Multifamily Development Site For Approved M Tower Sells For $10 Million In Downtown Miami

The New York-based Lions Group has acquired a development site in Downtown Miami for $10 million which has a project known as M Tower approved to be built. M Tower is planned to rise 53-stories and offer 440-unit apartment units, located at 56 SW 1st St and 65 SW 2nd Street. Colliers' Urban Core Division Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented the seller, the Aventura-based S2 Development, and EP Realty’s Estrella Perez represented the buyer, Lions Group, in the transaction.

“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.”

M Tower will consist of 622,783 SF of gross building area, with 25,732 SF of office space and 1,089 SF of retail. The development site also includes a parking garage owned by the Miami Parking Authority (MPA), located at 70 SW 1st St. The 16,718 SF site includes air rights, waivers, and the ability to build residential units over the adjacent parking garage. The proposed units are targeted toward students and young professionals looking for a connected urban experience, currently the largest market of downtown residents.

The project has Urban Development Review Board (UDRB) approval, which it obtained through an extensive RFP process. The entitlement provides additional air rights, waivers, and the ability to construct a residential tower over the adjacent Miami Parking Authority (MPA) garage.

Downtown Miami continues to experience robust demand as it attracts a younger, wealthier and more educated population. Downtown is the largest employment center in Miami-Dade, with more than 175,000 employees and a day-time population of 235,000. The city is home to the highest concentration of banks and financial institutions outside of Manhattan, and tourism is at an all-time high with more than 6 million visitors per year. M Tower stands to benefit from the area’s rapid population growth. Since 2010, the population of Downtown Miami has increased approximately 52% and is expected to increase another 16% by 2024.

Beach Towing Purchases Sunset Harbour Commercial Property For $6.5 Million

Longtime Sunset Harbour tenant Beach Towing has acquired a commercial property South Beach’s Sunset Harbour neighborhood for $6.5 million. The property is located at 1349 Dade Boulevard in Miami Beach and consists of a 2,600 SF building and a 17,932 SF lot.

The transaction was overseen by Colliers Urban Core Division led by Colliers' Executive Managing Director Mika Mattingly and Associate Cecilia Estevez, who represented the seller Festa Family Trust. Eric A. Gonzalez of Roca Gonzalez, P.A. was legal counsel representing the Festa Family Trust in the sale of the property.

“Sunset Harbour has undergone an incredible transformation,” said Mattingly. “This is the first neighborhood I farmed, selling a good chunk of the market’s available land at the time. The area has exploded with development since then.”

Beach Towing has operated an automobile storage and towing company at the property since 1986. The towing company began operations when the property was within an Intensive Commercial District (C-6), which grandfathered the company in when the zoning was changed three years later to Commercial Medium Intensity (C-5). Beach Towing operates as a legal, non-conforming business.

Sunset Harbour has been one of South Florida’s most in-demand neighborhoods in Miami. Miami Beach developer Ronny Finvarb recently acquired a 10,200 SF Sunset Harbour site at 1790 Alton Road for $4 million. Down the road Eighteen Sunset, a mixed-use residential and commercial building featuring office space and an ultra-luxury penthouse, is currently being developed by Deco Capital Group.

One Of The Largest Multifamily Portfolio's Assembled In Miami's Little Haiti Trades For $11.6 Million In Off-Market Transaction

One of the largest multifamily portfolios ever assembled and sold in Miami’s fast-growing Little Haiti neighborhood has sold for $11.6 million. Secamar LLC sold Buena Vista Gardens, the 89-unit portfolio at 5601 NW First Ave., to Bowery Properties, led by Thomas Neary. The transaction was overseen by DWNTWN Realty Advisors Executive Skyler Marinoff who represented both the buyer and seller in the off-market transaction. City National Bank provided acquisition financing to the buyer which closed on July 23.

“I am thrilled to complete this transaction, which underscores our firm’s creativity, strong relationships and role as a market leader,” Marinoff said. “Little Haiti is seeing significant multifamily investment activity in conjunction with the neighborhood’s overall expansion. Large-scale development in the pipeline for Little Haiti and surrounding neighborhoods will further fuel investor interest.”

