Morabito Properties Launches Leasing At Adaptive Reuse Wynwood Office Development Wyncatcher

As Wynwood continues its rise into one of Miami-Dade’s most desirable office submarkets, Morabito Properties is launching leasing at Wyncatcher, their adaptive reuse project converting an industrial building into a mixed use office development. Morabito Properties has selected JLL and Metro1 to lead leasing at the two story, 47,852 square feet building situated at 2413 NW 1st Ave. in Miami’s Wynwood Arts District. The stand-alone property features office space and restaurant space along with a rooftop terrace with striking views of the Wynwood area.

“Wynwood is one of the most unique and eclectic neighborhoods in America, said Valerio Morabito, CEO of Morabito Properties. “We are happy to be part of an exciting and young community where people and businesses thrive and commit to preserve its artistic, industrial and creative spirit through this building.”

Morabito Properties is led by Valerio Morabito. Known for its modern luxury properties designed by the world’s finest architects, artisans, and craftsmen, Wyncatcher is the developer’s first mixed-use development in the Wynwood neighborhood. JLL Senior Managing Director, Eric Groffman, Managing Director, Cameron Tallon, Vice President, Edward Quinon, and Senior Associate, Emily Brais, will lead leasing efforts in partnership with Andres Nava, Managing Director and Bernadita Banfi, Broker Associate of Metro1 Commercial Real Estate Brokerage on behalf of Morabito Properties.

Wyncatcher is designed by world renowned Arquitectonica, the unique building, sports elegant double-height, industrial-style windows that bathe the interior in natural light. Space configurations for office tenants are flexible, ranging from 3,976 square feet to 37,427 square feet. The restaurant space features 6,861 square feet of outdoor space as well as 6,051 square feet of interior space.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Related Group and East End Capital selling Wynwood Annex in February for $49 million. Also in February UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquired of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

AB Asset Management Acquires Residence Inn Coconut Grove From Hersha Hospitality Trust

AB Asset Management has acquired the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove neighborhood. The 2 acre property sold for $31 million, which breaks down to roughly $221,429. The seller was Hersha Hospitality Trust, led by Neil and Jay Shah. The transaction was overseen by Avison Young’s Florida Capital Markets Group led by Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. AB Asset Management LLC is managed by Getzy Fellig and Sam Zalmanov.

“The Residence Inn received strong interest because of its Coconut Grove location near the newly renovated CocoWalk retail and dining destination, the 750,000-square-foot mixed-use Mayfair in the Grove development, and several other exciting new projects that contribute to the area’s live-work-play appeal,” said Crotty.

Situated at the intersection of Tigertail Avenue and Mary Street, the property sits on over two acres at the entry-point of the Grove’s business district, just a few minutes walking distance from shopping, dining venues, and multiple parks overlooking Biscayne Bay. The neighborhood has proven itself as a destination for high-end condominium use, with recent high-rise developments Park Grove, Grove at Grand Bay, and Mr. C Residences.

DRA Advisors Lists Pinnacle Corporate Park Portfolio In Fort Lauderdale

A fund managed by DRA Advisors LLC has entrusted Avison Young’s Florida Capital Markets Group to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.

The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”

Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.

“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”

JP Morgan Chase Bank Office Building In Weston Sells For $8.9 Million

The JP Morgan Chase Bank office building in Weston, FL, has sold for $8.9 million. The 26,782-rentable-square-foot office building, anchored by JP Morgan Chase Bank, is located at 1040 Weston Road in the high-barrier-to-entry submarket that generates significant buyer interest. HRE/SEFIRA Weston Office, LLC, was the seller, and Shaked 21, LLC, was the buyer in the transaction which was overseen by Avison Young’s Florida Capital Markets Group led by principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.

“The Chase Bank building is 100% occupied and, with medical tenants comprising more than 60% of the tenancy, garnered notable investor interest in a market where buyers are seeking stable, recession-proof assets,” said Duckworth. “Ultimately, our team secured the right buyer for the sale, allowing our client to realize a positive return on investment during a pandemic after a three-year hold.”

Avison Young In 2017, the Avison Young team facilitated the sale of the same building to HRE/SEFIRA Weston Office, LLC, as part of a two-building portfolio spanning approximately 63,000 square feet for $13 million. The HRE/SEFIRA partnership, led by Highline Real Estate Capital Principal David Moret, completed a series of cosmetic improvements to the Chase Bank building which enabled ownership to increase occupancy from 84% to 100% and increase rental rates to generate a 52% gain in the price within three years.

