Cantina La Veinte Space In Icon Brickell Trades For $18.8 Million In Off Market NNN Deal

The waterfront retail condo in Icon Brickell that is home to hotspot Mexican restaurant Cantina La Veinte, or Cantina La 20, has sold for $18.8 million. The tenant will remain in place with a brand-new 15-year lease, with 2 and 5-year renewal options. The two story retail condo spans 11,176 SF and is located on the Brickell Baywalk. Fabio and Sebastian Faerman of FA Commercial represented both the buyer and the seller in the off market NNN transaction.

The transaction brings the property full circle for FA Commercial as they initially represented the current seller when they first acquired the property pre-construction. FA Commercial later leased the property to Cantina La Veinte, then sold the retail condo with the tenant in place and now has sold retail property once again.

Icon Brickell is a waterfront 3-tower complex situated in the financial district of Miami which is also home to the W Miami Hotel and Cipriani Downtown Miami. Icon Brickell is located on the Brickell Baywalk and is a few blocks from Mary Brickell Village. Cantina La Veinte is located in Tower 2 at 495 Brickell Ave.

Images via FA Commercial

Kushner Cos. And Aimco Acquire Fort Lauderdale Development Site For $49 Million, To Build City's Tallest Tower

A partnership between Kushner Cos. and Aimco (NYSE: AIV) has acquired a development assemblage in Fort Lauderdale for $49 million and plan to develop Fort Lauderdale’s tallest tower. The development partnership acquired a 1.87-acre site at 520 W Broward Blvd. for $35.5 million from Swire Properties as well as a 2.31-acre site at 300 W Broward Blvd. for $13.5 million. The acquisition was financed with a $40 million mortgage provided by MSD Partners.

The towers would rise 48-stories, 546’. The tallest building in Fort Lauderdale is currently the 46-story 100 Las Olas. The project would feature 956 rental apartments, 23,752 SF of commercial space and 1,031 parking spaces. The tower was designed by ODA Architecture and features two towers joined by a 10-story base which will house the amenities including a fitness center, library and resident’s lounge. Atop the landscaped podium will be sunrise and sunset pools, cabanas and a yoga deck. Plans for the project were submitted to the City of Fort Lauderdale for approval in late 2021.

Renderings via ODA Architecture

Wharton Realty Group Acquires Homestead Pavillion Shopping Center For $82 Million

The New Jersey-based Wharton Realty Group has acquired Homestead Pavillion Shopping Center for $82 million from a joint venture including CREC Capital, Highline Real Estate Capital, MMG Equity Partners, and Lubert-Adler Real Estate funds. CREC Capital’s co-founders Alan Esquenazi and Warren Weiser facilitated the sale of a 298,000 SF retail center located at 2400 NE 10th Ct in Homestead. Danny Finkle and Eric Williams from JLL represented the buyer in the transaction.

“The transaction represents a strategic acquisition for the New Jersey-based real estate company to position themselves in an expanding bustling market,” said Alan Esquenazi, Co-Founder & Partner of CREC Capital. “The purchase further validates the strength of the South Florida retail market and the robust recovery in retail space post-pandemic.”

During the pandemic, the JV ownership group fully leased the property by securing tenants including Sprouts Farmers Market, Target, Dr. Limon, and Body Details. This dominant retail center in southern Miami-Dade County serves Homestead, Cutler Ridge, and the Florida Keys. The joint venture retained ownership of Target, Raising Canes, and Murphy Oil.

“Despite the pandemic’s challenging effects on the marketplace, we were able to line up anchor and in-line tenants which elevated the existing tenant base and supported a favorable execution for both sides of the transaction,” said Warren Weiser, Co-Founder & Partner of CREC Capital.

Wharton Realty Group is a premier real estate company based in New Jersey focused on managing and leasing diversified properties across the country with over one thousand tenants.

The resilience of the South Florida retail market throughout the pandemic has made it a hot spot for retail investors. Investment sales volume for retail assets in Miami-Dade County surged by 164.3% in 2021 reaching a total deal volume of $577 million, compared to the pre-pandemic year 2019 where the total trade volume of retail assets was $218 million.

Related Group and Merrimac Ventures Joint Venture Acquires Miami Worldcenter Development Site For $12 Million

A joint venture between Related Group and Dev Motwani’s Merrimac Ventures has acquired a development lot in Miami Worldcenter for $12 million from Miami Worldcenter Associates. The .6 acre lot is located at 601 North Miami Avenue and 25 Northeast Sixth Street and is currently used as a surface parking lot. The site is one of the last remaining parcels available at Miami Worldcenter.

