Demetri Demascus 11/8/21 Demetri Demascus 11/8/21

Finvarb Group Acquires The Landon Bay Harbor Hotel For $10 Million

Finvarb Group, led by Ronny Finvarb, has acquired The Landon Bay Harbor Hotel for $10 million, roughly $219,000 per key. The seller was BHI Hotel who acquired the property in 2007 for $3.9 million. The property was listed with David Cohen and Arthur Porosoff with Compass as well as David Greenberg with Marcus & Millichap.

Finvarb Group, led by Ronny Finvarb, has acquired The Landon Bay Harbor Hotel for $10 million, roughly $219,000 per key. The seller was BHI Hotel who acquired the property in 2007 for $3.9 million. The property was listed with David Cohen and Arthur Porosoff with Compass as well as David Greenberg with Marcus & Millichap. The Landon was built in 1946, renovated in 2010, and is located at 9650 East Bay Harbor Drive. The boutique hotel features 46-keys and spans 22,729 SF. The Landon is also home to The Palm Miami.

The hotel market in Miami has been extremely hot over the past several months. Swire Properties recently sold the 352-key East Hotel in Brickell City Centre for $174 million; Victory Investments Group acquired the art deco Hotel Astor on Miami Beach for $12.75 million; the Brazil-based real estate development firm JHSF acquired the COMO Metropolitan Miami Beach hotel for $70 million; Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, acquired the Conrad Miami hotel for over $100 million; and AMS Hospitality, a joint venture between The Allen Morris Company and Black Salmon, acquired the 97-key Circa 39 Hotel in Miami Beach for $25.5 million.

The Finvarb Group is a real estate development and investment company specializing in developing quality mixed-use hotels in premium urban locations and in emerging and underserved markets throughout the United States. The Finvarb Group owns, develops and invests in areas with strong demand growth and which appeal to both business and leisure travelers alike. The Finvarb Group's hotels are linked by a common thread of excellence, distinctiveness and a passionate commitment to deliver outstanding quality. Finvarb Group recently developed and owns The Kimpton Palomar South Beach and recently broke ground on The Thompson South Beach.

Demetri Demascus 4/15/21 Demetri Demascus 4/15/21

Last Mile Investments Acquires Jupiter Retail Plaza From Elion Partners For $18.5 million

The Cincinnati-based Last Mile Investments have acquired the Pennock Square retail plaza in Jupiter for $18.5 million from the North Miami Beach-based Elion Partners, led by Shlomo Khoudari. Huntington National Bank financed the deal with a $12.95 million mortgage.

The Cincinnati-based Last Mile Investments have acquired the Pennock Square retail plaza in Jupiter for $18.5 million from the North Miami Beach-based Elion Partners, led by Shlomo Khoudari. Huntington National Bank financed the deal with a $12.95 million mortgage. The property was listed with Kirk Olson, Drew Kristol and Alex Zylberglait of Marcus & Millichap as well as Patrick Wagor of Atlantic Retail.

Pennock Square is located at 901 W Indiantown Rd. in Jupiter, FL and was developed in 1997. The property spans 43,485 square feet and sits on 4.16 acres. Tenants include Aspen Dental, Vitamin Shoppe, Club Champion, T-Mobile, Pizza Hut and Stanton Optical. The property last sold for $15.55 million in 2014.

Demetri Demascus 11/25/20 Demetri Demascus 11/25/20

Carlos Mattos And Family Acquire Waterway Shoppes of Weston For $20.45 Million

An entity tied to the Mattos family, led by Carlos Mattos and his children, Nicolas and Isabella Mattos, have acquired the Waterway Shoppes of Weston for $20.45 million, roughly $501 per square foot. Waterway Shoppes of Weston was developed in 1999 and was acquired by the seller, Waterway Ventures LLC, an entity tied to Fondo Atlas and Dylan Fonseca, for $15.3 million in May 2015.

