PMG Locks Down $413 Million Construction Loan For One Twenty Brickell Residences

National developer PMG has secured $413 million in construction financing for One Twenty Brickell Residences, a dual-tower luxury mixed-use condominium and rental development rising in the heart of Brickell. The loan covers financing for the condominium, multifamily, commercial, and parking components of the property. An Ares Real Estate fund (“Ares”) and Monarch Alternative Capital provided the financing, which follows a previous collaboration between the two firms on a financing for a PMG property in Wynwood last year.

PMG was represented in the One Twenty Brickell Residences transaction by Jones Lang LaSalle (NYSE: JLL) who, alongside PMG’s Capital Markets team comprised of Andrew Warman, Jon Blank and Paton Marion, secured the financing. One Twenty Brickell Residences will officially break ground the first week of May and is slated for completion in 2028.

“Obtaining this financing stands as an incredible feat at a time when current market conditions are making development of multifamily towers challenging,” said Andrew Warman, Managing Director of Capital Markets at PMG. “Receiving the continued support of the Ares and Monarch teams underscores not only the confidence the capital markets have in PMG as a sponsor, but also our ability to identify a strategy to deliver both luxury for-sale and rental product to the heart of Miami’s thriving business district.”

Designed by internationally renowned architecture firm Sieger Suarez Architects, with interiors by Cotofana Designs, plans for One Twenty Brickell Residences consist of two towers. The first tower will rise 37 stories and offer 266 fully finished and furnished condominium residences, each delivered with first-of-their-kind deeded office suites to residents upon their purchase of a condo unit. The second tower, sharing a podium with the first, will rise 41 stories and offer 537 multifamily residential units operated by the Sentral Management Platform. Each studio- to three-bedroom will include fully-integrated kitchens with custom countertops, a curated high-end appliance package, imported and custom kitchen and bathroom cabinetry by Italkraft, WaterWorks bathroom fixtures, a contemporary lighting package and fully built-out closets in the primary bedrooms. Residences also will offer a high level of efficiency through PMG’s smart home technology experience for seamless personalization with the touch of a button.

“We are grateful to receive the significant support from the Ares and Monarch Alternative Capital teams as we advance on One Twenty Brickell Residences,” Dan Kaplan, Managing Partner at PMG. “At over 91 percent sold, its swift sales success is a testament to the tremendous team at PMG Residential’s hard work and keen understanding of the Brickell market. We’re looking forward to being one step closer to delivering One Twenty Brickell Residences and its revolutionary concept of luxury living to its future residents.”

One Twenty Brickell Residences’ towers offer an impressive collection of amenities thoughtfully designed for socializing, entertaining, and self-care. The over 48,000 square feet of amenities and services available to multifamily residents include a lobby with a concierge service, a modern gym and fitness studio, a pool and hot tub, a grilling terrace, social lounges, a co-working hub, and daily community events. Over 60,000 square feet of condominium-specific amenities are also available, including an owner’s lounge, an infinity-edge pool, a pickleball court with courtside seating, a kid’s club and gym, a cafe and juice bar, and the One Twenty Brickell Residences Wellness & Fitness center, equipped with steam, sauna, and treatment rooms, a relaxation area with outdoor terraces, a state-of-the-art fitness studio with the latest high-tech equipment, a movement studio, and a yoga lawn.

“Ares is pleased to further build on our relationship with PMG with this latest project that capitalizes on the strong demand for luxury housing in Miami,” said Bryan Donohoe, Partner and Head of U.S. Debt in Ares Real Estate. “We look forward to potential future opportunities to provide Ares’ scaled and flexible capital solutions in this dynamic market environment.”

“We are pleased to be a lender-of-choice and work with a best-in-class developer like PMG that has an exceptional presence in the Miami market,” said Joshua Acheatel, Head of Real Estate Acquisitions at Monarch Alternative Capital. “Boasting luxury finishes and extensive amenities, we believe One Twenty Brickell Residences is favorably positioned at a marquee location. We are excited to continue our relationship with PMG and are looking forward to the project’s success.”