“Related Group and Merrimac Ventures are proud to align for the first time on a transformative project within Miami Worldcenter. More details will be shared in the coming weeks.” Said the development partnership in a statement.

Miami Worldcenter Associates is led by Art Falcone and Dev Motwani’s brother Nitin Motwani. The $4 billion, 27-acre mixed-use project in Downtown Miami is currently under development spanning 10 city blocks. Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 square feet of retail, restaurant and entertainment space. These include two completed residential buildings--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-outs, and another 130,000 square feet is currently under construction and nearing delivery. Construction is nearing completion at ZOM’s 43-story Bezel Miami Worldcenter residential tower and at the 351-room citizenM hotel, both of which are expected to open later this year.

Complementing Miami Worldcenter’s open-air retail will be World Square, a 20,000-square-foot public plaza and park. Designed as a central gathering place and outdoor event space, World Square will serve as the heartbeat of the city-within-a-city featuring an abundance of shade trees, works of art by local and international artists, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts.

Miami Worldcenter is within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; 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.

Moishe Mana Closes On Five Properties In Downtown Miami's Flagler District For $59.62 Million

Moishe Mana is steaming forward on plans for Downtown Miami’s Flagler District after closing on five properties in the past week for $59.62 million. Construction is progressing at several other of his properties in the neighborhood as the demand for office, retail and entertainment spaces in Miami increases. Moishe Mana first acquired three buildings at 100 N Miami Avenue, 173 NE 1st Street and 124 NE 2nd Avenue for $25,375,000. Together the properties total 50,197 sq. ft., situated on 28,750 sq. ft. of land. One week later Mana acquired the Shoreland Arcade building and 1 West Flagler following the acquisition of another three buildings in the neighborhood just last week. The Shoreland Arcade is located at 120 NE 1st Street. and spans 89,994 sq. ft., situated on a 37,994 sq. ft. lot of land. It was acquired for $29.5MM and 1 West Flagler, a 7,900 sq. ft. building was acquired for $4,750,000.

“The Flagler District is the only destination fully equipped to respond to the sky-rocketing demand for office, retail and entertainment space. We’re moving forward with development and approaching completion of key assemblages, adding historic pieces that are central for carrying out our vision for this neighborhood,” said Moishe Mana.

Colliers Urban Core Division Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez represented both the buyers and sellers in each off-market transaction. The sellers of the first three building assemblage were SG&S Inc and Flexini Investments Inc. and the second properties were sold by Broks Center LTD.

“Transformative developments taking shape in downtown Miami, along with organic growth of quality retail and restaurants in the area, have resulted in a migration of people seeking a true work, live, play environment,” said Mattingly. “After years of being ignored by the investment community, everyone is rushing to own a piece of downtown Miami, fueling an insatiable desire for real estate in this submarket. Transactions like this are reducing the inventory available for investment, with very few opportunities of this size and scale remaining in downtown.”

Moishe Mana, CEO of Mana Common, is the largest private landowner in Miami with a significant assemblage of over 60 properties spanning more than 1.3 million square feet in downtown Miami’s Flagler District. Under his real estate division, Mana Properties, the visionary entrepreneur has begun construction on several sites in downtown Miami including at the Nikola Tesla Innovation Hub, the first building on track for completion.

“The Flagler District is on its way to becoming the best neighborhood in America,” said Moishe Mana. “We are turning the downtown core into Miami's economic engine. What the people of Miami really need are jobs-- high-paying, long-term, wealth-creating jobs, so those that built Miami into a global destination can benefit from its prosperity.”

As downtown Miami continues to flourish with the return of global capital and major developments underway, Moishe Mana intends to transform the neighborhood into a global hub for tech and innovation, connecting North and Latin American markets. The vision comes from a thoughtful intent to support commercial development in the downtown core as the demand for office and retail spaces in Miami increases.

‘The sleeping giant that was Downtown Miami is finally roaring awake after a hundred years of slumber,” said Mika Mattingly. “Downtown is evolving organically into the coolest place in Miami. What other location has those exquisite historical buildings?”

