Naftali Group Acquires Miami Worldcenter Development Site For $41 Million, Plans Two Supertall Residential Towers

The New York-based developer Naftali Group has acquired a development site at 1016 NE 2nd Ave. in Downtown Miami’s Miami Worldcenter for $41 million and is planning two supertall residential towers. The site was acquired in partnership with Cara Real Estate Management. The seller was the Chicago-based Akara Partners who acquired the site for $18.8 million in July 2020. The off-market transaction was overseen by Mika Mattingly of Colliers Urban Core Division. The site previously served as the sales center for PARAMOUNT Miami Worldcenter.

Naftali Group, led by Chairman and CEO Miki Naftali, is now planning two supertall residential towers which they aim to begin pre-sales for by the end of 2022. The project would be their first in South Florida. Akara Partners had previously planned Kenect Miami at the site, a Perkins + Will and Stantec-designed mixed-use residential two tower development. A project of up to 1.3 million square feet can be developed on the 44,500 square foot site.

Miami Worldcenter occupies ten city blocks 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 Wolfson 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 Tri-Rail, the Metromover, and the Metrorail, making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

Sabal Development Sells 10-Acre Parcel To Lennar Homes For $24.5 Million In Off-Market Transaction

Sabal Development, a Miami-based builder and developer who specializes in luxury custom homes led by Pascal Nicolai, has sold a 433,422 SF, 10.17-acre, parcel located at 8290 SW 120th Street in Miami, Florida for $24.5 million to Lennar Homes. The off-market transaction closed on March 23, 2022 with no listing agents involved.

Sabal Development purchased the parcel for $6.3 million on January 26, 2015. Sabal originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following the new Comprehensive Development Master Plan (CDMP), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.

“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Nicolai.

Sabal Development and Sabal Luxury Builder achieved over $130 million sales in custom-built home sales in 2021.

Rendering via Sabal Development

Forte Capital Management Flips Wynwood Industrial Property For $11.2 Million In Off-Market Transaction

Forte Capital, led by Chaim Cahane, and Sheridan Capital have flipped 2830 NW Fifth Ave. in Wynwood for $11.2 million just months after acquiring the industrial property for $6.35 million in December 2021 from Alex Karakhanian’s LNDMRK Development. The buyers are developing an ultra-luxury spec home designed by Kobi Karp on Miami Beach’s Sunset Islands. The off-market cash transaction was brokered by Jordan Karp.

The 14,000 SF property was originally built in 1950 and is currently vacant in raw condition. It features three retail suites spanning, 4,620 SF 3,500 SF and 5,743 SF, the last two of which are combinable. 2830 NW Fifth Ave. sits on 17,160 SF, .39 acre, lot and 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 has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Related Group and East End Capital selling Wynwood Annex in February for $49 million. Also in February UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

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

Wynwood Annex Sells For $49 Million To New-To-Miami-Market San Francisco-Based Buyer

Related Group and East End Capital have sold Wynwood Annex for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors Co-Founders Devlin Marinoff and Tony Arellano P.A., who represented both the buyer and the seller. The milestone transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market and represents the culmination of many years of organic, artistic and eclectic development efforts in Wynwood led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.

Related Group and East End Capital developed Wynwood Annex and retailed DWNTWN Realty Advisors to lead the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market.

Following the successful lease-up effort Wynwood Annex attracted unsolicited offers from investors from all over the country. DWNTWN ran an off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $49 million sale.

“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”

“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Recent notable transactions include UOVO Storage Deluxe’s acquisition of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Sabal Development Sells Hibiscus Island Spec Home For $15 Million To Cosmetics CEO

A brand new tropical modern waterfront spec home by Sabal Development at 165 North Hibiscus Drive on Miami Beach’s Hibiscus Island has sold for $15 million to the CEO of Farmasi North America. Per public record, Marko Gojanovic of ONE Sotheby’s International Realty and Alejandro Diaz Bazan of Jills Zeder Group represented the buyer, Sinan Tuna, while Dora Puig with Luxe Living Realty represented the seller, developer Pascal Nicolai.

165 North Hibiscus Drive was designed by Togu Design and spans 5,217 square feet of interior on 10,500 square foot lot with 60’ of waterfront. The 5-bedroom , 5.5 bathroom home features a reflecting pond, a private 2 car garage, cotto’d’este tiling, full suite appliances by Miele, wine cellar, illumination by Delta Light, and freestanding soaking bathtub. Outdoors features two waterfront pools, a rooftop deck, terrace, and dock which can accommodate a yacht as large as 50’.

Sunset Islands Waterfront Home Trades For $11.5 Million In Off Market Deal

A waterfront home on Miami Beach’s Sunset Island III, located at 1775 West 24th St., has sold in an off market deal for $11.5 million, roughly $3,546 PSF. The buyer was represent by Mallory McGuire and Mirce Curkoski of The Waterfront Team at ONE Sotheby’s International Realty and the seller was represented by Jacqueline Groll and Albert Justo also of The Waterfront Team at ONE Sotheby’s International Realty. The existing 3,243 SF home sits on a 13,125 SF lot and will be demolished to make way for a new home.