Legal representation was spearheaded by PMG’s in-house team consisting of Lowell Plotkin, Scott Buscemi and Lindsay Davis. Outside counsel involved in the financing for One Twenty Brickell Residences include James Godman, Borna Khoshand, and Celeste Williams at Kramer Levin Naftalis & Frankel LLP, who served as the lead transactional counsel; David Shear, Luis Flores, and Teofilo Victoria at Saul Ewing LLP, who served as condominium counsel and local counsel; Javier Avino and Andres Rivero at Bilzin Sumberg Baena Price & Axelrod LLP, who served as land use counsel; and Evan Wagowski at Greenberg, Trager & Herbst, LLP, who served as construction counsel.

With more than three decades of experience in luxury residential developments nationwide, PMG continues to passionately transform skylines with impeccable attention to detail throughout each of its projects. In addition to its extensive portfolio of over 175 projects, the developer is famed for thoughtfully designed condominium developments including 111 West 57th Street in New York City; E11EVEN® Club Hotel & Residences & E11EVEN® Club Residences Beyond, 38 West Eleventh Residences Miami, Waldorf Astoria Hotel & Residences, One West Twelve Residences, and The Elser Hotel & Residences in Miami; Sage Intracoastal Residences in Fort Lauderdale; as well as One Park Sarasota and One Park West on Florida’s west coast. PMG also has expanded its multifamily division, Society Living, to span nationwide, with more than seven communities open or under construction.

Renderings via ARX Creative

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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.

Limestone Asset Management and Orion Real Estate Acquire Pinecrest Retail Center For $70.5 Million

Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, has acquired Colonial Palms Plaza, a retail center located in the Pinecrest area at 13601–13621 S Dixie Highway, Miami, FL, 33176, for $70.5 million on Dec. 23, 2022. Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.

The 188,389-square-foot property encompasses seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread, Miller’s Ale House, and more.

“With the purchase of Colonial Palms Plaza, we are pleased to continue expanding our holdings in the upscale area of Pinecrest,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “This purchase confirms our commitment to the South Dixie corridor.”

Kevin Sanz, president of Orion Real Estate Group, led the buyer group, Orion Colonial Plaza LLC. “Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” Sanz said. “This was an amazing execution by our team, and we are excited to acquire this high-performing center with a superior national tenant roster.”

In March 2021, Limestone and Orion closed on Pinecrest Town Center, approximately one mile away from Colonial Palms Plaza for $32 million. Located at 12651 South Dixie Highway, Pinecrest, FL 33156, Pinecrest Town Center is a mixed-use retail and office property. In September 2022, Limestone began a $4 million renovation of the property, with a slated completion date of Q2 2023.

Pinecrest is a suburban village in Miami-Dade County, located south of downtown Miami and Miami International Airport. It is one of Florida’s most affluent neighborhoods. More than 101,670 residents, with an average household income of $149,442, reside within a 3-mile radius of the property. The average home listing price for Pinecrest/Palmetto Bay is $1 million+. With a high quality of life and vast acre lots, major business executives and professional athletes have long been attracted to Pinecrest with many new Florida residents flocking to the area since the COVID-19 pandemic.

Miami Health Food Hotspot Expands To South Miami And Signs Lease To Open Second Brickell Location

Miami’s health food hotspot Pura Vida has continued their expansion with the unveiling of the brand’s latest café in South Miami and has signed a lease to open a second location in Brickell. The South Miami location marks Pura Vida’s 12th location to date, and they plan to open another Coconut Grove location in addition to the newly revealed second Brickell location.