Singapore-Based PRIME US REIT Acquires One Town Center Office In Boca Raton For $99.5 Million

The Singapore-based Prime US REIT has acquired the One Town Center office building in Boca Raton for $99.5 million. The sale price equates to $520 PSF and a 5.8% CAP rate. The seller was a joint venture between the buildings developer, the Boca Raton-based CP Group, who is the property manager and developed the building under their former name Crocker Partners, and New York City-based Siguler Guff & Co. CP Group was represented in the transaction by CBRE Vice Chairman Chris Lee, EVP José Lobón, VP Amy Julian, financial analyst Andrew Chilgren, and associate Royce Rose. The California-based KBS assisted the buyer in procuring the deal.

CP Group will continue to manage the property which was over 95% leased at the time of sale. Prime US REIT plans to renovate the common areas, lobby and restrooms.

One Town Center is a 191,294 SF office building developed in 1991 by Thomas Crocker. and located at 5355 Town Center Road. It last traded in 2014 for $81 million but was only 34% occupied at the time of sale. One Town Center rises 10-stories and features 709-parking spaces along with tenant amenities which include a café, restaurant, full security system, balcony access and a fitness center.

Image via CP Group

Todd Michael Glaser Sells South Ocean Boulevard Palm Beach Oceanfront Estate For $28.5 Million

Real estate developer Todd Michael Glaser has sold an oceanfront Palm Beach estate for $28.5 million. Located at 870 S Ocean in Palm Beach's coveted Estate Section, the home is currently undergoing renovations which are slated for completion in late 2021. Chad Carroll with the Carroll Group at Compass represented the buyer while Suzanne Frisbie with the Corcoran Group represented Glaser.

870 S Ocean spans 6 bedrooms and 7.5 bathrooms spread over 7,589 SF. The redevelopment is being designed by DOMO DESIGN + ARCHITECTURE and when complete the mediterranean style home will offer the most lavish luxury finishes and a spectacular beachfront cabana and pool.

Todd Michael Glaser has been extremely active in South Florida’s ultra-luxury spec home market over the past several years. In Palm Beach Glaser is currently developing 10 Tarpon Island which he recently launched for $200 million. He is also redeveloping the former estate of the late disgraced financier Jeffrey Epstein. In Miami Glaser and his partners Randall, Robins and Fryd recently acquired the former estate of “Sábado Gigante” host Don Francisco for $23.8 million. He is also developing 37 Indian Creek which just launched for $55 million, 6015 North Bay Road, 163 Bal Cross, 386 Golden Beach Drive and a myriad of other ultra-luxury spec mansions and owner reps homes.

Imagery via Suzanne Frisbie

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Former Owner of Club Space Acquires South Beach Multifamily In South of Fifth For $5.567 Million

Louis Puig, the former owner of Club Space, has acquired a multifamily property in Miami Beach’s South of Fifth neighborhood and plans to convert the space into a boutique hotel. Puig payed $5.567 million for 333 Jefferson Ave., a gated 24 unit multifamily property which was developed in 1939. The multifamily property sits on two lots spanning .32 acres. The current structure is 12,371 SF but zoning allows for over 21,000+ SF.

Susan Gale & Serena Joaquim with ONE Sotheby's International Realty represented the seller, 333 Jefferson Holdings. Gema Ruiz of Cedano Realty Advisors and Jose Maria de Guzman represented Puig, the buyer.

Puig plans to renovate the property and will offer a mix of studio, one-bed and two-bed units licensed for short-term rental.

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Automotive Management Services Acquires Jaguar Fort Lauderdale Property For $11.8 Million

An entity tied to the West Palm beach-based Automotive Management Services has acquired the Jaguar Fort Lauderdale property for $11.8 million from the Fort Lauderdale-based AutoNation (NYSE: AN). The transaction was overseen by Chase Deuschle of CBRE. Automotive Management Services is one of the largest privately held automotive dealership firms in the United States.

The dealership was developed in 2004 and features a 107,019 SF structure on a 2.51-acre site. The dealership has the capacity to hold up to 1,200 cars. Located at 6606 N Andrews Ave., the dealership is visibly exposed to I-95. AutoNation first acquired the property in 2017 for $14 million. The dealership was previously known as Alpine Jaguar.

