Ronny Finvarb Acquires Alton Road Site In Sunset Harbour For Luxury Boutique Hotel

Miami Beach developer Ronny Finvarb has closed on a site on Alton Road at the entry to the popular Sunset Harbour neighborhood where he plans a boutique hotel. Finvarb paid $4 million for the 10,200 square foot site which is located at 1790 Alton Road. He plans a luxury boutique hotel with 36 units and a ground floor restaurant. The renderings were designed by GEK Architecture. Finvarb expects to submit an application to the City of Miami Beach soon and begin construction in 2022. The site is across the street from the Kimpton Palomar South Beach, which Finvarb recently developed.

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 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.

Abbhi Capital Acquires 1-Acre Miami Worldcenter Development Parcel For $20 Million

The master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development now underway in the heart of Downtown Miami, has sold a 1-acre parcel to Coral Gables-based investment firm Abbhi Capital for $20 million. The property is the west parcel of Miami Worldcenter’s “Block A,” which is located between NE 10th and 11th Streets along NE 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The Cushman & Wakefield team of Robert Given, Troy Ballard, and James Quinn represented the seller, “MWC Block A, LLC” in the transaction.

The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million.

“Abbhi Capital's investment in Miami Worldcenter's mixed-use master plan is the latest example of sustained interest from like-minded firms that see value in aligning with our best-in-class team of developers and operators. We look forward to collaborating with the Abbhi Capital team as our vision for a 'city within a city' in the heart of Downtown Miami comes to life with an array of residential, retail, commercial, entertainment, and hotel uses," said Nitin Motwani, Managing Partner of Miami Worldcenter Associates.

“Abbhi Capital is excited to expand our commitment to Miami Worldcenter and we are proud to be a part of the strategic vision of a ‘city within a city.’ We look forward to the bright future of this incredible location and project," said Sankesh Abbhi, Managing Partner of Abbhi Capital.

Miami Worldcenter’s master plan continues to deliver in phases. As the largest private development underway in Florida, the development will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of approximately 300,000 square feet of retail, restaurant and entertainment space.

Two residential buildings have been completed, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet of retail has been completed for tenant build-out, with another 130,000 square feet currently under construction and nearing delivery. Construction has topped off at ZOM’s 43-story Bezel Miami Worldcenter, a 434-unit rental tower slated to open later this year, and at Miami Worldcenter’s 351-room citizenM hotel, which is expected to open in December.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; AmericanAirlines Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail, making Miami Worldcenter the largest and most-connected transit-oriented development in Florida.

Soliman Corp. Acquires Hallandale Beach Office Building From KEI Properties For $16.5 Million

Canadian real estate investment firm Soliman Corp., led by Jeffrey Soliman, has acquired a multi-tenant office building in Hallandale Beach from KEI Properties for $16.5 million. The 11-story, 117,668 square-foot office building is located at 1250 E. Hallandale Beach Blvd. in Hallandale Beach, FL. The buyer, Soliman Corp, an affiliate of 1250 E. Hallandale LP, acquired the property from Murray Family Associates, an affiliate of KEI Properties. The transaction was overseen by Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm. Adam J. Tiktin, president and broker of TREIS, represented both the Buyer and Seller in this transaction. The closing took place March 31st.

Originally constructed in 1973, the building was 78% leased at the time of sale. Soliman Corp. plans to execute a value add strategy by renovating the lobby, hallways and common areas. The building is situated on over 2.5 acres of land and located just two miles from the Aventura Mall and less than a mile away from Gulfstream Park. KEI Properties originally acquired the property in 1998 for $4.3 million.

RedSky Capital And JZ Capital Partners Sell Wynwood Block For $24 Million

A partnership between RedSky Capital and JZ Capital Partners has sold the retail building known as Wynwood Block for $24 million, $969 per square foot, to Wynwood Block Realty LLC. The sale reflects a $2 million loss from the $26 million, $1,050 per square foot, the partnership paid for the property in 2015. The transaction was financed with a $12.2 million mortgage provided by Valley National Bank.

Located at 190 NW 27th St. and 2621 NW 2nd Ave., the building spans 24,763 square feet and the total site spans 36,750 square feet, .87 acres. Tenants include Wynwood Diner, Aesop, Mister Block Cafe and Italia Independent.

In September 2020 the RedSky Capital and JZ Capital Partners joint venture sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million to New York-based real estate investment and development firm Seven Valleys. The sale marked a $4.69 million loss from the $30.75 million the partnership paid for the property in 2016.