The South Miami location opened in late September and is located just steps away from Sunset Place and the University of Miami at Pura Vida South Miami will be located at 6022 South Dixie Highway. The brand’s South Miami café spans 2,370 sq. ft. of indoor and outdoor seating and showcases Pura Vida’s iconic health-focused menu including their beloved All-Day Breakfast offerings, Bowls, Superfood Smoothies, Açai Bowls, Wraps & Sandwiches, their newly-launched Dinner Plates, and more. Additionally, to coincide with the opening, Pura Vida will be introducing a new ‘Blueberry Cake’ to be offered exclusively at the new South Miami location before rolling out store-wide.

“We are constantly amazed and humbled at how well-received our brand has been, and continues to be, in the different communities we branch into. We’ve had our eyes set on South Miami for some time now and we’re thrilled to finally be bringing this dream to fruition.” - Omer Horev, Co-Founder and CEO of Pura Vida Miami

For the second Brickell location Pura Vida recently signed a lease at 701 Brickell, one of the premier office towers in Miami’s Brickell Financial District. Marking its first location ever in a trophy office tower, Pura Vida will occupy a 5,000-square-foot space and have access to a 2,500-square-foot outdoor patio space with direct proximity to the highly trafficked Brickell Avenue and the neighborhood’s growing residential and workforce population.

JLL Managing Director, Zach Winkler, represented the ownership group, Nuveen Real Estate, in the lease negotiations. According to JLL’s Q2 Retail Outlook, Miami boasts one of the lowest retail vacancy rates in the country at 3.2% compared to other gateway markets including San Francisco, Chicago, New York City, etc.

“As demand for retail space in densely populated urban cores continues to rise, there is limited availability remaining in areas like Brickell, making this restaurant lease with an established brand like Pura Vida especially noteworthy,” said JLL’s Winkler. “701 Brickell’s premier location and high visibility makes it a top choice for food and beverage concepts looking to capitalize on a growing residential and workforce population within the neighborhood.”

Current office tenants at 701 Brickell include Bank of America, Merrill Lynch, Holland & Knight, AIG, EFG Capital, and the Greater Miami Convention and Visitors Bureau. A 7,400 square-foot waterfront retail space overlooking Biscayne Bay remains available, featuring oversized windows, 19’ ceiling heights, and the potential for outdoor space.

Founded in 2012 by husband-and-wife duo Omer and Jennifer Horev, Pura Vida was created to serve as a place for friends and family to gather and eat delicious food. The brand currently operates 12 other locations throughout South Florida, including outposts in Coral Gables, Miami Beach’s Sunset Harbour, and Fort Lauderdale, and has plans to expand outside of Florida. The restaurant, which has become hugely popular across South Florida, serves a menu that includes fresh cold-pressed juices and superfood smoothies, artisanal coffees, an extensive all-day menu comprised of breakfast items, customizable salads, bowls, wraps and sandwiches, in addition to dinner items and a wide variety of gluten-free and vegan sweet treats.

International Law Firm Sidley Austin LLP Signs 60,000 SF Lease At Miami's 830 Brickell Office Tower

Sidley Austin LLP, an international law firm with almost $3 billion in revenue and 20 offices worldwide, has signed a lease at 830 Brickell, the new Class-A+ office tower nearing completion in Miami’s Brickell Financial District. Sidley signed a three-floor, 60,000 square-foot lease at the 55-story tower, marking the largest new-to-market office lease signed in the city’s urban core this year. The building, developed in partnership by OKO Group and Cain International, is the first stand-alone Class A+ office tower to be built in Miami’s Brickell Financial District in over a decade and is nearly 70 percent leased ahead of its late-2022 completion.

Sidley will join additional top-tier office users at 830 Brickell, including Microsoft, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, WeWork, and others.

“We are excited to be at the center of this new growth of the Miami business community as we open our 21st office in such a vibrant, international market,” said Yvette Ostolaza, Sidley’s Chair of the Management Committee. “As a Miami native, I know this community well and am excited about the talented lawyers who we have already recruited to serve our M&A, private equity, financial services, tech, cybersecurity and privacy, healthcare, real estate, entertainment, sports, and media, SEC regulatory and enforcement, and global finance clients. We are excited about our new office space.”

