the publication, recalling how he fell back and re-injured his back and knee. “His friend comes out with another gun.”

“They were using a bunch of choice words. Mostly starting with ‘m’ and ‘f.’ They were attacking me,” he said. “It happened so fast that I didn’t have time to get scared.”

The thieves made off with his Patek Philippe watch.

Moghadam said he waited about 10 minutes for 911 to answer his call. The city’s cops – who he praised — arrived in 90 seconds.

The robbery, he said, inspired him to double down on his efforts to help the Bay Area address its ills. The CEO said he remains committed to the region, where he started the company four decades ago.

Prologis, with $4.7 billion in revenue last year, operates 87 offices around the world. In June, it completed a $26 billion acquisition of rival Duke Realty. The company’s controls about 1 billion square feet of logistics and industrial space across 19 countries, according to its website.

Moghadam called Breed to say he hears from friends all over the globe that the city has lost its luster. It wouldn’t take much for Prologis, or other San Francisco-based companies, to leave town if the problem isn’t fixed.

“I told the mayor very, very directly, ‘Look, I’m sure in the early ’60s, Cleveland and Detroit were wonderful communities with the auto and steel industries going strong, and they were the center of the universe. Obviously, something happened.’” Moghadam said.

“I would say, right this second, San Francisco is probably the most dysfunctional city in America,” he added. “And we have offices in places like Mexico City and Sao Paulo that are dangerous places.”

– Dana Bartholomew


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Tom Joyner with 469 Ocean Boulevard (Getty, Mike Ruiz)

Tom Joyner with 469 Ocean Boulevard (Getty, Mike Ruiz)

Retired radio host Tom Joyner sold his oceanfront Golden Beach home for $19 million, a significant markup from the price he paid for the property six years ago.

Joyner, who was the host of the nationally syndicated “The Tom Joyner Morning Show” from 1994 to 2019, sold his renovated 7,340-square-foot home at 469 Ocean Boulevard to GB Miami Investments, records show. The buyer’s LLC, led by Daniel Gonzalez, financed the deal with a $10.8 million loan from Altamar Financial Group.

469 Ocean Boulevard (Mike Ruiz)

469 Ocean Boulevard (Mike Ruiz)

Dina Goldentayer of Douglas Elliman represented the buyer and seller of the Golden Beach house. The three-bedroom, three-and-a-half-bathroom home was on the market for $20 million.

The deal “confirms that the top tier of the luxury market is likely to sustain,” Goldentayer said.

The beachfront home, on a 0.3-acre beachfront lot, was built in 2007 and gut-renovated in 2020. It was featured on the cover of Architectural Digest that year. The property, designed by Deborah Wecselman, architect Wesley Kean of KoDA and landscape architect Enzo Enea, features an art gallery, boxing ring, and a pool deck with a summer kitchen and louvered beachside cabana, according to the listing.

469 Ocean Boulevard (Mike Ruiz)

469 Ocean Boulevard (Mike Ruiz)

Joyner paid $10.5 million for the home in 2015, records show, which means he sold it for 80 percent more.

The seller is “deciding his next move,” Goldentayer said.

469 Ocean Boulevard (Mike Ruiz)

469 Ocean Boulevard (Mike Ruiz)

Residential sales have slowed this summer, though Goldentayer said she received multiple offers for the house. She is also co-listing the Golden Beach property at 355 Ocean Boulevard with Ryan Serhant for $100 million, which if sold at that price would set a record for single-family home sales in Miami-Dade County.

Software billionaire Phillip Ragon recently paid $92.9 million for three adjacent oceanfront homes in Golden Beach that he reportedly plans to tear down.


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Related Group’s Jorge Pérez and Jon Paul Pérez with 2999 Northeast 191th Street (Related, Google Maps)

Related Group’s Jorge Pérez and Jon Paul Pérez with 2999 Northeast 191th Street (Related, Google Maps)

UPDATED, Aug. 1, 10:12 a.m.: Related Group and a partner scooped up an Aventura office property for $51 million, with plans to develop a mixed-use project on the site’s parking lot.

