Waterfront Estate In Bal Harbour Trades For $43 Million In Off-Market Transaction

A waterfront estate in Bal Harbour has traded for $42,973,750 in an off-market transaction, marking a record for the priciest sale in Bal Harbour this year.

Located at 56 Bal Bay Drive, the newly completed waterfront estate offers 7 bedrooms, 8 full baths and one-half bath across 10,801 square feet of interiors on a sprawling 21,225-square-foot lot with 100 feet of prime water frontage. Developed by Saber South Real Estate, the residence was designed by NMD NOMADAS and expertly constructed by Amarilla.

Per public record, the sellers are Michael G. Klinger of Saber Real Estate and his wife Michelle Klinger. They were represented by Dina Goldentayer with Douglas Elliman and Joel Lusky at The Brokerage South Florida Real Estate.

Bal Harbour is South Florida's most exclusive residential enclaves. Residents enjoy the convenience of a highly walkable environment, with beaches, acclaimed dining destinations and the world-famous Bal Harbour Shops all within easy reach. The community has a dedicated police department, which provides residents with an added sense of privacy and security. In 2024, Brazilian soccer star Neymar Jr. purchased a $26 million vacant waterfront lot in the community.

Images via Become Legendary

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Cordova Building In Fort Lauderdale Trades For $7 Million In Off-Market Office Transaction

The Cordova Building in Fort Lauderdale has sold for $7 million in an off market transaction. Southern Centers Associates I LP, led by longtime Fort Lauderdale developers and investors Kevin Buckley and Randall Kella, sold the 1500 Cordova Road property to Sunrise-based Centerline Capital Advisors. The transaction closed on April 6 and was represented Native Realty CEO Jaime Sturgis who represented both sides of the transaction.

The 29,333-square-foot office building sits on a 0.8-acre property. Willis Tower Insurance and Luke Brown Yachts are two of the building’s notable tenants. Sturgis was engaged by the seller to handle the discreet off-market disposition process.

Centerline actively purchases and manages income-producing assets in South Florida. The company was launched in 2013 to continue the legacy of predecessor Centerline Homes, a prolific homebuilder that was acquired by Standard Pacific.

The Cordova Building sale is Native’s second significant closing in the past few days. Sturgis and Senior Associate Dan Ross represented the sellers in the $11 million sale of the future site of Advantis Station at Flagler Village on March 31. The duo brought together four different property owners to complete that transaction.

“From complex land assemblages to trophy office buildings, we are making significant deals happen in a tight market with limited inventory,” Sturgis said. “With the off-market Cordova Building sale, we identified the right buyer to execute quickly and allow the seller to have a smooth exit. We are actively looking for more inventory to help sellers realize maximum value for their properties.”

Office Building On Ponce de Leon Boulevard In Coral Gables Trades For $14 Million

An office building located on Ponce de Leon Boulevard in Coral Gables has traded for $14,050,000 in a value add, off-market deal. The 7-story, 87,134 SF office building was mostly vacant at the time of sale and is located at 2000 Ponce De Leon Blvd. The property features 7,500 SF of ground-floor retail space and 100 parking spaces. 2000 Ponce de Leon Blvd. was acquired Westside Capital who plans to renovate the building including common areas and elevators before leasing out the property and occupying the 7th floor penthouse. The seller was the Kronfle family who acquired the land in 1996 for $840,000 and developed the building in 2000. Fabio Faerman and Sebastian Faerman of FA Commercial oversaw both sides of the transaction.

Coral Gables has seen high demand and a good deal of development activity for commercial real estate recently. In February Constellation Group paid $10 million for two single-story office buildings that they plan to redevelop into a 75,000 SF office building. In December Fortress Investment Group acquired Bancorp’s headquarters building for $135 million in a sale-leaseback and Terranova acquired an office building at 93 Miracle Mile for $6.8 million. Agave Holdings is also developing The Plaza Coral Gables, a mixed-use mega-project. To start off the year

Lavish Coconut Grove Waterfront Estate Casa Bahia Designed by Filmmaker Alejandro Landes Sells For $45.91 Million

Casa Bahia, a hyper-luxurious tropical contemporary located at 3085 Munroe Drive designed by Zyscovich Architects in partnership with filmmaker Alejandro Landes, has sold for $45.91 million in an off-market transaction. The purchase was financed with a $25.3 million mortgage provided by First Republic Bank.

Casa Bahia spans 13,843 SF spread over 7 bedrooms, 8 full-bathrooms and 1 half-bath with interiors designed by Landes’ mother, Catalina Echavarria, of CES Studio. The estate also features a 2 bedroom guest house, theater, custom wine cellar, stunning floor-to-ceiling glass offering panoramic views of Biscayne Bay, rooftop deck, smart home technology, 8 car garage, 4 kitchens, 518' of waterfront with private dock and a 73-foot heated pool.

Casa Bahia first hit the market for $50 million in September 2016. The home won the Architizer Popular Choice A+ Award in the Architcture + Water category.

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Henley USA Closes On The Eurostars Vintro Hotel In South Beach For $20 Million

The Eurostars Vintro Hotel, located at 2216 Park Avenue in South Beach has sold in an off market deal for $20 million to Henley USA. The deal equates to roughly $400,000 per key for the 50-room hotel, which was previously owned by Encotel, LLC. The deal was overseen by Susan Gale of ONE Sotheby's International Realty, who represented both the buyer and the seller. The 25,931 SF hotel was originally built in 1934 and features a rooftop lounge with plunge pool, restaurant, garden area, lobby bar and solarium. The hotel is managed by Eurostars  

Henley USA is the U.S. branch of the UK-based private equity firm Henley. Encotel, LLC. purchased the property in 2011 for $3.5 million. Henley closed on the Jefferson Hotel in Little Havana and the Jazz on Collins Avenue in South Beach earlier this year and plans to transform them into their high-end hostel concept known as Life House. 

Marinablue Downtown Retail Space Sells for $14.94 Million

Marinablue's ground floor retail space with prime Biscayne bay-front location just recently sold for $14.94. The sale comes out to approximately $1,347 SF and has 7 retail units spanning 11,090 SF. Wine by the Bay has a long term lease on one of the units. The deal was brokered off market with the buyer being European investor Aran Properties. In March CVS signed a 25 year lease for the space with the store opening in July. This is another exciting development in the fast changing Downtown Miami which has seen population rise by over 29% in the past 5 years and brings yet more value to the Museum Park group of buildings which also just saw an STK and Me Miami Hotel open in Marquis Residences.