Miami’s Largest Office Lease Transaction in 2024 Signed at Waterford Business District

Miami's prestigious Waterford Business District (WBD) continues to solidify its position as a premier corporate destination with the recent signing of a significant lease by global business services company Assurant. The lease, encompassing an impressive 78,000 square feet, marks the largest office transaction in Miami so far this year, further enhancing the district's reputation as a hub for top-tier businesses. Brent Woodruff, Matthew Goodman, and Tyler Wyant from CBRE represented Assurant in this lease transaction.

Situated on 250 acres adjacent to Miami International Airport, the WBD offers unparalleled accessibility to major residential and commercial centers. Boasting over 1.65 million square feet of prime office space across 7 Class A buildings, the district provides tenants with a blend of convenience, amenities, and a thriving business ecosystem.

"At Waterford Business District, we take pride in curating an environment where individuals find genuine enjoyment in their work," remarked Charles Russo, Nuveen's Senior Director and Head of Southeast- Workplace, Retail, and Mixed-Use. "Companies like Assurant are drawn to dynamic hubs like ours because of the exceptional office spaces and thriving business community. Our commitment to innovation and meeting the evolving needs of businesses makes WBD an irresistible destination."

Assurant's decision to relocate to WBD underscores its dedication to providing a workspace tailored to the evolving needs of its Miami-based workforce. The company joins esteemed tenants such as Subway and FedEx, further reinforcing the district's commitment to excellence.

Blanca Commercial Real Estate, the exclusive leasing agent for the WBD portfolio, facilitated the lease, marking one of their largest deals to date. "Our commitment to providing a workplace that blends cutting-edge amenities with convenience resonates with companies seeking a dynamic environment," stated Juan Ruiz, Vice Chairman of Blanca CRE.

Under the joint venture between Nuveen Real Estate and Allianz, managed by PIMCO Prime Real Estate, LLC, WBD has undergone significant transformations, establishing itself as a state-of-the-art corporate campus. Investments in amenities such as shuttle services, fitness centers, and waterfront outdoor areas, coupled with tenant-engaging activities, contribute to the district's vibrant atmosphere. Moreover, WBD presents unique build-to-suit opportunities with an additional 30 acres of fully entitled land, making it an ideal location for large enterprises seeking a highly accessible headquarters in the heart of Miami.

Torose Equities, LNDMRK Development and Terranova Corporation Acquire 255 Alhambra Class-A Office In Coral Gables

A partnership among Miami-based real estate investment firms Torose Equities, Lndmrk Development and Terranova Corporation has acquired 255 Alhambra, an approximately 220,000-square-foot Class A office building in downtown Coral Gables. The acquisition gives the JV access to one of Miami’s most sought-after office submarkets.

255 Alhambra, located on 1.3 acres on Alhambra Circle, offers top-notch amenities, including floor-to-ceiling windows, a newly renovated lobby and proximity to Coral Gables’ best restaurants and entertainment. The seller was an affiliate of Deutsche Bank/RREEF. The JV partners plan to further amenitize the property, building on the recent improvements and capitalizing on the demand for Class A office space in Coral Gables.

“It is rare to find an institutional-grade property like this strategically located in a high-barrier-to-entry submarket with so much upside potential,” said Scott Sherman, founder and principal of Torose Equities. “This property is positioned to generate strong returns with stable in-place cash flow. Our contrarian approach of buying office and retail spaces when everybody is being extremely cautious has once again enabled us to find strong value in an asset class and market we’re very bullish on.”

The JV partners expect to see strong demand for office space in Coral Gables in the coming months and years, as leases in more expensive office submarkets begin to expire. Rental rates in markets like Brickell, downtown Miami and Coconut Grove have increased significantly since the onset of the pandemic, making lease renewals unaffordable to some companies. Case in point: between Brickell and downtown Miami, approximately 1.9 million square feet of tenant leases are scheduled to expire over the next four years. On top of that, companies from outside the region continue to move to Miami in pursuit of a more business-friendly environment. The influx of tenants seeking to take advantage of Coral Gables’ discounted rents will, in turn, fuel rents in 255 Alhambra.

“Terranova has long seen the growth potential for Coral Gables, and we are thrilled to continue to invest in the community through the office building acquisition at 255 Alhambra Circle,” said Stephen Bittel, founder and chairman of Terranova Corporation. “We enjoy working alongside the Torose Equities team and aligning on our understanding that Coral Gables is in the midst of an incredible commercial and office real estate boom. The area offers companies a holistic business and lifestyle opportunity which serves as an extremely attractive alternate to traditional hot commercial real estate markets like Brickell and Downtown Miami.”