Coconut Grove-based Related and Aventura-based BH Group bought the 4.5-acre property at 2999 Northeast 191th Street that includes the Aventura View office building, according to the buyers’ news release. The buyers took out a $35 million loan for the purchase from Ocean Bank.

The seller, an affiliate of Kendall-based Cofe Properties, had paid $38 million for the property in 2015, according to property records. The 10-story building was constructed in 1988.

Related and BH plan to renovate the 107,000-square-foot Aventura View, the release says. The building is 95 percent leased.

Tere Blanca of Blanca Commercial Real Estate, who closed the deal on behalf of BH, will lease and manage the building.

Related and BH want to build Class A offices and luxury residences, as well as ground-floor retail with restaurant space on the parking lot. Bernardo Fort-Brescia of Arquitectonica is the lead architect, the release states.

The developers did not provide details on the project’s height, square footage, or number of units, or whether they will be condominiums or apartments.

Related, led by father-son duo Jorge Pérez and Jon Paul Pérez, is one of South Florida’s most prolific developers. Jorge Pérez has long been known as Miami’s “Condo King” for the firm’s condo projects.

Among Related’s most recent projects is a proposal for the eight-story Manor Biscayne building with 382 apartments at 1650 Northeast 124th Street in North Miami. The site is part of the former Johnson & Wales University campus.

In Hollywood, Related scored city approval in March to develop a 26-story condo building on the west side of the beachfront site at 1301 South Ocean Drive and to rebuild the Hollywood Beach Culture and Community Center, which is also on the property.

Aventura and the nearby Ojus neighbor are poised for new development, especially near the future Brightline passenger train stop.
In January, Ram Realty Advisors and Pinnacle paid $15.4 million for 2.2 acres of land at
19640 West Dixie Highway, where they plan a 15-story apartment building with 285 units, 36 of them workforce housing.

Developer Dan Kodsi’s Miami-based Royal Palm Companies wants to build a mixed-use district with apartments, offices and high street retail that would provide an alternative to Aventura Mall. In February, Royal Palm paid $39.1 million for a portion of the 10-plus-acre development site that’s west of Biscayne Boulevard and near Northeast 213th Street.


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Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)

Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)

The Banyan Cay Resort & Golf Club development is in deeper trouble, as a lender seeks to foreclose on the property after the alleged nonpayment of a $61 million construction loan.

Dogged by four years of construction delays, the 150-room luxury hotel development’s partners allegedly failed to repay the loan by its July 1 maturity date, according to a July 16 lawsuit filed in Palm Beach Circuit Court by U.S. Real Estate Credit Holdings III-A.

The lender is suing the development entity, Banyan Cay Resort & Golf, two other Banyan Cay affiliates and development partners Domenic Gatto Sr., Domenic Gatto Jr. and Kim Pilar, all of whom guaranteed the loan, the complaint states. In 2015, the Gatto partnership paid $26 million for the property formerly known as The President Country Club at 2020 Banyan Resort Way in West Palm Beach.

Attorneys for the lender and the developers did not respond to emails and phone messages seeking comment.

In addition to the hotel project, the foreclosure action is also targeting a nearby golf course designed by legendary golfer Jack Nicklaus, and a residential villas project on the 240-acre site. Banyan Cay Resort’s owners obtained the $61 million loan in 2018 to build the hotel, which has not opened. Since then, the developers have been hit with other lawsuits by project contractors alleging nonpayment, court records show. Last year, Gatto Jr. was indicted by the federal government for his alleged role in a $65 million national health care fraud scheme. The criminal case is still pending, court records show.

The same lender also provided a $19 million construction loan to build 22 villas, which was increased to $33 million in January, the lender’s lawsuit states. The two mortgages were structured so that both loans are in default if the developers failed to pay either one, the complaint states.

In addition, the lender alleges Banyan Cay’s principals failed to obtain a certificate of occupancy for the hotel so it could open to the general public by April 30. To finish construction, the developers need about another $13 million, the lawsuit alleges.

In a motion opposing the lender’s request for a court-appointed receiver, Banyan Cay states its principals are currently marketing the project for sale with a goal of finding a buyer and closing a deal by the end of September. The developers have received five bids, including four that exceed $100 million, the motion states.