“Overall, sales activity has picked up since the end of the third quarter and into the fourth, as buyers have more clarity on where the market is going and are eager to place capital,” said Crotty. “The buyer in this deal acquired a property that has performed extremely well throughout the pandemic and is poised to continue to do so as we transition into the new normal.”

One of the most desirable, high-barrier-to-entry suburban office locations in Broward County, Weston is part of the Southwest Broward submarket, the only submarket in the county to report positive net absorption in third-quarter 2020.

Avison Young’s Florida Capital Markets Group Oversees Sale Of Concept II Towers In Lake Worth

Avison Young’s Florida Capital Markets Group has overseen the sale of Concept II Towers in Lake Worth for $10.9 million to local real estate investor Allen Chelminsky. The 6.6-acre complex, located at 2290-2328 10th Ave., features a pair of office towers which were developed in 1985. The recently renovated complex offers a total of 96,674 square feet of office space overlooking Lake Worth. The seller, KAS Lakeworth, was represented Avison Young’s Florida Capital Markets Group lex by David Duckworth, John K. Crotty, Michael T. Fay, Brian C. de la Fé, Emily Brais and Berkley Bloodworth. KAS Lakeworth acquired the property for $7.4 million in 2015.

“The buyer for Concept II Towers secured an outstanding value-add office asset which consistently performed well during the pandemic and increased occupancy to 82.5%,” said Duckworth. “Situated in an ideal central Palm Beach County location with Lake Worth in the midst of revitalization, the property boasts strong in-place cash flows with a synergistic mix of quality medical and professional tenants, and there is and tremendous upside potential through lease-up.” 

“The Concept II Towers sale is a sign of growing investor confidence in the commercial real estate market,” said Crotty. “Many investors are looking to get back to the business of buying assets that fit their overall strategy. The office market remains incredibly resilient, and collection rates are tracking similarly to pre-pandemic levels.” 

Avison Young Lists Portfolio of Five South Florida Development Sites For $80 Million

Avison Young’s Florida Capital Markets Group has been exclusively selected to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings can be packaged together as a portfolio for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers.

The investment opportunities include 3550 Biscayne, a Fort Lauderdale Beach development site, an Oakland Park development site on Fort Lauderdale’s main retail corridor, a Dania Beach development site and a Miami Gardens development site near the Palmetto Expressway. Michael T. Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. 

“We’ve seen continued interest in investments, particularly in land,” said Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”

“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.

3550 Biscayne is a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.

The Palmetto Expressway development site is a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components. 

The Fort Lauderdale Beach development site is a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses. 

The Oakland Park property a 2.11-acre site plan approved for a project known as O2, a mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage. 

The Dania Beach development site is a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area. 

The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables.

For more information about the portfolio or any of the sites, private showings or purchasing/ leasing information please fill out the form below:

Avison Young Oversees Zaragon Acquisition of RAM Steel Framing Headquarters For $7.55 Million

Avison Young’s Florida Capital Markets Group closed the $7.55 million industrial sale-leaseback of the 105,000 SF RAM Steel Framing headquarters location at 7400 N.W. 37th Ave. in Miami. Zaragon, Inc., purchased the property. With the sale, Zaragon secured a long-term, absolute triple net (NNN) lease with a single tenant that is a leader in supplying manufactured steel products to South Florida’s robust pipeline of active commercial developments. Avison Young Principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; Vice Presidents Brian C. de la Fé; David F. Spillers, SIOR; and Associates Emily Brais and Berkley Bloodworth facilitated the transaction on behalf of RAM Steel Framing.

“The sale-leaseback represents a trend of single-tenant industrial deals having the highest chance to close in the current market environment,” said Duckworth. “With the investment appeal of RAM Steel Framing as a high-quality tenant, we successfully negotiated and closed the deal during the COVID-19 shutdown without any pricing adjustments.”

RAM Steel Framing is a full-line manufacturer of drywall and structural framing for commercial and residential construction, with recent high-profile projects including the Miami International Airport expansion, the Seminole Hard Rock Hotel & Casino guitar-shaped tower in Hollywood, and the luxury Aston Martin Residences in Downtown Miami. The company is one of the fastest-growing steel manufacturers in the country and the largest manufacturer in South Florida, with additional manufacturing facilities in Orlando, Florida, and Chesapeake, Virginia.