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Distressed Office Building In Lake Worth Auctioned On Ten-X For $5.5 Million

A distressed office building in Lake Worth, FL has successfully been auctioned on the Ten-X online auction platform as the sale reflects the low inventory yet high demand for distressed and medical office assets. JFK Medical Building, located at 4801 South Congress Ave. in Lake Worth, closed for $5.55 million in the online auction.

JFK Medical Building is a four-story, multi-tenant medical office building totaling 35,078 rentable square feet. The property is located at 4801 South Congress Ave in Lake Worth, situated in one of the two primary office nodes of Palm Beach County’s Palm Springs/Lake Worth submarkets.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Vice President Brian de la Fé; and Associate Berkley Bloodworth completed the sale of the foreclosure property on behalf of the owner, JPMCC 2006-LDP7 OFFICE 4801, LLC. BD 4801, LLC was the buyer.

“As REO [real estate owned] distressed asset inventory remains low, the 30-percent-occupied JFK Medical Building represented a significant investment opportunity at a considerable discount to replacement cost,” said Crotty. “The asset’s recent renovations, coupled with it’s proximity to the JFK Medical Center, will provide the buyer with tremendous upside from lease-up opportunities.”

Located within a half-mile of the main campus of the JFK Medical Center, a 486-bed medical and surgical facility, and HCA East Florida-affiliated hospital, JFK Medical Building boasts excellent frontage, access, and visibility on Congress Avenue, and is just one mile west of Interstate 95. Over the past two years, ownership invested over $500,000 in major capital expenditure work including, new elevator cabs, a new common-area HVAC system, new flooring in the lobby, a resealed parking lot, new exterior landscaping, refaced monument signage, and a partial ceiling tile replacement.

Leasing activity has been strong in Palm Beach County to date in 2021, with strong in-migration coming from the Northeast contributing to the market’s economic growth. As a result, average base rents the county continue to climb and are among the highest in the country, according to Avison Young.

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MG3 Developer Acquires Doral Concourse From DRA Advisors For $96 Million

The Aventura-based MG3 Developer has acquired Doral Concourse from DRA Advisors for $96 million. The price equates to roughly $399 PSF and the asset was 95% leased at the time of sale. Tenants include General Mills, Greenberg Traurig, Starboard Cruise Services and Onboard Media. DRA Advisors was represented by Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Gordon Messinger of CBRE in the transaction.

The 245,803 SF office property was developed in 2001 and sits on 5.2 acres located at 8400 NW 36th St. DRA Advisors acquired the six-story property in 2014 for $54,186,668 as part of a six-property portfolio they acquired for $131.7 million.

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Finvarb Group Adds To Deerfield Beach Assemblage With Acquisition Of Mixed-Use Property For $9.3 Million

Ronny Finvarb’s Finvarb Group has added to their Deerfield Beach assemblage with the acquisition of a mixed-use property at 233-245 N. Ocean Dr. in Deerfield Beach for $9.3 million. The 60,310 SF property was developed in 1988 and features a mix of office and retail tenants including Remax, 4D Gelateria, RNR Securities and Umberto’s Pizza. It was 97.2% leased at the time of transaction. The seller was Atlantic Pavillion Holdings who acquired the property in 2012 for $2.7 million.

233-245 N. Ocean Dr. is located adjacent to a 41,679 SF parking lot and JB’s on the Beach, a 9,000 SF beachfront restaurant located at 300 NE 21st Ave. which Finvarb Group acquired in March 2021 for $11 million. The most recent acquisition completes a complex transaction for the entire assemblage which totaled $20.4 million and was financed with a $14.2 million acquisition loan from Apollo Bank.

The Miami Beach-based Finvarb Group is led by hospitality and real estate investor Ronny Finvarb and one of the fastest-growing real estate development companies in the nation. Finvarb Group has developed and owns hotels in Miami Beach as well as different parts of Florida, Arizona and Texas. They recently completed the Kobi Karp-designed Kimpton Palomar South Beach which features Osteria Morini Miami Beach, a trendy, high-end Italian restaurant operated by the award-winning Altamarea Group.

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