Banyan Cay accuses the lender of filing its lawsuit on the eve of the submission of bids as a pressure tactic that risks the sale of the property, the motion states.


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Hussain Sajwani with the vacant property at 8777 Collins Avenue (Farees Jamal, CC0, via Wikimedia Commons, LoopNet, Eleventh Judicial Circuit of Florida)

Hussain Sajwani with the vacant property at 8777 Collins Avenue (Farees Jamal, CC0, via Wikimedia Commons, LoopNet, Eleventh Judicial Circuit of Florida)

Dubai developer Damac Properties closed on its $120 million acquisition of the site of the deadly Surfside condo collapse, The Real Deal has learned.

The sale was recorded on Wednesday, according to the receiver’s notice, filed with Miami-Dade Circuit Court.

The transfer of ownership marks a key milestone in litigation tied to the collapse of Champlain Towers South, which killed 98 people in June of last year. Last month, Judge Michael Hanzman, who oversees the class action case, approved the $1.02 billion settlement for the families who lost loved ones, and the termination of the condominium, a technical requirement for Damac to close on the land.

An Avison Young team led by Michael Fay represented the receiver in the sale of the land. Jeff Cohen and Vivian Dimond of Brown Harris Stevens represented Damac.

Damac, led by Hussain Sajwani, emerged as the stalking horse bidder for the property at 8777 Collins Avenue in Surfside last year, and was the only firm to bid on the site.

The proceeds from the sale are being held in a trust, according to the notice of sale filed by the Champlain condo association’s court-appointed receiver, attorney Michael Goldberg. The funds will go toward a $96 million settlement for the unit owners who survived the collapse but lost their homes. Insurance proceeds also will fund a portion of the unit owners’ settlement.

Damac plans to build a Cavalli-branded luxury condo building on the 2-acre oceanfront property. Details of the building’s height and unit count have not been released, and the developer has not yet filed plans with the town of Surfside.

In May, prior to the planned auction, Damac increased its deposit for the property to $50 million to demonstrate its commitment to closing on the land, and it also shortened its due diligence period.



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Homebuyers are still slowing their pandemic-fueled, contract-signing binge in response to the triple whammy of rising mortgage rates, high housing prices and low inventory.

The number of pending home sales dipped by 8.6 percent in June after a slight uptick in May, resuming the previous six months’ trend of declines, a report from the National Association of Realtors showed Wednesday.

June’s contract signings dropped a hefty 20 percent from last year. Meanwhile, housing was 80 percent more expensive than June 2019, taking mortgage rates into account.

The U.S. housing market has slowed thanks to a confluence of factors pushing housing prices and lending rates up, while both supply and household budgets are crimped by inflation.

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing,” predicted NAR chief economist Lawrence Yun. Contract signings are an indicator of sales in the months ahead.

While the drop in pending home sales last month pervaded the country, the West felt it most, with a 15.9 percent decrease from the previous month. That region also has the worst housing affordability, according to an NAR index that factors in prices and household income.

Evidence that the housing market is slowing has been cropping up across several indicators, such as the Case-Shiller home price index. Although home prices remain at historic highs, they may be plateauing based on a slight drop in the rate of increase last month.

In an effort to rein in inflation, the Federal Reserve has raised interest rates three times this year, leading to the higher cost of mortgages. The latest rate hike came today, when Fed Chair Jerome Powell announced a second 0.75 percentage point increase.

But, Yun said, current trends might soon end.

“There are indications that mortgage rates may be topping [out] or very close to a cyclical high in July,” said the economist. “If so, pending contracts should also begin to stabilize.”


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Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)

Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)

UPDATED, July 29, 5:30 p.m.: Jamestown is looking to cut off a slice of its Collins Avenue portfolio by listing a historic South Beach apartment building for sale.

The Atlanta-based real estate investment firm, led by CEO and principal Matt Bronfman, retained Marcus & Millichap to market 727 Collins Apartments at 727 Collins Avenue in Miami Beach, according to an online listing. Jamestown and Marcus & Millichap’s Joseph Thomas, who is leading the marketing efforts, declined comment.

