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

Prestige Imports CEO Brett David Closes On Biscayne Boulevard Site Expanding Prestige Campus In North Miami

Brett David, CEO of Prestige Imports, has acquired 15090 Biscayne Blvd in North Miami for $4,698,000. Formerly the Arch Creek Animal Clinic, the 24,102 SF property will be redeveloped and utilized to complete Prestige Imports’ nearly 10-acre campus on Biscayne Blvd in North Miami. Prestige Imports is one of North America’s leading factory authorized Lamborghini dealerships as well as an internationally-renowned dealership for luxury, exotic, and supercars, including Aston Martin, Bentley, Bugatti, BMW, Ferrari, Jaguar, Karma, Koenigsegg, Lamborghini, Lotus, Maserati, McLaren, Mercedes-Benz, Pagani, Porsche, Range Rover, and Rolls-Royce.

“My family and I are extremely excited to acquire this piece of property. Located on the corner of 151st and Biscayne boulevard, this property represents the final piece of the puzzle for the completion of the Prestige Imports campus that we have been growing over the years. The campus is now nearly 10 acres on Biscayne boulevard. We are excited for the next steps as we look to redevelop this land in a community that we love,” said Brett David.

The Prestige Imports campus sits at just under 10 Acres on Biscayne Blvd in North Miami Beach. The campus is located right across from SoLe Miami, the 190 Acre development created by Jamie LeFrak & Jackie Soffer. Prestige purchased their original 3 Acre property on Biscayne in 1983 for $319,000.00. Zoned for 150’, 15 stories of vertical development, these sites are being planned for a large development which will house a brand new Prestige Imports facility as the ground floor tenant. Brett David purchased the Prestige Imports showroom, previously a Walgreens, in 2016 for $12.5M.

The David family also controls the North side parcel of 151st & Biscayne, approx. 80,000 SF, which houses their new car wash & restaurant concept; Prestige Auto Spa & Treesome Natrual Foods as well as announcing their newest development of Prestige Energy completed development 4th quarter this year. The property also has tenants such as TruLeaf & Express Auto Lease. This North parcel will also be apart of the development. Brett David also owns the historic Gourmet Diner site at 13951 Biscayne Blvd. which is newly leased to world renown bakery chain, Marie Blanchere which is currently being renovated. Plans to open this location will be Q4 this year.

“Over the years witnessing the real estate in which the David family has accumulated on Biscayne Blvd. is nothing short of fantastic. The growth in our city of North Miami Beach is upon us with some of the largest developers in the United States entering the city, I know Brett David’s plans for this site will be iconic & timeless while continuing to house the world-famous Prestige Imports!” Said Mayor Anthony F. DeFillipo, North Miami Beach Mayor.

PMG and Greybrook Launch The Elser Hotel & Residences In Downtown Miami

National investment and development firm PMG (Property Markets Group), alongside Toronto-based real estate private equity firm Greybrook, have launched The Elser Hotel & Residences, a 49-story new construction luxury condominium located at 398 NE 5th St. The newly completed tower offers 646 fully furnished residences, over 19,000 square feet of curated amenities and 5,000 square feet of prime retail space. PMG Residential is the exclusive sales team for the property, with residences priced from the $600Ks or the equivalent cryptocurrency exchange rate.

“Downtown Miami is the city’s most desirable location for luxury real estate, resulting in high levels of demand met with record-low inventory,” said Ryan Shear, Managing Partner of PMG. “On the heels of an incredible response to our recent pre-construction developments, Waldorf Astoria Residences Miami and E11EVEN Hotel & Residences, PMG continues to meet the demands of Miami’s evolving real estate market by now delivering a new, move-in-ready luxury residential tower to the heart of Downtown with The Elser Hotel & Residences.” Contributing to its growth, Miami has also experienced a flurry of notable corporate relocations from prominent financial institutions over the past two years including Citadel, Blackstone and Thoma Bravo, among others.

Offering sweeping views of Biscayne Bay and the Miami skyline, The Elser Hotel & Residences Miami is designed by Sieger Suarez Architects with interior architecture and design by Cotofana Designs. The fully-furnished residences range from studios to three-bedrooms spanning 404 to 1307 square feet. Managed by industry-leading management company Highgate, the property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program.

“With historically low resale inventories and long lead times for new projects under development to be completed, we are very excited to be launching The Elser Hotel & Residences Miami, together with PMG, in order to capture the strong demand for move-in ready residences in the Downtown Miami market,” said Peter Politis, CEO of Greybrook Realty Partners. “The short-term rental optionality available to owners, coupled with the high caliber of finishes and offerings, will continue to serve the city as it experiences a population, tourism and corporate relocation boom.”

Amenities at The Elser Hotel & Residences include a double-level amenity deck spanning over 19,000 square feet which overlooks Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas and a 16-foot poolside screening LED wall. Additional amenities include co-working spaces, oversized modern gyms and fitness studios with frequent group classes, multiple lounges, smart package lockers, bike storage facilities, and a yoga lawn overlooking Biscayne Bay, among others. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.