As the largest property owner along Miracle Mile, Terranova has a strong, active presence in Coral Gables. The company’s retail expertise will play a significant role in bringing top retail tenants to activate the building’s ground-floor retail space.

Together, Torose, Lndmrk and Terranova will execute the business plan for 255 Alhambra. The JV will leverage its extensive experience in leasing and operating office assets to lease up the existing vacancy and upgrade the building amenities.

"Coral Gables is a market with a great deal of untapped potential, and this acquisition is a tremendous opportunity for the partnership," said Alex Karakhanian, founder and principal of LNDMRK Development. "I look forward to continuing to grow our relationship with Torose and Terranova as we explore other opportunities for acquisition and repositioning in this bourgeoning submarket.”

Downtown Coral Gables is one of South Florida’s most pedestrian-friendly neighborhoods with the ideal environment to live, work, eat and shop all in one place. 255 Alhambra is a block away from Giralda Avenue, home to “Restaurant Row” with 22 food and beverage establishments all concentrated in the portion of the street closed to traffic. The building is also about four blocks north of Miracle Mile, a premiere destination for shopping, dining, and entertainment.

This acquisition comes shortly after Torose’s first office acquisition of 6302 Corporate Center in partnership with Merrimac Ventures in Tampa and its recap of a 300,000-square-foot office building in Midtown Atlanta, called The Peachtree, with Banyan Street Capital. Torose remains bullish on select office and retail markets as it continues to employ its contrarian approach to investing.

Images via Torose Equities

Alex Karakhanian Sells MiMo Commercial Building On Biscayne Blvd For $6 Million

Alex Karakhanian of LNDMRK Development has sold a trophy commercial building in Miami’s MiMo District fronting Biscayne Blvd for $6 Million. The adaptive-reuse property was sold completely vacant and without any TDRs or TDDs, which are in contract to be sold to a developer. The building, which is located at 6654 Biscayne Blvd, spans 10,500 SF on a 19,200 SF lot which is zoned T5-O/T5-L - T5-O: 13,200 SF +/- T5-L: 6,000 SF +/-. The transaction was brokered by Lyle Chariff and Mauricio Zapata of Chariff Realty Group.

Karakhanian, who owns several other properties in the area and has sold others, has long been invested in the growth of the MiMo neighborhood. He initially purchased 6654 Biscayne Blvd, which was previously the Center for Independent Living of South Florida, for $4.6 million in 2016 before renovating the property into office / retail.

Image via Chariff Realty Group

Elysee Investments Acquires Retail Property Across From Former Deauville Development Site For $5.5 Million

Elysee Investments, one of Miami Beach’s largest retail owners, $5.5 million sale of 6644 Collins Ave. in Miami Beach, an 8,700-square-foot corner retail property with four tenants. The one-story, freestanding building is located directly across the street from the famed, 3.8-acre Deauville Hotel site, which features 500 feet of beachfront. The Deauville Hotel site has made headlines for years as the famed hotel fell into an unsalvageable state before controversially being demolished. Miami Beach voters then rejected a proposal from Stephen Ross’ Related Companies to develop an Equinox-branded two tower hotel and residential luxury project designed by legendary architect Frank Gehry.

Berkshire Hathaway HomeServices EWM Realty top-producer and Senior Vice President Nelson Gonzalez marketing the property on behalf of the seller. Elysee Investments was assisted by Greg Greer of CRR of South Florida, LLC.

“This property represents tremendous opportunity at the epicenter of one of the area’s most exciting, up-and-coming beachfront neighborhoods,” said Gonzalez. “The building’s value is only set to skyrocket once the Deauville site is purchased and developed into a multi-billion-dollar, ultra-luxe condominium or hotel – which will be transformative for this part of North Beach and its future growth. Just a block from the sand, 6644 Collins Ave. is ideally positioned to capture a heightened inflow of foot traffic and high-end business activity as well-heeled consumers continue to descend on the area.”

All four tenants, Venezia Bar & Pizzeria, Pink Donuts, NoBe Yoga, and Mr. Blendz Barber Shop -- will remain in place.

Images via Luxehunters Productions

Terra and Lion Development Group Acquire Midtown Development Site For $40 Million

A joint venture between leading Miami-based developers Terra, led by David Martin, and Michael Simkins’ Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set to rise at the nexus of Miami’s most in-demand neighborhoods, including the Design District, Midtown, Wynwood and Miami Beach. The joint venture has secured $30 million in financing from Metropolitan Commercial Bank, which will provide for the acquisition of the property and fund initial site development in advance of the project’s groundbreaking in 2024. Completion is estimated for 2026.