After publication, Thomas said the price guidance is $15 million. 2015, a Jamestown affiliate paid $12.3 million for the four-story Art Deco building completed in 1930, records show.

The 25-unit property operated as a low-income, housing tax-credit apartment building until April when the restrictions expired, the listing states. As a result, potential buyers will be able to convert 727 Collins Apartments into a limited-service hotel or a short-term rental building, according to Marcus & Millichap. The 23,238-square-foot building, a mix of one- and two-bedroom apartments, also has a ground-floor retail store.

Jamestown also owns two other historic buildings near 727 Collins Avenue. In 2013, the company paid $12.4 million for a two-story commercial building at 736 Collins Avenue currently leased to Artechouse Miami art gallery, records show. Two years later, Jamestown bought a two-story building at 745 Collins Avenue, occupied by Victoria’s Secret, for $24.5 million.

Jamestown renovated the buildings at 727 Collins Avenue, 736 Collins Avenue and 745 Collins Avenue shortly after acquiring the properties, according to the firm’s website. As of June 30, Jamestown had $13.1 billion in real estate assets under management, the website states.

At the end of last year, Jamestown sold a 308-unit landlocked apartment complex in Sunny Isles Beach for $110.5 million.

Older buildings in Miami Beach are garnering interest from multifamily investors. In February, an investment group led by Montreal-based investor Michael Fischer paid $7 million for a pair of Art Deco apartment buildings at 2456 Flamingo Drive and 320 West 25th Avenue. The same month, Fischer and Chaim Gurman, a Lakewood, New Jersey-based investor, bought the 23-unit apartment building at 1319 Meridian Avenue for $5.9 million.


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Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)

Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)

Wolf Von Falkenburg, the widower of a Standard Oil heiress, sold a waterfront West Palm Beach estate to an affiliate of Related Group for $16 million.

Property records show Von Falkenburg sold the property at 4906 North Flagler Drive to a Florida entity named after the address and registered to PRH Investments LLC, an affiliate of Miami-based Related. The entity is led by Related Chairman and CEO Jorge Pérez, with an address at Related’s Coconut Grove headquarters, according to corporate records.

Gary Pohrer of Douglas Elliman represented the seller, and the buyer did not use an agent. Pohrer did not respond to requests for comment.

Related executives declined to comment on the purchase or plans for the property.

The 1.2-acre property features 100 feet of water frontage, a 7,253-square-foot main house with five bedrooms and four bathrooms, and two smaller cottages, according to One of the cottages has three bedrooms and one bathroom, the other has one bedroom and one bathroom. The property also has a pool and dock. The main house was built in 1949, records show.

Von Falkenburg grew up in post-World War II Germany and married Anne Terry Pierce McBride, heiress to her stepfather’s Standard Oil fortune, in 1982, according to the Palm Beach Post. The pair divorced in1989 and remarried in a contested deathbed wedding just days before she passed in 2005. Last minute changes in McBride’s will left her entire estate to Von Falkenburg, including a portfolio of properties in Palm Beach, the Palm Beach Post reported. Records show Von Falkenburg has since sold off a number of the properties, including an oceanfront North Ocean Boulevard home for $5.8 million to Pohrer in November.

Records show Von Falkenburg bought the North Flagler Drive estate in 2013 for $2.8 million. In the years he owned the property, two men died of opioid overdoses at the home, one in 2015 and the other in 2016, the Palm Beach Post reported.

For Related Group, the acquisition of a single-family home is an atypical purchase. The developer is best known for its luxury towers dotting the Miami skyline, and is expanding in Palm Beach County. It broke ground on the two-tower Icon Marina Village multifamily development in West Palm Beach last year. Investors in the project sued Related in Miami-Dade Circuit Court in April, alleging the developer cheated them out of $13 million.

A pandemic-inspired migration of investment firms to West Palm Beach has driven demand for housing and boosted prices for homes in the area, while also attracting developers. The city’s luxury market, similar to the rest of South Florida, has seen prices soar for waterfront properties.