For more information about The Elser Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

PMG Announces Pre-Leasing For Society Biscayne In Downtown Miami

PMG will commence pre-leasing at Society Biscayne, the highly anticipated social living community on Biscayne Boulevard in Downtown Miami. Pre-leasing begins on Friday, December 10 with move-ins slated to begin in Spring 2022. The 49-story Society Biscayne is being developed in partnership with Toronto-based real estate private equity firm Greybrook Realty Partners.

“Pre-leasing is always an exciting milestone to reach because it signifies that opening is right around the corner. We are pleased to begin planning for welcoming residents to Society Biscayne and look forward to seeing this new social community flourish in the heart of Downtown.” Said Ryan Shear, Managing Partner of PMG.

Located at 400 Biscayne Boulevard, the 882,000-square-foot project will offer 646 rental apartments, 32,000 square feet of commercial and a 22,000-square-foot redesigned First United Methodist Church of Miami. The ground-floor retail will feature corner coffee shop and meeting space by Cafe Domino and a new lobby cocktail bar and restaurant concept by Jaguar Sun. PMG’s offices will also relocate to the development upon completion.

Amenities at Society Biscayne include a massive pool deck with a 16-foot screen, covered bar and grilling terrace; an outdoor yoga platform and theater lawn; a sky view hot tub overlooking Downtown; a two-level modern gym and fitness studio featuring daily classes; a two-level co-working lab with conference rooms; 24/7 concierge and smart package lockers. A mobile app will provide residents access to keyless entry to units and common areas, guest lists and access, payments and maintenance requests, thermostats, track packages, signup for community events and send messages.

The Society Living portfolio was created to address the insatiable demand for reasonable rents close to urban centers, where modern neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating vibrant living spaces that foster personal growth within a culture of inclusivity and unity. Existing Society Living developments include Society Las Olas in Downtown Fort Lauderdale, Florida, which opened in May 2020; Society Biscayne in Downtown Miami, slated to open in Spring 2022; Society Orlando, under construction in Downtown Orlando; and Society Wynwood, under construction in Miami’s Wynwood Arts District. Over 8,500 units are planned nationally including additional developments in Atlanta, Brooklyn, Denver and Nashville.

The Estate Companies Locks Down $76 Million Construction Loan For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has locked down a $76 million construction loan for Soleste NoMi Beach apartments in North Miami Beach. The financing was provided by Bank OZK was arranged by Brian Gaswirth and Michael DiCosimo of JLL. The developer plans to break ground by the end of June after closing on the site in December 2020 for $13.1 million.

When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

Soleste NoMi Beach was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd.

The Estate Companies Acquires Site For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has closed on the future site of Soleste NoMi Beach in North Miami Beach for $13.1 million. The project was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd. and currently features an 8,249 square foot retail building which will be demolished. The seller was Biscayne Cove LLC, an entity managed by Enrique R. Puig, and the deal included $1 million in seller financing. When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

NNN Leased Pollo Tropical Building on Biscayne Blvd. in MiMo Trades For 4.61% CA

A NNN leased Pollo Tropical stand-alone restaurant building located on Biscayne Blvd/ US-1 in Miami’s MiMo district, has traded for $2.275 million, equating to a 4.61% CAP rate. The 1,754 SF restaurant building sits on a 12,800 SF lot located at 7501 Biscayne Blvd in Miami, FL. The asset was renovated in 2017 and had a 15-year corporate NNN lease with Pollo Tropical. The transfer development rights (TDR’s) were not included in the sale. This Pollo Tropical restaurant is interesting because it is a drive-thru only location and contains no indoor seating. This made it especially attractive during the current pandemic as the tenant was able to operate without any interruption during the recent City of Miami shutdown.

“This acquisition was driven by the buyer’s concern for the unknown long-term effects of the Covid-19 pandemic on the economy and future possible shutdowns. We are seeing a large portion of our client base shift their focus to seeking out assets that have proven resilient against down markets.” said Jason Abitbol, Apex Capital Realty.

Jason Abitbol, Apex Capital Realty’s Commercial Advisor, represented the buyer, 995 Holdings LLC., in the acquisition which represented a 1031 Exchange. The Seller of the property was 7501 Biscayne LLC. which is controlled by Alex Karakhanian from LNDMRK Development. The seller was represented by Alex Zylberglait, Scott Sandelin, and Jonathan De La Rosa from Marcus and Millichap. 