“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing. This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” said David Martin, CEO of Terra.

“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class. We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Terra to our Florida sponsor roster,” said Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank.

Terra’s portfolio of luxury developments across South Florida includes Five Park, a 48-story residential tower rising at the entrance to Miami Beach; the two-tower Mr. C Residences Coconut Grove, which is nearing completion later this year; THE WELL Bay Harbor Islands, a wellness-focused mixed-use property planned for Miami’s Bay Harbor Islands with 54 luxury residences and 80,000 square feet of class A office space; and Villa Miami, a 55-story waterfront tower planned for Miami’s Edgewater neighborhood with roughly 50 full-floor residences.

Lion Development Group is led by Michael Simkins, one of the visionaries behind the E11EVEN brand and one of the largest property owners in Miami. Michael Simkins is leading the redevelopment of several distinct neighborhoods in South Florida and is currently developing E11EVEN Hotel & Residences, E11EVEN Residences Beyond and West Eleventh Residences.

Related Group and LNDMRK Acquire Three-Parcel Site In Edgewater For $12 Million

The Miami-based Related Group, along with partner Alex Karakhanian at LNDMRK, have acquired 18,000 sq. ft. land parcel encompassing three adjoining sites in Miami’s Edgewater neighborhood. Located at 519, 525, and 535 NE 29th Street, the land overlooks Biscayne Bay and provides easy access to MacArthur Bridge, connecting Edgewater to Miami Beach, and to I-195, leading north to Fort Lauderdale and Palm Beach. Related and LNDMRK paid $12 million for the largely undeveloped site.

“Related identified the growth potential of Edgewater years ago, when we delivered the transformational, four-tower Paraiso Bay community along with Edgewater’s first five-star waterfront restaurant, Amara at Paraiso,” said Nick Perez, President of Related’s Condominium Division. “Edgewater offers it all- prime waterfront views, world-class culinary offerings, and easy access to other key hubs, from the Design District to Miami Beach. This newest acquisition is another step forward in our efforts to solidify the area as a true hot spot.”

“We’re thrilled to announce our acquisition of this premier property in Edgewater,” said Alex Karakhanian of LNDMRK Development. “We look forward to expanding our relationship with Related, who is also our partner on two other nearby projects, The Dorsey and NoMad Residences Wynwood.”

The seller, PPD Edgewater LLC was managed by Esteban Koffsman for the deal, and brokers Joel Rodriguez and Alex Suarez of Global Investment Realty brokered the transaction. LNDMRK Development is a principal based real estate company that primarily focuses on sourcing, acquiring, and developing commercial, residential, and mixed use projects throughout the Southeastern United States. Related and LNDMRK continue to pursue additional joint opportunities throughout South Florida.

Historic "Woodsong" Home In Coconut Grove Designed By Legendary Architect Alfred Browning Parker Sells For $4.2 Million

The famed “Woodsong” home at 3003 Seminole Street in Miami’s hot Coconut Grove neighborhood has sold for $4.2 million. Featuring a stunning tropical modern design, surrounded by lush vegetation and a fresh-water pond, this home is truly one-of-a-kind. The buyer Pamela Day, developer and founder of Crimson Holdings, now owns a one-of-a-kind home that was built, and lived-in, by one of Miami's most iconic architects, Alfred Browning Parker. Known for his environmentally sensitive designs, this tropical modern home is one of his few remaining masterpieces and is affectionately named "Woodsong" as it is engulfed in mahogany wood, both inside and out. Compass represented both sides of the deal with Karina Reyes represented the seller Hans Feringa and Monique Feringa and Megan Probst represented the buyer.

The uniquely designed “Woodsong” home is made up of three distinct "pods" which are connected by an exterior breezeway featuring a 90-foot lazy river runs throughout the property. The backyard contains a sauna and a swimmable, freshwater pond.

The 4-bedroom, 5-bathroom, 2,600 square foot house is clad with solid Honduran mahogany, a valuable, high quality, durable wood that is one of the only genuine mahogany species that is grown today. Several floor-to-ceiling hurricane-impact windows and skylights, the home allows for an abundance of natural light and views into the botanical landscape. The “Woodsong” home is located in Miami's hottest neighborhood, Coconut Grove, with walkability to parks, the bay, and restaurants/bars.