In August, shoe mogul Marc Fisher bought a waterfront West Palm Beach mansion for $10.5 million. New York-based developer Michael Joseph bought a waterfront spec home next door to Fisher for a record $15.9 million just a few months later. In December, tennis star Anna Kournikova’s mother flipped a West Palm Beach home for $6 million, more than triple her purchase price a year earlier.


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Allen and Spencer Morris, a rendering of the Ponce Park Residences, Mayor Vince Lago and Commissioner Rhonda Anderson (Oppenheim Architecture, Alan Morris, City of Coral Gables)

Allen and Spencer Morris, a rendering of the Ponce Park Residences, Mayor Vince Lago and Commissioner Rhonda Anderson (Oppenheim Architecture, Alan Morris, City of Coral Gables)

The Allen Morris Company has another chance to amend its plans for a controversial development near The Plaza megaproject in Coral Gables.

The city commission voted to postpone a decision on two ordinances that would allow a change in the property’s zoning to commercial high-rise, as well as to vacate a public alleyway that separates the assemblage. Coral Gables Mayor Vince Lago, a commercial broker, and commissioner Rhonda Anderson were the sole “no” votes on the continuance at Monday’s meeting.

The developer’s chairman and CEO, Allen Morris, said he plans to return to the commission later this year.

The meeting drew a number of residents and neighbors who oppose the height increase, as well as some who alleged the design of Ponce Park Residences does not fit into the city’s guidelines for Mediterranean design. Others were concerned with the traffic it could generate.

A rendering of the Ponce Park Residences (Oppenheim Architecture)

A rendering of the Ponce Park Residences (Oppenheim Architecture)

In the latest version, the Coral Gables-based developer proposed a 149-foot-tall, or roughly 12-story, 80-unit luxury condo building with ground-floor retail. The assemblage is at 3000 Ponce de Leon Boulevard, 216 and 224 Catalonia Avenue, 203 University Drive and 225 Malaga Avenue. The site is south of Miracle Mile, near the southwest corner of Ponce Circle Park.

The Allen Morris Company, led by Morris and his son, Spencer Morris, has appeared before the city’s planning and zoning board four times, as well as before the historic preservation board and the board of architects. At a June 8 meeting, the planning and zoning board recommended denial of the proposed comprehensive plan map amendment and denial of the mixed-use site plan, but it recommended approval of the proposed alley vacation, transfer of development rights and tentative plat. At a meeting in July, the same board recommended against the proposed change of land use.

The properties are currently zoned for a development height of 50 feet. At Monday’s meeting, the commission was generally against granting such a significant increase in allowable height. Lago said he was willing to be flexible, but not willing to break. “We have a zoning code,” he said.

The latest plans replace Allen Morris’ previous proposal for a 179-foot, 16-story building with 161 apartments. The developer said that the residents preferred a smaller building with luxury condos. Oppenheim Architecture is designing the plans.

Maria Cruz, a Coral Gables resident, was one of a handful of people who argued against the premise that the proposed project is not as large as The Plaza, a massive development that’s under construction on the west side of Ponce Circle. Agave Holdings is the developer of that project.

“When these properties were bought, the zoning was low-rise. They knew it was low-rise. They paid the price for low-rise,” Cruz said. “As of right they have 50 feet. Not 150, not 200. We all know the Plaza was a mistake… So saying that this is smaller than the Plaza is an insult.”

Jennifer Davis, who lives near the site, said during the meeting that the neighborhood has been “struggling” with an increase in traffic since she moved there in 2013, and that the city has to uphold its zoning code.

“The residents have to show up time and time again, begging their elected officials to stick to the zoning code, to deny the upzoning,” said attorney David Winker, who represents a group of nearby residents. “Allen Morris had every opportunity to amend this. This process would be much different if they sit down and actually listen to us, listen to the concern of residents.”

Morris told The Real Deal that he is willing to discuss lowering the proposed height while keeping the project economically viable. He plans to return to the commission in the coming weeks and “resolve the concerns of the commissioners and many of the neighbors.”

The project would also include a public park, and Morris said the developer would make a $1 million contribution to redesign the intersection at the direction of the city.