The Sunset Islands, a set of four luxurious residential islands located just off of South Beach next to Sunset Harbour, have been a hotspot for luxury development and transactions. Recently Andian Development acquired 1415 North View Drive for $13.9 million with plans to renovate the home. In December Shlomy Alexander, Felix Cohen and Julian Cohen sold a spec home they developed at 1825 West 24th Street for a Sunset Island record $25 million, $3,811 PSF. Developer James Curnin sold a spec home at 1757 West 27th Street for $24.8 million to foamier Goldman Sachs exec Don Mullen and Kawa Capital Management co-founder Alexandre Saverin and his wife sold their home at 1617 West 22nd Street on Sunset Island IV for $13 million.

Core Wynwood Development Site Sells For $11.5 Million

UOVO Storage Deluxe has acquired a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. The buyer was represented by Jordan Karp and the seller was represented by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors. 330 NW 29th Street is currently two fully occupied buildings leased as creative office space spanning 10,939 SF. The 21,000 SF lot is zoned T6-8-0 and is primed for a hotel or office project.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic and others. Recent notable transactions include Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Miami-Based Private Equity Firm Iconic Equities Launches With Industrial Development Site Acquisition

Iconic Equities, in partnership with Trinity Capital Advisors, has announced the closing of 239 Jedburg Road in Charleston, roughly 115 acres of land located in the Summerville submarket. The firms plan to develop approximately 780,000 square feet of Class A logistics warehouses. Iconic and Trinity will commence development of the 621,000 square foot cross-dock building and the 158,000 square foot rear-load building this summer. Completion is anticipated to be in the Spring of 2023, with JLL’s Lee Allen and Kevin Coats slated to handle the leasing.

Tim Bishop, previously Director of Acquisitions at Thor Equities founded Iconic Equities about a year ago to focus on acquiring and developing logistics warehouses, Industrial Service Facilities (ISF), multifamily, and mixed-use commercial properties throughout the United States that are poised to benefit from e-commerce growth and population migratory patterns in a post-Pandemic world.

Iconic is in the process of rolling out an infill Industrial Service Facility (ISF) program with an institutional capital partner, focused on markets such as: New York City, New Jersey, Los Angeles, South Florida, Houston, Columbus, Phoenix, Atlanta, Savannah, Charleston, and Dallas. These assets will include truck terminals, trailer storage, container storage, fleet maintenance yards and equipment maintenance yards. The firm is targeting to raise $100 million of equity towards the strategy.

Brian Rosen, who most recently served as the Chief Investment Officer for Accesso Partners in Miami. During his tenure, Accesso acquired over 11 million square feet of real estate. Rosen leads the firm’s multifamily and office platform. Robert Fitzgerald, who previously focused on capital markets at a South Florida-based hedge fund and has been with Bishop since the firm’s inception, focuses on acquisitions and capital markets.

Ty Wiest, who previously worked at Prologis has joined the team as well and will be opening Iconic’s Los Angeles office and leading acquisition efforts on the West Coast. Wiest worked on the Industrial Property Trust acquisition and worked on an additional $900m in transactions while at Prologis. Michael McGraw, also based in Los Angeles, joins the firm from Industrial Realty Group, a national warehouse developer with over 100 million square feet under management across 31 states. While at IRG, McGraw worked on approximately $500m in transactions.

At Thor, a $10 billion assets under management investment company led by Joseph Sitt, Bishop was instrumental in taking the firm into markets like Austin, Nashville, Raleigh-Durham and Dallas. During his tenure, Thor became one of the most active buyers of logistics and life sciences properties in both the US and Europe.

“Our acquisition strategy at Iconic is both highly data-driven and highly adaptable in nature – right now, logistics is the hottest asset classes in real estate, from both a capital markets and tenant demand perspective–so that has been most of our focus,” said Bishop. “We’re acquiring and developing everything from big box warehouses to last mile facilities to outdoor storage facilities – all engineered to capitalize on the momentum from logistics growth over the next 5 years.”

One of The Last Vacant Development Parcels In Brickell Sells For $7 Million

One of the last development parcels in Brickell has sold for $7 million with plans for an approved and permitted 60 unit condo or apartment project. Oak Capital, led by Ricardo Dunin, acquired the 19,850 SF, .46 acre lot which is located at 1621 SW 2nd Ave. in West Brickell, just a few blocks away from Brickell City Centre, SLS Hotel, Echo Brickell, Mary Brickell Village, and Brickell Bay Boardwalk. The shovel-ready 60 unit project would rise 9-stories and the location of site and T6-8-0 zoning allows for short-term rentals. The transaction closed on February 1, 2022 and was overseen by FA Commercial’s Fabio and Sebastian Faerman who represented both the buyer and seller. FA Commercial represented the current seller, Carlos Pineda, in the original purchase of this site for $2.7 million to disposition selling the site for $7 million with approved potential for development.

Images via FA Commercial