“At nearly seventy percent leased, 830 Brickell continues to serve as a magnate for professional service, tech and financial firms growing their presence in Miami,” said Vlad Doronin, Chairman and CEO of OKO Group, and Jonathan Goldstein, CEO of Cain International. “Brickell has acted as a bellwether in the South Florida office market, and we anticipate increased demand in 830 as Miami grows into a global hub for talent, lifestyle and innovation.”

The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.

830 Brickell’s ownership was represented by Cushman & Wakefield’s Brian Gale, Ryan Holtzman and Andrew Trench. Sidley was represented by Jeff Gordon and Barbara Black of JLL.

“830 Brickell continues to attract tenants at the top of the food chain and across diversified industries – like financial services, tech, insurance, banking and now, top-tier law firms,” said Brian Gale, Vice Chairman of Cushman & Wakefield. “The surge in new-to-market activity we’ve been experiencing over the last couple years is by far the most we’ve seen in Miami, with over 500,000 square feet of active tenants currently looking for space in the market. The cities that have generated the most activity for South Florida’s office market have come from New York, Chicago, and San Francisco.”

830 Brickell was designed by renowned architecture firm Adrian Smith + Gordon Gill, with interiors by Italian architecture and design company Iosa Ghini Associati.

The tower’s amenities will include a rooftop bar/lounge and restaurant – with menus developed alongside a three-Michelin-starred chef and showcasing expansive views of the City and Biscayne Bay, a world-class health and wellness center, conferencing facilities, an outdoor terrace, cafeìs and street-level retail. Multiple transit options are nearby, including Metrorail and Metromover, the Brightline, walking paths, cycling lanes and bay access points. Additionally, some of Miami’s top residential and lifestyle-driven neighborhoods are situated just minutes away, such as Miami’s Design District, Wynwood, Edgewater and Miami Beach.

BH3 Starts Demolition On Future Site Of Design 38 Mixed-Use Office Development Coming To Miami Design District

BH3 Management has begun demolition to make room for a new nine-story, 90,000-square-foot retail, showroom and office development at 3801 N. Miami Ave designed by renowned architectural firm Sieger Suarez in Miami Design District. Dubbed Design 38, the project is positioned at the southwestern entrance to the Miami Design District. Construction is slated to commence this summer.

Design 38 will feature 25-foot ceilings on ground level and 14-foot ceilings on floors 2 through 9. Tenants will enjoy open floor plans with great branding visibility, including the opportunity for naming rights with Interstate 195 exposure. Rents vary based on the floor, but average approximately $70 per square foot for typical floors on a triple-net basis. Several letters of intent from notable tenants are already in place.

“Design 38 is poised to satisfy the pent-up demand of retailers, fashion brands, showrooms, studios, and office space users that want to be in the Design District, but don’t require ground-floor locations or the higher rents associated with them,” said Gregory Freedman, Co-Founder and Co-CEO of BH3.

Miami Design District is one of the hottest neighborhoods in the world, home to a number of luxury fashion houses, art galleries, fine dining experiences, and cafés. The open-air, pedestrian-friendly neighborhood, known for its many distinct and artistic façades, notably boasts a highly energy-efficient infrastructure and became the first neighborhood in the world to achieve the Gold level (LEED ND: Built v4 Gold). The neighborhood was inspired by the worlds leading shopping districts including Fifth Avenue and Rodeo Drive and visitors can enjoy mature canopy-covered streets and walkways, sculptural specimen trees, and extensive rooftop gardens.

Adjacent to Design 38, a planned 15-story, 180,000-square-foot office project, The Ursa, was recently announced and will be developed by Miami Design District Associates, a partnership of Dacra, L Catteron Real Estate, and Brookfield Properties.

“Combined, Design 38 and The Ursa solidify the relevance of North Miami Avenue as the vertical core for Miami Design District,” Freedman added.