“We could build an office building or a retail building of 187,000 square feet with 800 parking spaces, but that would create a lot of traffic,” Morris said. “We want to accommodate the neighbors. I feel like we can find common ground.”


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Midtown's Alejandro Velez and Prospect Real Estate's Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station (Midtown Capital Partners, Prospect Real Estate Group, Baker Barrios)

Midtown’s Alejandro Velez and Prospect Real Estate’s Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station (Midtown Capital Partners, Prospect Real Estate Group, Baker Barrios)

Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for a multifamily project in Fort Lauderdale’s Flagler Village neighborhood.

The joint venture plans to build the 252-unit Advantis Station on 1.4 acres on the northeast corner of Northeast Sixth Street and Northeast Third Avenue, according to a news release from the financing brokers. The address is 600-618 Northeast Third Avenue, records show.

Dustin Stolly and Jordan Roeschlaub led the Newmark team that represented the developers. The lenders are Forum Real Estate Group and Bank OZK.

The 12-story Advantis Station will offer studios, as well as one- to four-bedroom apartments. It will have 300 parking spaces and ground-floor retail, the release says.

Construction is ongoing, and completion is expected in the fall of 2024.

The building is across from Peter Feldman Park and walking distance from Brightline’s downtown Fort Lauderdale station.

Miami-based Midtown Capital Partners, founded in 2010, has spent more than $500 million in acquisitions over the past five years, according to the release. Its other South Florida projects include Astor-branded multifamily developments in Lake Worth Beach and other parts of Fort Lauderdale. Alejandro Velez is the CEO.

Prospect, based in New Smyrna Beach, Florida, is a real estate investor and developer, the release says. Michele Zahn is president and CEO, and Richard Zahn is chairman.

Prospect purchased the Advantis development site for $11 million in April.

Flagler Village has been transformed from a warehouse district to a hub of edgy retailers in repurposed industrial buildings. It also is seeing new development and investment sales activity.

This month, Asana Partners paid $10 million for the office building at 707 Northeast Third Avenue and the adjacent warehouse.

In March, an entity tied to California-based property management company Thomas Tomanek & Associates bought the newly built 385-unit Motif apartment building at 500 North Andrews Avenue for $195 million.

The district also is poised for new development. Aimco is planning a 3 million-square-foot mixed-use project with 1,500 apartments on a 9-acre site at and near 901-927 North Federal Highway. In June, Aimco scooped up a 5.6-acre portion of the assemblage for $64 million.


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From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)

From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)

In South Florida, asking more than $100 a square foot for premium office space could soon become the norm. Already, some new buildings in downtown areas have cleared that threshold, according to commercial brokers and recent quarterly reports.

One Flagler, a 25-story Class A tower with 275,000 square feet of primarily office space in West Palm Beach, developed by Stephen Ross’ Related Companies, set a new standard during the second quarter, with asking rents between $140 and $180 a square foot, according to JLL.

Not far behind are a pair of office projects in Miami-Dade County. At 830 Brickell, a 55-story Class A building under construction at 830 Brickell Plaza, developers Vlad Doronin’s OKO Group and Cain International were asking between $125 per square foot and $150 per square foot in the second quarter — a $25 per square foot bump from the first quarter, according to JLL.

In Miami Beach, Eighteen Sunset, a five-story mixed-use project under construction at 1795 Purdy Avenue, is also asking in the range of $150 a square foot, triple net, according to Colliers’ Stephen Rutchik, who is leading leasing at the project. Developed by Miami-based Deco Capital Group, Eighteen Sunset will have two floors of offices spanning 32,000 square feet, as well as ground-floor retail and a residential penthouse.

Since last year, as companies sought to have employees return to the workplace, South Florida’s office market has experienced an explosion of new-to-market tenants. Tech companies, financial services firms and hedge funds from around the country are either expanding or relocating their headquarters to commercial business districts in Miami and West Palm Beach, and to a lesser extent, Fort Lauderdale. Naturally, rents have shot up dramatically.

The biggest moves involve billionaire Ken Griffin’s hedge fund Citadel and financial services firm Citadel Securities. In June, he announced he is relocating both companies’ global headquarters from Chicago to Miami, where he plans to co-develop a new office tower in Brickell. Citadel will also place employees in a former Neiman Marcus store in West Palm Beach that is being converted into an office building, fully leased by Griffin’s firm.