As an ardent art collector and owner of multiple real estate assets in South Florida, Day's immediate connection to Woodsong was profound, perceiving it as a true work of art. Despite her extensive experience as a developer spanning over two decades, Day has no intention of altering Woodsong. Instead, she envisions herself as a guardian of the property, committed to preserving the architectural significance and original vision of Alfred Browning Parker, the esteemed architect behind Woodsong. Day regards it as Parker's magnum opus and aims to showcase it as such, carrying forward his legacy.

Images via Compass

Robert Rivani's Black Lion Investment Group Acquires SLS Brickell Restaurant Space For $10 Million

Black Lion Investment Group, the Miami-based real estate and hospitality developer led by Robert Rivani, has added yet another trophy property with the acquisition of the trophy restaurant space at SLS Brickell for $10,000,000. The restaurant space is approximately 13,500 SF of indoor / outdoor space and was previously Bazaar Mar by Chef Jose Andres which closed in 2019. The sellers were members of the Qatar’s ruling royal Al Thanis family who acquired both the hotel and restaurant space for $43 million in 2014.

The deal was brokered by Fabio and Sebastian Faerman of FA Commercial, who represented Black Lion while Jordan Karp of Jordan Karp, LLC. and Andrew Dicky of JLL represented the seller in the transaction.

Black Lion intends on bringing yet another one of a kind concept to Brickell’s already spectacular restaurant scene with a proven track record of restaurants like Gekko at SLS LUX, Catch and Continuum, Philippe Chow, Amara at Paraiso, Delilah and Wynwood Jungle.

The 52-story SLS Brickell is an over-the-top, chic residence and hotel tower developed by Related Group located in the heart of Brickell, just a walking distance from Brickell City Centre. The tower hosts 453 contemporary residences and hotel suits with panoramic views of the Miami skyline and Biscayne Bay.

PORT 32 Marinas Acquires Lighthouse Point Marina

PORT 32 Marinas, LLC (PORT 32) has acquired Lighthouse Point Marina, which is situated on the Intracoastal Waterway just minutes from the Hillsboro Inlet. Located at 2831 Marina Circle, Lighthouse Point, FL, the marina is one of the area’s most coveted destinations in the heart of the “Yachting Capital of the World.”

PORT 32 is a leading owner, operator, developer, and acquirer of a growing collection of irreplaceable marina assets in nine premier markets across both coasts of Florida. The purchase of Lighthouse Point represents the first marina acquisition by the new PORT 32 leadership team, which joined the company in late 2022. With the addition of Lighthouse Point, PORT 32 seeks to grow its family of marinas within Florida and to expand strategically into new markets along the Atlantic Coast and Gulf of Mexico.

“Lighthouse Point Marina is a special lifestyle property in an extraordinary location, tucked just inside the clear Atlantic waters of the Hillsboro Inlet. Here at PORT 32, we love cruising with friends and family, saltwater fishing, and ice-cold drinks on the waterfront, which makes Lighthouse Point a perfect fit for our growing portfolio of premier coastal marinas,” said Austin Schell, CEO of PORT 32 Marinas. “After almost 60 years of unbroken family ownership, we are thrilled the Spiekers chose PORT 32 Marinas to carry on their legacy as the first non-family owner of Lighthouse Point. To all our Lighthouse Point Marina members and the surrounding community, we look forward to introducing you to our leadership team and hope to meet you on the docks, at the Nauti Dawg restaurant, or on the saltwater sometime soon.”

CBRE’s Julie Fisher Berry and Sheila Roux represented the seller, Lighthouse Point Marina Inc., in the transaction. Led by Julie Fisher Berry, CBRE’s Marina and Shipyards brokerage team in South Florida has transacted over $1.5 billion in marina and shipyard sales.

Featuring 102 wet slips that can accommodate 25- to 80-foot vessels, the 4,410 total linear footage marina had been family owned and operated for over 50 years and had never been offered for acquisition previously. Located less than ½ nautical mile from the Hillsboro Inlet, Lighthouse Point Marina provides immediate access to the ocean, a significant feature for sportfishing enthusiasts. Amenities, such as the fuel dock, the live bait station, the popular Nauti Dawg restaurant, the ship store, and other features make this one of the most desirable marinas for boaters.

Featuring a beautiful waterfront location and stunning Intracoastal views, the 2,271-square-foot Nauti Dawg restaurant, a long-standing favorite among locals, is open six days a week (closed on Tuesdays) for breakfast, lunch, and dinner. Guests can enjoy weekly live entertainment and music and relax in a friendly and welcoming ambiance. With 90 seats in an indoor and outdoor setting, the restaurant also features six dedicated transient slips.