Design 38 will accept cryptocurrency as an option for lease payments. “With Miami emerging as the cryptocurrency capital of the world, accepting it as a form of lease payment is a timely point of differentiation for potential tenants,” said Daniel Lebensohn, Co-Founder and Co-CEO of BH3.”

JLL Senior Vice President & South Florida Retail Lead Zach Winkler, Senior Associate Jonathan Rosen, and Associate Lee Koniver have been tapped to spearhead leasing for the project on behalf of BH3.

Limestone Acquires PLANTA Property In Miami Beach's Ritzy South-Of-Fifth For $12 Million

Miami-based Limestone Asset Management has acquired the flagship South-of-Fifth property which is home to PLANTA in Miami Beach for $12 million. The 7,835 SF building was completed in 2018 as the first built-to-suit and the first PLANTA in the state of Florida and sits on a 9,148-square-foot (0.21-acre) lot. The property is located at 850 Commerce Street, Miami Beach, FL, 33139 in the affluent South of Fifth neighborhood.

Kevin Sanz of Orion Real Estate Group represented the buyer, Limestone Planta, LLC. Alex Sharrin of JLL represented the seller, Commerce Street Properties, LLC. First National Bank of South Miami is providing financing. Limestone Asset Management is led by Ibrahim Al-Rashid and invests in and acquires real estate properties over all asset classes throughout North America. Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.

PLANTA, a David Grutman project led by Founder and CEO Steven Salm and Co-founder and Executive Chef David Lee, is Miami’s premier location for innovative plant-based fine dining. Its goal is to expand the acceptability, enjoyment, and celebration of the power of plants. The restaurant’s owners are the lessees and will remain in the building until 2028.

Champions of plant-based living for better health, community, and the planet, the restaurant has locations in New York, Toronto, and Maryland, in addition to Florida, with plans of expansion in Chicago and California. Additionally, PLANTA offers nationwide delivery of its plant-based signature dishes, desserts, condiments, and sauces.

“PLANTA is a unique restaurant concept, and we are excited to purchase their flagship property located in the South of Fifth neighborhood,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Rarely do opportunities present themselves in this neighborhood. A block from Joe’s Stone Crab, one of America's most iconic restaurants, is a place every landlord would love to be.”

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.

Leading Crypto Firm Blockchain.com Signs Lease At Tricera Capital and LNDMRK Development's Cube Wynwd

Leading crypto firm Blockchain.com has finalized a lease to occupy the top two floors of Tricera Capital and LNDMRK Development’s Cube Wynwd as its new Miami office. The ~22,000-square-foot lease brings Cube Wynwd to full occupancy less than 10 months after Tricera and LNDMRK acquired the Class A, 100,000-square-foot office and retail building. The deal also gave Blockchain.com naming rights for the building. Blockchain.com, one of the most widely used consumer crypto products and the leading institutional solutions provider, will soon begin designing its permanent office on the seventh and eighth floors.

Danet Linares, Tere Blanca and David Valdez of Blanca Commercial Real Estate, Inc. represented Blockchain.com in the Cube Wynwd lease. JLL’s Eric Groffman, Cameron Tallon and Edward Quinon represented Tricera and LNDMRK.

“We are thrilled to welcome Blockchain.com to Cube Wynwd and the Wynwood neighborhood,” said Tricera Co-Founder and Managing Principal Ben Mandell. “Blockchain.com’s leadership shares our long-term belief in Wynwood, which still has vast potential on top of the incredible growth and activity that has already occurred.”

In 2021, Blockchain.com announced its intentions to relocate its national headquarters from New York to Miami and aggressively hire throughout the local Miami job market. It also committed to make a significant investment to support the South Florida STEM community.

“As Miami solidifies its status as a mecca for crypto, we couldn’t be more excited to announce the location for planting our permanent roots in the city,” said Peter Smith, Blockchain.com CEO. “The speed at which our business is growing matches that of Wynwood and Miami itself, creating the perfect backdrop for us to continue scaling worldwide from our very own Blockchain.com building.”