Black Lion Investment Group Acquires Commercial Units In South of Fifth's Marea Featuring RED Steakhouse And KoSushi Spaces

Black Lion Investment Group (“Black Lion”) has acquired an entire block of commercial condo units at the base of the iconic Marea building in the heart of Miami Beach’s South of Fifth (“SoFi”) neighborhood. The six-story building at 801 South Pointe Drive was originally developed by the famed Related Group and features 30 luxury residential condos atop the commercial units. Black Lion purchased the 19,100 square feet of premium commercial real estate space for $19,000,000 on December 17, 2021. President and Chief Executive Officer, Fabio Faerman, and Executive Director, Sebastian Faerman, of FA Commercial facilitated the transaction.

Existing tenants include RED Steakhouse, a Miami Beach mainstay for over a decade, and KoSushi, the establishment that debuted the Michelin-starred restaurant in the United States after being awarded the distinction in Brazil upon its opening in 2015. Black Lion has the intent of introducing additional flagship restaurants to the property.

“The entire Miami market has rapidly evolved into the epicenter for fine dining and high-end nightlife experiences over the last several years,” said Robert Rivani, president of Black Lion. “Our objective for the investment in Marea is to invite more fine dining restaurants to this culinary and cultural mecca to further elevate Miami’s reputation on a global scale. We have multiple world-renowned food and beverage concepts in the works and anticipate that even more international and domestic visitors will be attracted not only to our restaurants but to the vibrancy of this burgeoning market overall.”

Other notable restaurants in the SoFi neighborhood include Joe's Stone Crab, Smith & Wollensky, Carbone, Papi Steak, and Estiatorio Milos. Celebrity chef Gordon Ramsey recently announced that he'll be opening his first-ever Miami restaurant, Lucky Cat, just steps from the Marea building.

Forte Capital and Sheridan Capital Partnership Acquires Wynwood Commercial Property For $6.35 Million

Forte Capital, led by Chaim Cahane, and Sheridan Capital have acquired 2830 NW Fifth Ave. in Wynwood from Alex Karakhanian’s LNDMRK Development for $6.35 million. The buyers plan to reposition the existing 14,000-square-foot building at 2830 NW Fifth Ave. into creative offices. DWNTWN Realty Advisors Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff represented both the seller and buyer in the transaction which closed on December 16.

“This property is perfectly positioned within Wynwood’s core pedestrian district and at the intersection of the neighborhood’s high-density main access corridor,” Arellano said. “We successfully marketed the building as an unparalleled adaptive re-use opportunity. The buyers will do a tremendous job executing that plan.”

The property features private gated parking, high ceilings and quick access to highways. It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

“Wynwood is the talk of the nation, given the substantial technology and finance migration to the neighborhood,” Marinoff said. “This building will cater to the demand for cool and creative office space in Wynwood. As we head into 2022, there is still incredible demand from the investment world for acquisition and development opportunities here.”

The Last Development Parcel on The Ultra-Luxury Fisher Island Under Contract to Related Group, Teddy Sagi and BH Group Joint Venture

A joint venture between real estate leaders Related Group, Teddy Sagi and BH Group are under contract on Parcel 7, the last available development parcel in Miami Beach’s historic Fisher Island. The partnership plans to develop an ultra-luxury boutique condominium in what has come to be known as America’s wealthiest zip code. The purchase price was not disclosed.

“We couldn’t be more excited to finally have the opportunity to develop on the island,” said Jon Paul Pérez, Related President. “Fisher Island has such a rich history and unmatched level of privacy; there’s really nothing else like it in Miami or the country. We look forward to delivering a product that pushes the bar even higher for this incredible neighborhood.”

This is the third acquisition for the Related, Teddy Sagi and BH joint venture, closely following high-profile purchases in West Palm and the City of North Miami. The two powerhouse firms continue to aggressively pursue additional joint opportunities throughout South Florida.

BH Group, the Miami-based private investment and real estate company, works in partnership with Globe Invest, a leading real estate investment manager in UK & Europe owned by acclaimed entrepreneur Teddy Sagi.

“We are only interested in the most marquee locations in Miami, and it is impossible to find anything better than Fisher Island,” said Teddy Sagi. “Despite the increasing levels of demand for top-tier parcels, we are bullish on the long-term potential of Florida. There is plenty of runway in this market.”

The 216-acre fisher island is located right off the coast of Miami Beach and is only accessible via ferry or watercraft. It has long been known as one of the country’s most exclusive communities, featuring a private golf course and beach, as well as a variety of lavish amenities, from butler service to a resident’s only restaurant. The man-made island has been home to many of Miami’s most iconic figures, including the heir to railroad fortune William K. Vanderbilt. It has also been home to some of the region’s most high-profile real estate listings.

