Robert Rivani's Black Lion Acquires Restaurant Space at Zaha Hadid's One Thousand Museum For $6.4 Million

Black Lion, led by real estate investor Robert Rivani who specializes in ownership of flagship restaurant properties, has acquired the ground floor restaurant space at the iconic One Thousand Museum by Zaha Hadid for $6.4 million. Rivani’s off-market purchase marks Black Lion’s first deal in the Downtown area, adding to a portfolio of trophy retail properties spanning from Wynwood and Brickell down to Miami Beach.

Spanning 6,500-square-feet of interior space, this is the only restaurant space in the celeb favorite residential high-rise, home to high profile owners including David and Victoria Beckham, David Grutman, Marc Anthony, billionaire Anthony Hsieh and actress Sela Ann Ward to name a few.

“One Thousand Museum is one of the most iconic and architecturally significant buildings in all of Miami. I knew we had to have a piece of it,” said Robert Rivani, President of Black Lion. “Our objective at Black Lion is to curate transformative lifestyle experiences and we plan to do just that with this property–bringing in a world class restaurant or hospitality group to operate out of the space will be a key investment for our Miami expansion.”

Founded in 2014, commercial real estate investment company Black Lion has transacted more than $500 million in deals across the United States. Helmed by President Robert Rivani, the company has transformed properties across the country into thriving retail, entertainment and hospitality destinations, with a portfolio including restaurants, nightlife venues and retail power centers. Black Lion presently focuses on hospitality ventures, as South Florida’s social scene continues to expand. The company’s recently announced projects include high profile restaurant spaces at both the Marea and the Continuum high-rises in Miami Beach, Amara at Pariso, an iconic waterfront restaurant in Miami's Edgewater neighborhood led by a James Beard Award-winning chef, and an immersive jungle experience in Wynwood, Miami’s famed creative hub, to name a few.

Ronny Finvarb and Joseph Chetrit Acquire Macy's Property Near Miami Beach's Lincoln Road For $15.5 Million

Bay Harbor Islands-based Finvarb Group, led by developer and hotelier Ronny Finvarb, in partnership with Joseph Chetrit, have acquired the Macy’s property off of Lincoln Road in Miami Beach for $15.5 million, $152 PSF. The iconic building, which is located at 1675 Meridian Ave., was developed in 1953 and is one of the oldest retail buildings in Miami Beach. The building spans 102,009 SF on a 1.15 acre lot. The seller was the San Antonio-based Terry Emanuel and the deal included $9.3 million in seller financing.

Ronny Finvarb is currently developing the nearby Thompson Hotel South Beach and other projects in different stages. Finvarb Group owns 15 hotels, restaurants and other properties in Florida, Texas and Arizona, including the Kimpton Palomar South Beach and Osteria Morini, the Residence Inn by Marriott South Beach, the Courtyard by Marriott South Beach, and the Courtyard by Marriott Jupiter Palm Beach, which they developed. In Miami, Finvarb Group also owns the Landon Bay Harbor boutique hotel, including The Palm restaurant, which they acquired for $10 million in November 2021. The Finvarb Group also recently acquired mixed-use properties in Deerfield Beach, including JB’s on the Beach oceanfront restaurant property.

Pulso Capital Acquires Stellar At Palm Aire Build-For-Rent Townhome Community For $21.5 Million

Pulso Capital has acquired Stellar at Palm Aire, a new build-for-rent community consisting of 39 townhomes located in the center of the Palm Aire Country Club in Pompano Beach, Fl., for $21.5 million, or $551,282 per unit. The sale and financing were overseen by Berkadia. Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Director Yoav Yuhjtman, Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Stellar Communities.

Senior Managing Director Mitch Sinberg, along with Managing Directors Matt Robbins, Scott Wadler and Brad Williamson, and Senior Analyst Michael Basinski of Berkadia Miami arranged the debt on behalf of the buyer. Steeprock provided the $14 million, fixed-rate, five-year loan at a 65% LTV, with full term interest only.

“In a region where for-sale housing has seen prices increase by up to 50% in some cases, Stellar at Palm Aire provides residents with a spacious, new-construction high-end property with private outdoor areas and luxurious finishes at a rent that is attainable,” said Pesant.

“We have a strong belief in the dynamics of the South Florida Market and are actively looking for the right opportunities for our group,” said Maor Benami, co-founder of Pulso Capital Group. “This unique, Class A Built-for-Rent product, coupled with our management capabilities, makes Stellar at Palm Aire a perfect fit for us as we continue to grow our portfolio.”

Effective rent in South Florida rose 25.2% year over year, according to Berkadia Research – driven by an influx of new residents and corporate migrations over the last 12 months.