Tricera and LNDMRK purchased Cube Wynwd, which also includes ground-floor retail space and a verdant rooftop terrace occupied by popular Japanese restaurant Kissaki, in an April 2021 off-market transaction. The 222 NW 24th St. Cube Wynwd, the neighborhood’s first boutique office-over-retail building, was just ~35% occupied at the time of Tricera and LNDMRK’s acquisition.

The joint venture partners rapidly stabilized the building with a compelling mix of tenants, including Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

Coworking operator Spaces occupies about 30% of the office space and about 1,700 square feet of the retail space in Cube Wynwd’s lobby. Renowned chef Gabriele Bonci’s Rome-based Bonci Pizza and Mini Market are among the existing retail tenants. The building features loft-style office space with expansive floorplates.

“Cube Wynwd is a case study for how we identify off-market opportunities and move quickly to execute our hands-on ownership approach,” Tricera Co-Founder and Managing Principal Scott Sherman. “We are proud of the building’s dynamic tenant roster, with Blockchain.com joining numerous new-to-market companies. Wynwood will continue to experience intense corporate relocation demand from the technology and finance sectors.”

Tricera and LNDMRK are frequent collaborators on real estate investments and developments. The companies are partnering with The Related Group to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space on a former Coca-Cola plant in Wynwood.

Image via Richard Novak

Lerner Acquires Motion at Dadeland High-Rise Multifamily For $114 Million

The Maryland-based Lerner Enterprises has acquired Motion at Dadeland for $114 million from the development partnership of 13th Floor Investments, Adler Group and Barings. Lerner received a loan from capital managed by KKR to finance the acquisition. Newmark's South Florida office led by Avery Klann exclusively represented the seller, while JLL's Rob Carey (Washington, DC office) and Ted Taylor (South Florida office) along with Newmark's Debt and Structured Finance team of Kassi Saridakis (Washington, DC office) and Matt Williams (South Florida office) advised Lerner on the transaction.

Motion at Dadeland is a 25-story class A+ multifamily high-rise community comprised of 294 market-rate apartments and 8,246 SF of amenity-based retail, including a preschool slated to open Q4 2021. The building is located at 8400 S. Dixie Highway, adjacent to Dadeland North Metrorail Station in Miami, Florida. Lerner will also be the property and asset manager of Motion at Dadeland.

"We are excited to own and manage a market-leading asset and provide increased value to our residents in Florida," said Melissa Balkin, Managing Director, Lerner Residential Florida.

Founded in 1952, Lerner is a developer, owner and manager of office, multifamily, retail and hospitality assets primarily in the greater Washington, DC region but also in other markets such as New York City and Florida. Lerner is also the owner of the Washington Nationals Baseball Club, the 2019 World Series Champions. Lerner's expertise in the Florida markets began with the Nationals' 160-acre training facility at The Ballpark of the Palm Beaches in West Palm Beach.

"We are thrilled to add to our Florida portfolio with the acquisition of Motion at Dadeland. Lerner is aggressively pursuing multi-family assets across Florida, focused primarily on the tri-county regions of Palm Beach, Broward and Miami-Dade counties. Motion will be a cornerstore asset in our portfolio for many years and we are pleased to complete our first transaction with KKR as a lender," reported Michael L. Cohen, Vice President of Investments at Lerner.

Motion at Dadeland, a transit-oriented development, is located within a ½ mile of nearly 2 million square feet of office with nearly 12 million square feet across the Dadeland submarket. Motion is also across the street from Dadeland Station which is home to Target, Best Buy, Dick's Sporting Goods, Bed Bath and Beyond, Michaels and PetSmart. The property is also walking distance from Dadeland Mall, which is the home of Tesla, Apple Store, Cheesecake Factory, Chick-Fil-A, LEGO, Coach, Disney Store, Macy's Florida Flagship, JC Penney, Zara, Lacoste and Saks Fifth Avenue.

Image via 13th Floor Investments