Check Out The Bay Views From This Modern Loft In Downtown Miami's Ten Museum Park

Step inside of a truly modern loft with drop dead gorgeous views of Biscayne Bay located in the luxurious Ten Museum Park in Downtown Miami. Unit 1103 which just hit the market is a 2 story, 2 bedroom residence with 2 full bathrooms, 1 half-bath and soaring 20' ceilings. The meticulously finished unit comes partially furnished and features mirrored dining room, custom kitchen island, Sub-Zero & Bosch stainless steel-appliances, recessed lighting, custom motorized black out shades, floating staircase and an oversized private balcony. Downstairs features the main living room, dining room, kitchen and en-suite second bedroom with walk-in closet that can be used as an office or media room. Upstairs, a lavish Master Suite features views of Biscayne Bay you can enjoy from bed as well as a luxurious master-bath with a 360-degree glass shower and double sinks. Ten Museum Park features a state-of-the-art 20,000 SF spa complete with steam room & sauna, 5 pools, fitness & yoga center, 24 hour security and valet.

1040 Biscayne Blvd. Unit 1103 is currently listed for $779,000 with Demetri Demascus of Spectrum Realty Group. Please call/text 203-252-7201 or email d.demascus@spectrumrg.com to schedule a showing or for more information.

For more information about Ten Museum Park 1103, private showings or purchasing/ leasing information please fill out the form below:

Alta Developers Launches Sales At The Recently Completed Quadro At The Miami Design District

Alta Developers, a South Florida-based real estate development firm, has announced the completion and launch of sales at Quadro at the Miami Design District. Quadro at the Miami Design District is a resort-style condominium with 198 turn-key residences where art is integrated throughout the entire development. Designed by Behar Font & Partners, international homebuyers and art lovers from across the globe can now enjoy art, designer finishes, sweeping city and bay views just across from the Miami Design District.

Quadro at Miami Design District also offers short-term rental flexibility as short-term rentals are fully permitted, residents and guests alike can wake up in the Miami Design District to enjoy the trendy lifestyle destination and shop, dine or play only a few steps away. Quadro provides owners a unique benefit of placing units into a short-term rental program especially designed for this development. The management company can arrange lodging and homestays for visitors.

“As the residential luxury market evolves in South Florida, buyers have created a demand for sensational high-end turn-key residences that provide exhilarating environments and resort-style amenities at compelling pricing points,” said Raimundo Onetto, Principal & CEO at Alta Developers. “Quadro gives buyers solid opportunities where they can list their designer residences into a short-term rental program while they are traveling. Quadro is truly redefining modern day living in Miami’s chic Design District.”

Introducing a more creative feel to resort-style living, Quadro incorporates more than 542 one-of-a-kind art pieces and installations by Art with DNA. Taking inspiration from Miami’s sparkling ocean, vibrant colors and shapes, Quadro is an ode to South Florida’s nautical environment creating a tranquil space for creativity and collaboration.

Residences at Quadro are turn-key and ready for immediate occupancy. Units range in size from large studios, to 973 SF one-bedroom residences and up to 1,280 SF two-bedroom residences with terraces. All residences are designed with hand selected color palettes for the interior walls, doors and trims, stainless steel appliances, private balconies with spectacular views, 9’ – 13’ high-ceilings with floor-to-ceiling windows, Italian porcelain tile throughout, modern-white roller shades and open concept kitchen and living room. Designer furniture packages are also available. Each residence is technology enhanced including NEST smart home thermostats as well as a bluetooth keyless entry system with cameras that offer complete control through a homeowner’s mobile phone.

“Quadro is truly distinct in many ways and it presents great opportunities for residents and buyers. The product is approved to accommodate short term rentals plus it is ready for occupancy now, providing the buyer immediate use or rental income from day one. This, coupled with its prime location in the Miami Design District and compelling price points, positions Quadro as one of the best value propositions in the city,” continued Onetto.

The 12-story boutique building offers a variety of amenities that coalesce with the urban environment of the Miami Design District and its close proximity to the bay. An expansive amenities deck with a pool, summer kitchen and cabanas provides plenty of spaces for outdoor recreation with panoramic views of Biscayne Bay, while the expansive poolside club room, yoga and spinning rooms create a private setting fit for relaxation or spending time with friends and family. Quadro also features electric car charging stations and state-of-the art pet washing facility.

Residences are exclusively marketed and sold by Fortune Development Sales and start at $399,000.

For more information about Quadro at the Miami Design District, private showings or purchasing/ leasing information please fill out the form below:

Kushner Companies To Move Ahead With 2000 Biscayne After Filing For Construction Permit

Kushner Companies has applied for a construction permit as they gear up to move ahead with the development of their 2000 Biscayne site in Edgewater, the first site they plan to develop as part of their $550 million, 3-phase project. The proposed project for 2000 Biscayne, which was originally designed by Dorsky + Yue, is expected to cost $123.6 million with a total development area of 706,148 SF. 2000 Biscayne will rise 36-stories, 418’, and will feature 393 residential units, 5,500 SF of ground floor retail and 455 parking spaces. Kushner Companies is targeting a Q3 groundbreaking for phase 1 and the 3-phase project will ultimately bring 1,100 residential units to Edgewater.