“Lighthouse Point Marina is one of the most coveted marinas in South Florida due to its location near the Hillsboro Inlet and the surrounding area of Lighthouse Point. The owners have built a loyal customer base by providing great service, operating an excellent restaurant, and keeping the marina in impeccable condition,” said Julie Fisher Berry, a senior vice president with CBRE in Fort Lauderdale. “CBRE is honored to have represented the owners and identified the buyer of this high-profile marina property. After a strategic offering process, PORT 32 Marinas emerged as the perfect buyer. CEO Austin Schell and his team have engaged with the owners and staff for a smooth transition that will continue the successful legacy that the Spieker family built.”

“Lighthouse Point Marina has been owned and operated by one family, the Spieker family, for over half a century. As second-generation owner-operators, it was important for us to find a buyer that will respect what we have created and retain our staff and family culture with the intention of maintaining and even improving the site with time. We believe we have found that buyer with PORT 32 Marinas. On behalf of owners, Debbie Edwards, Christian Spieker and myself, we feel the Lighthouse Point Marina and Nauti Dawg Marina Café are being left in good hands, and we look forward to watching both entities blossom under the new leadership of PORT 32 Marinas,” said Maureen Canada, former president of Lighthouse Point Marina.

Images via Smith Aerial

Rilea Group Acquires Final Parcels To Complete Assemblage for Mohawk Wynwood

Rilea Group has closed on an expansion of its assemblage for its rental project Mohawk at Wynwood for $5.7 million, represented by Alfredo Riascos of Gridline Properties. The seller was represented by Alfonso Jaramillo of Fortune. The purchase brings Mohawk’s site to 78K square feet, which sits adjacent to its short-term luxury rental property, The Rider Wynwood. Rilea Group is now transforming 2.5 acres, nearly an entire block, at NW 29th St. and the Florida East Coast Railway line. Rilea Group is a multi-faceted real estate development and management company that has developed over 9,500,000 square feet in South Florida.

The expanded footprint will add 34 new units, including 20 New York style, two-story lofts at Mohawk, underscoring the company’s confidence in the market’s growth at the border of Midtown and Wynwood neighborhoods and demand for unique rental real estate.

Over the past 10 years, Wynwood has experienced significant growth, as have its property values. It continues to emerge as one of South Florida’s hottest, upcoming areas for new residential and office developments.

“Wynwood is on a meteoric rise and we’re thrilled to be a part of fomenting its growth,” said Diego Ojeda, president of Rilea Group. “We have put together a standalone team that through our unparalleled architecture and interior design, we will bring a unique concept which will be like nothing seen before in the neighborhood. Mohawk at Wynwood’s punk rock theme and our neighboring project, The Rider’s ‘easy-rider’ persona, will be sure to attract a great crowd to the market.”

Realty Mogul, an innovative crowdfunding platform for commercial real estate investment, is the largest fundraising partner for Mohawk at Wynwood. It is expected to launch a fresh raise of additional capital in the coming weeks for the project’s continued expansion and future construction, slated for later this year.

Mohawk at Wynwood will feature 260 residential units and 31K square feet of ground floor retail, 335 covered parking spaces with 25 percent dedicated to electric vehicles, 1,500 square feet of private offices for residents in a 12-story building covering a total of 78K square feet of land. Mohawk’s amenities will include a dazzling rooftop pool, game room, state-of-the art gym, outdoor and indoor yoga studios, owner’s lounge and bar, outdoor and indoor kid’s room, a large private park, dog park, two pickleball courts, and more.

The Rider at Wynwood will have 131 apartment-hotel luxury units for short-term rentals, 6,500 square feet of ground floor retail, a rooftop pool for residents and a speakeasy-concept rooftop bar in a 12-story building. The buildings’ architecture will feature Chicago-brick facades coupled with aged metal accents throughout.

Rilea Group’s acquisition of the initial assemblage began in June 2021 when Alfredo Riascos of Gridline Properties represented buyer Rilea Group / Alan & Diego Ojeda and seller David Lombardi in Rilea Group’s $22 million acquisition of the adjacent 65,700-square-foot site at 56 NE 29th St., Miami, FL 33137, also part of the Mohawk at Wynwood assemblage. In addition, in October 2021, Gridline Properties represented the Rilea Group / Alan & Diego Ojeda in its purchase of the adjacent 31,358-square-foot property at 100 NE 29th St., Miami, FL 33137 for $12.25 million, slated for The Rider at Wynwood site. The seller was Jeffrey Miller.