Miami-Based Private Equity Group Galium Capital Continues Rapid Expansion With Acquisition of Hanover Cross Street In Baltimore, MD

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Hanover Cross Street in Baltimore, MD. Hanover Cross Street is a 299-unit institutional-grade multifamily apartment building with an additional 12,000 square feet of retail located in Baltimore, MD. The transaction closed on November 17, 2021. Bill Roohan & Brian Margerum from CBRE brokered the transaction. Stephen West & Matthew Wallach from Walker Dunlop secured debt from Freddie Mac.

“The DC-Baltimore corridor is one the strongest markets for multifamily in the US. Its resilient industry mix and high job growth will directly benefit performance of the rental market over time. We are excited to be acquiring such a premier asset in the heart of Federal Hill – which is among the most attractive neighborhoods of the submarket. The acquisition of Hanover Cross Street allows us to continue our strategy of acquiring irreplaceable assets for value creation and wealth preservation,” said Jacques Bessoudo, Managing Partner of Galium Capital.

Hanover Cross Street is a luxury apartment community in Baltimore, MD which was developed in 2018 and is located at 101 W Cross St, Baltimore MD, 21320. The property features 299 units, world-class amenities and 12,000 square feet of retail.

Units at Hanover Cross Street range from studio to two bedroom floor plans and 557 to 1,312 square feet. Residences feature large bedrooms; custom space-saving double-hung walk-in closets; spacious kitchens with stainless steel appliances and designer custom cabinetry; spa-inspired bathrooms with large soaking tubs, dual-vanity countertops and walk-in showers; wood-style flooring and full-size high-efficiency washer and dryers. Select residences feature private terraces and built-in computer desks.

Residents will have access to world class amenities such as a controlled-access parking garage with dedicated car charging stations, a cyber lounge with high-speed WiFi and iMac computers, conference areas with SMART TV's, a fully-equipped residents' clubhouse, media rooms with large screen TV's and surround-sound, and a 24-hour fitness center with tablet-integrated cardio machines.

Outdoor amenities include a resort-like grand courtyard with outdoor pool, in-pool chaise lounges and areas for sunning; lush landscaping, grilling and dining areas with social spaces for gathering; and an open-air loggia with large screen TV's and cozy seating areas.

“Given the strong market dynamics in the DC-Baltimore region, the Mid-Atlantic region has been a major area of focus for us. We are thrilled to be entering the Federal Hill submarket with this acquisition, which has proved to me one of the most sought-after neighborhoods in the metro,” said Jonathan Slomianski, Director of Acquisitions at Galium Capital.

Hanover Cross Street is located a short distance to Marc Train Camden Station, Cross Street Market, Baltimore's Inner Harbor, and M&T.

Galium Capital, LLC, is a Miami-based private equity group led by Jacques Bessoudo and Iser Rabinovitz. The company owns and manages a portfolio in excess of $600 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States.

Recently, Galium Capital had been one of the most active buyers in the Houston, TX market. In the past 12 months Galium Capital has acquired over 1,100 residential units and 65K of retail square footage in prime locations throughout Houston’s Galleria submarket. In August Galium Capital closed on the 340-unit, LEED Gold-certified Millennium High Street for the group’s third acquisition in the Galleria-district after closing on on the 431-unit Tate Tanglewood in May 2021 and 361-unit, Fairmont on San Felipe in September 2020.

Major Food Group To Open Sadelle's In Coconut Grove At Former Tigertail + Mary Retail Condo Which Just Sold For For $5.5 Million

The Related Group and Terra Group joint venture that developed Park Grove in Coconut Grove has sold two retail condos in Park Grove including the former Tigertail + Mary restaurant space. Major Food Group, the restauranteurs behind Carbone and ZZ Sushi Club, will open their Sadelle’s concept at the former Tigertail + Mary space. The retail condo spans 5,731 SF with 1,000 SF of additional outdoor space/ seating and sold for $5,500,000. Fabio and Sebastian Faerman of FA Commercial at Fortune International Realty represented the sellers.

This marks the second transaction in 1 week for FA Commercial in the same building, selling out the commercial units in the park grove residences. The Related-Terra joint venture also sold the retail condo on the ground floor of Park Grove Residences, a three-tower luxury condo development, to a Mexican investment group for $6 million. That space spans just under 10,000 SF. FA Commercial represented the buyer and seller in that deal.