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Blackstone Acquires MiamiCentral Office Buildings For $230 Million To Build Downtown Miami Technology Hub

The New York City-based global investment firm Blackstone has acquired the 2 and 3 MiamiCentral office buildings from Shorenstein Properties for $230 million. The office complex, which was developed in 2017 and 2018, spans 317,939 square feet, breaking the transaction down to $723.41 per square foot. The office buildings are located at 161 NW 6th St. and 700 NW 1st Ave.; additionally, they are connected to MiamiCentral Station, which offers the Brightline train service to Fort Lauderdale and West Palm Beach. Shorenstein Properties initially acquired the properties for $170.5 million in May 2019.

Blackstone leased 41,000 square feet at 2 MiamiCentral in January 2021 for Blackstone’s in-house technology team BXTI before committing to buying the buildings. Blackstone plans to build a technology hub in Downtown Miami and will use the new acquisitions as part of its initiative. The firm plans to hire over 200 technology employees in Miami.

Other tenants at 2 & 3 Miami Central include Ernst & Young, Regus, Moss & Associates, Atlantic Pacific Corporation, Publix, Brightline, CONCACAF, MTV, Einstein Bros. Bagels and Florida East Coast Industries.

Aztec Group Secures Debt & Equity For Retail Acquisition In South Carolina

Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm for the past 40 years, has announced that Managing Directors Jason Shapiro and Sean Harrington, and Senior Associate, Joel Zusman secured a $10.75 million, 60% loan-to-cost, non-recourse loan and joint venture equity for the acquisition of Chapin Crossing, a 72,714 square foot Publix-anchored shopping center located in Chapin (Columbia MSA), South Carolina.

Located at 1235 Chapin Road, the property was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres of land. Chapin Crossing is comprised of a 45,600 square foot Publix, 13,950 square feet of in-line space and a 13,164 square foot multi-tenant outparcel. The Property’s tenants include Anytime Fitness, Marco's Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike's, Verizon and Palmetto Health.

Aztec Group represented the buyer, a partnership led by affiliates of Miami, Florida-based CF Properties Corp. The lender is a Missouri-based life insurance company, and the loan was executed with a fixed rate under 3.0% for ten years. “The low, fixed interest rate will further support the buyer’s objective of strong and long-term cashflow, which has become difficult to find today,” said Sean Harrington.

Over the last 90 days, Aztec Group’s team has closed over $250,000,000 in debt and equity engagements for multifamily, retail, office, land and industrial properties across the Southeast.

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.

New Urban Communities Sells Azul Apartments In Stuart For $15.5 Million

The Delray Beach-based New Urban Communities, led by Kevin Rickard and Tim Hernandez, has sold Azul Apartments in Stuart for $15.5 million to the San Diego-based public REIT DiversyFund Growth REIT. The price breaks down to roughly $316,000 per unit. The transaction was overseen by Stephen Nostrand and Alexis Shapiro with ONE Commercial Real Estate. Azul Apartments was developed in 2019 and features 49 units spread over 32,577 square feet of total developed. Units come in one, two and three-bedroom floor plans and amenities include a pool, spa, fitness center, media center, club room, walking trails and on-site management. Located at 201 SW Joan Jefferson Way, Azul Apartments rises three-stories on 1.6 acres of land which was leased by the city to the developer was designed by Martin Architectural Group.

Suntex Marina Investors Acquires Prime Marina Miami In Coconut Grove

The Dallas-based Suntex Marina Investors LLC has acquired Prime Marina Miami in Coconut Grove. Terms of the deal were not disclosed but it does include the transfer of a 70-year lease on 111 boat slips which was recently signed by Prime Marina Group. Suntex will change the property’s name back to its original name, Bayshore Landing.

Bayshore Landing features 111 boat slips which can accommodate boats up to 130’ as well as 15,000 square feet of restaurant space and 30,000 square feet of retail space. Current tenants include Monty’s Raw Bar, Sushi Maki and Starbucks. The property is 100% occupied. Bayshore Landing offers pump out and fuel services, 24/7 access, security patrol, lighted parking and a valet service.

"Suntex is actively growing and seeking acquisitions that align with our core objectives to be the premier marina operator in the U.S.," said David Filler, head of Suntex Investments, Florida. "Biscayne Bay and the surrounding neighborhoods like Coconut Grove represent one of the greatest boating communities in the world; we are pleased to add this property to our portfolio."

Suntex’s portfolio includes marinas across Florida including Bahia Mar Marina in Fort Lauderdale and Miami Beach Marina. Suntex also owns marinas in California, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee and Virginia.