“The absolute NNN investment opportunity was ideal in that all of the building’s structural and operating expenses will be the responsibility of the tenant,” continued Duckworth. “RAM Steel Framing is considered an essential business, and therefore offers great stability as a tenant.”

Located within an Opportunity Zone along Miami’s Hialeah industrial corridor, the industrial asset is approximately three miles from the Miami International Airport to the south and six and a half miles from Port Miami to the east.

Miami’s industrial market continued to outperform all other asset classes through 2019 and into 2020. According to research by Avison Young, overall vacancy in Miami-Dade County was 3.86%, with vacancy in the Hialeah submarket at 2.90% as of first-quarter 2020. Industrial rental rates hold firm due to low vacancy rates and strong fundamentals across the South Florida region.

Moishe Mana Closes On Acquisition of Former City National Bank In Downtown Miami For $25 Million

Billionaire real estate investor Moishe Mana has closed on the $25 million sale of 25 West Flagler Street, an assemblage of three adjacent parcels totaling 29,000 SF of land in Downtown Miami’s Central Business District (CBD). The property features redevelopment potential of up to 80 stories and ±696,000 SF, as of right. The transaction was overseen by Avison Young’s Florida Capital Markets Group with Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian de la Fé; and Associates Berkley Bloodworth and Emily Brais in collaboration with Dan Carlo negotiated the disposition on behalf of the seller, City National Bank. The existing 139,448 SF office building was City National Bank’s former flagship headquarters.

Moishe Mana is one of the most prolific private investors in Miami who owns a significant number of properties along the Flagler Street corridor, including the property immediately to the east of 25 West Flagler, and in Wynwood.

“The sale of 25 West Flagler is a major deal in Miami, as the property has become part of a long-range redevelopment play,” said Crotty. “Ideally located and designated with Miami’s most favorable and aggressive zoning, the asset is a valuable addition to the buyer’s portfolio and overall plan in the area.”

Located between West Flagler Street and Northwest First Street, 25 West Flagler advantageously sits across from the Miami-Dade County Courthouse, within walking distance to Brightline’s MiamiCentral Station. A recently completed segment of the massive $27 million Flagler Street renovation and beautification project to create a more pedestrian-friendly environment, fronts the property. 

New developments are encouraged by the Miami Downtown Development Authority’s 2025 Master Plan, which aims to maximize the potential of the Greater Downtown area and its waterfront through the implementation of projects that will increase livability, encourage private sector investment and ensure the proper expenditure of public dollars. Possible redevelopments of 25 West Flagler include a variety of mixed-use options such as office, multifamily or condo residential, hotel and retail.

Avison Young Oversees Sale Of $70 Million Transformco Distribution Center To Reich Brothers

Avison Young’s Florida Capital Markets Group has overseen the sale and closing of the Transformco Distribution Center, the largest single-building industrial asset in Florida spanning nearly 2 million SF, to Reich Brothers. The transaction closed for $70 million for the 1,937,892-square-foot Transformco Distribution Center, located at 655 SW 52nd Ave. in Ocala. With a sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center for the entire Southeast U.S. region supporting Sears, Kmart, and Hometown stores. The transaction brings Avison Young’s Capital Markets Group’s investment sales closed in the past 60 days alone to more than $300 million

Avison Young Principal and Miami Managing Director Michael T. Fay; Principals Jay A. Ziv, CCIM, SIOR, ALC; John K. Crotty, CCIM; and David Duckworth; Vice President Brian C. de la Fé; Associate Berkley Bloodworth; and Associate Emily Brais negotiated the sale on behalf of Transform Holdco. The buyer was Reich Brothers, a national industrial real estate firm specializing in manufacturing and distribution facilities across the U.S.

“Industrial continues to be the hottest asset type for investment in Florida, with Ocala standing out due to its quick access to every major market in the state as well as Georgia, South Carolina, and Alabama,” said Fay. “The Distribution Center offered Reich Brothers the opportunity to acquire a substantial, in-demand, cash-flow property in Central Florida.”

Despite new construction, Central Florida’s distribution market maintains a vacancy rate in the low single-digits. In addition to Transformco, major distribution users in Ocala include ClosetMaid, Chewy, AutoZone, FedEx, and several others. Less than five minutes from Interstate 75, the Sears Distribution Center is within a four-hour drive time of 14 million people.

Avison Young’s Florida Capital Markets Group also completed the disposition of the 126,336-square-foot Sears location at 9409 U.S. Hwy 19 in Port Richey, Florida.