“In the office market, we are seeing the impact of a great migration to the tax-friendly, pro-business state of Florida,” said Cushman & Wakefield’s Eric Messer. “Another contributing factor is that a lot of businesses from the Northeast U.S. still see our rents as being affordable.”

To be sure, 830 Brickell’s asking rents are above the norm, compared to the rest of the Miami office market. Cushman and JLL’s quarterly reports show that Brickell’s overall asking rents averaged between $63 and $82 a square foot, while Class A space fetched between $70 and $86 a square foot. Asking rents in other areas of Miami, such as downtown Miami and Wynwood, are hovering at about $51 a square foot and $70 a square foot, respectively, the reports show. In Miami Beach, overall asking rents are about $63 a square foot.

However, those prices are below the average rents in the Big Apple. In the second quarter, the direct asking rent in New York City hit $82 per square foot with Class A space going for $90 a square foot, per JLL.

As the newest office project under construction, 830 Brickell’s landlords are able to push asking rents past $100 a square foot because the submarket’s Class A available space is also at a pre-pandemic low, Messer said.

“You are seeing the $150 per square foot mark for top floors at 830 Brickell,” Messer said. “But that is kind of a unicorn because Class A vacancy is now at 6.9 percent in the Brickell submarket.”

JLL’s Jeff Gordon represented a tenant who recently signed a lease at 830 Brickell. He confirmed the building is commanding record asking rents for Miami’s central business district. Gordon declined to comment on specific dollar amounts.

“The quality of a building targeted by new-to-market tenants is paramount in their decision making,” Gordon said.

In the second quarter, the Brickell submarket took the lead in Miami-Dade County’s leasing activity, as a result of strong pre-leasing at 830 Brickell, the Cushman report states.

Office asking rents in Miami-Dade rose by 8 percent from the first quarter to the second quarter, according to Cushman. “Because of tight market conditions, even Class A buildings that have not been recently built are still quoting higher asking rents,” Messer said. “Class A space tenants are definitely looking for quality over costs.”

With 830 Brickell setting a new threshold for asking rents above $100 per square foot, landlords of other office projects in the pipeline will set their prices on a similar scale, experts say. In addition to Citadel’s new tower, which will be co-developed with Sterling Bay, a joint venture between Swire Properties and Related Companies plans to build One Brickell City Centre at 700 Brickell Avenue and 799 Brickell Plaza. The proposed tower would feature the largest floor plates for a Class A office building in Miami.

Asking rates in both new towers will surely be over the $150 per square foot mark, said Colliers’ Maggie Guajardo Kurtz.

Other Brickell trophy and Class A buildings’ landlords are playing follow-the-leader, jacking up their asking rates by $5 a square foot to $15 a square foot in the past three months, according to JLL.

Class B properties also are seeing a windfall, Kurtz said. 777 Brickell and 800 Brickell, both undergoing renovations, are quoting over $70 per square foot for full-service rent, up from $40 a foot in early 2020, she said. “They have their own water views, and the demand is there,” Kurtz said. “So they are commanding it.”

Yet, Neil Merin with NAI Merin Hunter Codman cautioned that South Florida office landlords setting asking rents at $150 a square foot and above are not necessarily closing deals at those rates.

“One Flagler has closed a deal recently at $108 a foot and some at $105 a foot,” he said. “No one is getting a $180 per foot rate. Those kinds of numbers are not indicative of the market. ”



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Jeff Bezos and his parents, Jackie and Mike Bezos, with 9475 Journeys End Road (Douglas Elliman Realty, Illustration by The Real Deal with Getty)

Jeff Bezos and his parents, Jackie and Mike Bezos, with 9475 Journeys End Road (Douglas Elliman Realty, Illustration by The Real Deal with Getty)

A company tied to the Bezos Family Foundation paid $34 million for a waterfront estate in Coral Gables, and is reportedly also the buyer of the mansion next door, sources told The Real Deal.