An entity tied to the Mattos family, led by Carlos Mattos and his children, Nicolas and Isabella Mattos, have acquired the Waterway Shoppes of Weston for $20.45 million, roughly $501 per square foot. Waterway Shoppes of Weston was developed in 1999 and was acquired by the seller, Waterway Ventures LLC, an entity tied to Fondo Atlas and Dylan Fonseca, for $15.3 million in May 2015. The property was listed with Kirk Olson and Drew Kristol of Marcus & Millichap for $20.65 million. Gordon Messinger of Cushman & Wakefield represented the buyer in the transaction. The acquisition was financed with a $9.98 million CMBS loan provided by Deutsche Bank.

Waterway Shoppes of Weston is located at 2210-2282 Weston Rd. and spans 40,848 square feet on 4.95 acres of land. Tenants include AT&T, Hooters, Lucille’s American Café, Chill-N Nitrogen Ice Cream, Cyclebar, BankUnited, Lucille’s American Café, Baires Grill and Pearl Vision Center.

Demetri Demascus 9/2/20 Demetri Demascus 9/2/20

Aimco Acquires Hamilton On The Bay Multifamily In Edgewater For $89.6 Million

The 275 unit bayfront multifamily rental tower Hamilton on the Bay in Miami’s Edgewater neighborhood has sold for $89,600,000, which breaks down to roughly $330,000 per unit. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the seller, Properties of Hamilton, Inc. in the transaction.

The 275 unit bayfront multifamily rental tower Hamilton on the Bay in Miami’s Edgewater neighborhood has sold for $89,600,000, which breaks down to roughly $330,000 per unit. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the seller, Properties of Hamilton, Inc. in the transaction. The property was originally developed by Ted Arison, founder of Carnival Cruise line, in 1984.

Apartment Investment and Management Company (Aimco | NYSE: AIV), is a publicly traded real estate investment trust (REIT) who owns over 120+ apartment communities comprising 32,000+ apartment units in major markets across the United States. Aimco also owns Atlanta, New York, San Francisco, Boston, Chicago, Denver, Washington DC, Los Angeles, Philadelphia, Seattle and San Diego. In Miami Aimco also owns Flamingo in South Beach, Bay Parc Apartments in Edgewater and Yacht Club in Brickell.

Demetri Demascus 7/23/20 Demetri Demascus 7/23/20

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.

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.

Demetri Demascus 10/24/19 Demetri Demascus 10/24/19

Galium Capital Closes On Palm Square Retail Center In Pembroke Pines For $20.475 Million

Galium Capital, a Miami-based private equity firm, has closed on Palm Square, a 77,621 SF shopping center in Pembroke Pines, Florida. The sales price was $20.475 million and the closing was overseen by Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI).

“Palm square is a true service-oriented neighborhood retail center located in one of the most sought-after markets in South Florida” said Jacques Bessoudo of Galium Capital. “Buying un-anchored “e-commerce proof” retail assets in sound markets is an investment thesis we feel strongly about, and are very excited about this latest acquisition”

Palm Square has more than 600 linear feet of prime retail frontage along Pembroke Pines’ a main retail corridor, Pines Boulevard, and over 160,000 people live within a three-mile radius. Tenants include Dunkin’ Donuts, KFC, Sherwin-Williams, and Goldfish Swim School. The property was built in 1987 on eight acres.

“Palm Square is service-oriented, unanchored retail strip center that at the time of the sale was 96% occupied by free-standing national tenants and prominent inline lessees,” said Jean-Baptiste Ramet of Marcus & Millichap’s Miami office. “The property is positioned within a thriving Broward County submarket just two blocks from the Pembroke Pines City Center and in the midst of newly completed and proposed multifamily, retail and mixed-use development.”

Ramet, Kirk D. Olson, and Drew A. Kristol, IPA senior directors, represented both the seller, Bar Invest, a Miami-based private investment group and the Buyer, Aventura-based Galium Capital. Galium Capital manages over $350 million of commercial property comprised of multifamily, office, and retail product across different national markets. Palm Square is their second retail acquisition in Florida, after The Shoppes at Lake Mary (101 N. Country Club Dr.) was purchased in early 2018. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.