Jackie and Mike Bezos, Jeff Bezos’ mother and stepfather, are linked to the entity that acquired the 12,829-square-foot, six-bedroom home at 9475 Journeys End Road. Records show Raul Calvoz and Raquel Cordon sold the renovated property to Forgotten Fountain LLC. The Delaware entity financed the purchase with a $5 million loan from Bank of America. Cordon is a former CEO of PetsMD.

On the deed transfer of ownership, Forgotten Fountain’s address matches that of the Bezos Family Foundation on Mercer Island in Washington and other LLCs tied to Bezos’ parents.

Bezos is the third wealthiest person in the world, after Elon Musk and Bernard Arnault, with a net worth of more than $140 billion, according to Forbes. He has ties to South Florida. The Amazon founder graduated from Miami Palmetto Senior High School in 1982.

Bezos’ parents are also buying or have closed on the property next door at 9501 Journeys End Lane, sources told TRD. They are said to be paying roughly $40 million for the house.

Douglas Elliman agent Lourdes Alatriste brokered the sale of 9475 Journeys End Road. She did not respond to requests for comment. Carlos Coto with One Sotheby’s International Realty represented the buyer.

Dennis Carvajal of One Sotheby’s is reportedly involved in the sale of the property next door. He also did not respond to requests for comment.

The $34 million house, on a 1.9-acre lot, previously sold for $8.5 million in 2018, records show. It was built in 1996 and expanded in 2021.

It’s unclear if the second deal, for 9501 Journeys End Lane, has closed. Attorney Anthony M. Lopez is the seller. Lopez paid about $14 million for the 8,700-square-foot, six-bedroom home in 2019, which at the time marked a record for the Journey’s End neighborhood.

Lopez declined to comment.

High-end home sales soared throughout the pandemic, but have slowed down this summer. In Miami-Dade County last month, single-family home sales fell 26 percent to 1,542 closings.


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Frist Cressey Ventures Bryan Cressey with the property at 2315 S Ocean Blvd. in Palm Beach (Zillow, FCVentures, Illustration by Priyanka Modi for The Real Deal with Getty)

Frist Cressey Ventures Bryan Cressey with the property at 2315 S Ocean Blvd. in Palm Beach (Zillow, FCVentures, Illustration by Priyanka Modi for The Real Deal with Getty)

Venture capitalist Bryan Cressey and his wife, Christy Cressey, sold their oceanfront compound in Palm Beach for $48.9 million.

Property records show Cressey sold the estate at 2315 South Ocean Boulevard to 2315 S Ocean LLC, a Florida company. 2315 S Ocean LLC is registered to Maura Ziska, a Palm Beach-based real estate lawyer. The true buyer is unknown.

Cressey is a co-founder and partner at Cressey & Company, a Chicago-based private investment firm specializing in health care ventures. Cressey also co-founded Frist Cressey Ventures and Chicago-based private equity firm GTCR, which had $24 billion in assets as of November, according to Crain’s Chicago Business.

The 10,623-square-foot, seven-bedroom, eight-bathroom mansion nearly tripled in value since the Cresseys bought it in 2014 for $16.3 million, according to records. The Plantation-style home sits on 1.8 acres, and was constructed in 2010 by then-owners Donna and Rodney Ward, records show.

Lawrence Moens, a secretive Palm Beach real estate broker, represented both the buyer and the seller in the off-market deal, the Palm Beach Daily News reported. Moens recently brokered billionaire Oracle co-founder Larry Ellison’s record-breaking $173 million purchase of a Manalapan estate. His estimated sales volume for the past 18 months hovers around $1 billion, making him the unquestioned top dog in one of the nation’s priciest real estate markets.

Demand for waterfront property in Palm Beach has sent sale prices soaring since the start of the pandemic.

Kathryn Adams Limbaugh, widow of conservative talk radio host Rush Limbaugh, is reportedly looking to sell the couple’s Palm Beach estate for as much as $175 million. A waterfront Palm Beach mansion flipped for $86 million in June, only nine months after selling for $64 million. A historic waterfront Palm Beach property with an award-winning restoration that was once owned by the late Ivana Trump sold for $73 million in May.


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