Located halfway between Fort Lauderdale and Boca Raton in a suburban setting west of I-95, Stellar at Palm Aire is the first new construction in the Palm Aire Golf Course community in over 10 years. There are two-bedroom (1,475 square feet), three-bedroom (1,744) and four-bedroom floor plans (1,825 to 1,961) with rents ranging from $3550 a month to $4,350. Townhomes have attached garages. Its location in a peaceful community, surrounded by greenery, golf course views, walking, running & biking trails allows residents to enjoy the calm of suburban living while in close proximity to two of Florida’s main employment hubs. It is just 10 minutes from I-95, five minutes from the Florida Turnpike, and 15-20 minutes from both Downtown Fort Lauderdale and downtown Boca Raton.

Established in 2009, Stellar Communities is a full- service real estate development company with a progressive focus on eco-construction initiatives for residential communities. Since its inception, Stellar has helped over 2,500 families move into the next stage of their lives with a new home. With a deep-rooted commitment to quality and value, Stellar Communities builds inspiring homes and communities with unmatched efficiencies in some of the most highly sought-after coastal, urban, and suburban locations across South Florida.

Established in 2019, Pulso Capital Group, founded by Maor Benami and Salomon Kamkhaji, aims to improve lives while unleashing the total value of assets through conservative underwriting, appropriate financing arrangements, on-time constructions, and diligent property and asset management. The firm is actively focused on increasing its portfolio with value-add to Class A Built-for-Rent multifamily properties.

Lynd Living Locks Down $22.75 Million In Financing For Miami Worldcenter Site Acquisition

Lynd Living has acquired Block 23 at Miami Worldcenter for $30 million, financed by a $22.75 million acquisition land loan. Block 23 is located between NW 9th and NW 10th Street on North Miami Avenue and is one of the last remaining land sites within Miami Worldcenter, the 2nd largest master planned community in the country, behind New York City’s Hudson Yards. The transaction closed on August 26th.

Concord Summit’s Managing Director Kevin O’Grady and Director Justin Neelis represented Lynd on the senior acquisition land loan and represent Lynd as the exclusive advisors to place construction financing for a mixed-used project. Concord Summit was also the sales broker for the land sale. Concord Summit’s next step is to secure the construction financing for the project for Lynd. Miami Worldcenter is no stranger to Concord Summit Capital, who had also arranged the construction financing and equity for Paramount Miami Worldcenter for Encore Capital.

“David Lynd is a visionary and an incredible developer who I’m confident will bring a whole new level of residential living to Miami Worldcenter that the market has not seen before,” O’Grady said.

Miami Worldcenter is a $4 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Several phases of the project have already been completed, including three residential towers – PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami – and approximately 175,000 square feet of retail space. Coming up, a 351-room citizenM hotel is expected to open at Miami Worldcenter by the end of the year, along with another 125,000 square feet of retail space. Additionally, construction is underway at the 52-story Miami World Towers, which will comprise 550 apartment units; at Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space; and at the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments.

Planned developments include The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures; a pair of “supertall” residential towers by New York-based Naftali Group; and a three-tower mixed-use project by The Witkoff Group, which will include up to 2,000 residential units as well as 550,000 square feet of office space and another 50,000 square feet of retail.

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 development 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.

Swiss Real Estate Firm Empira Group Acquires Rare West Brickell Development Site In 'The Roads'

As institutional capital flows into Miami from around the world, a Switzerland-based real estate investment firm has acquired a rare development site west of Brickell. Empira Group plans to develop a mid-rise multifamily project in the neighborhood called ‘The Roads’ to help meet the area’s rising demand for housing fueled by an influx of business relocations to Miami’s urban core. Due to Empira´s conviction in the continued growth of Miami, the firm is looking to own the property as part of its portfolio for the long-term after its projected completion in 2025. The transaction closed yesterday, Aug. 29. This asset will expand Empira’s real estate portfolio with assets in Europe and in the US.

JLL Capital Markets brokered the transaction on behalf of the seller, an investment group from South America. The JLL Capital Markets Investment Advisory team representing the seller was led by Directors Max La Cava and Simon Banke, with support from Analyst Danielle Fernandez.

“Empira Group is very excited to close a unique acquisition in Miami,” said Rafael Aregger, Empira’s Head of Investments US. “The city is benefitting from a strong in-migration from other states and all over the world, and we have a very positive outlook on the future of Miami and its population’s growth. Centrally located, the upscale boutique project will cater to professionals and families who want to be close to Miami’s largest employment centers, including Brickell, downtown Miami, Coral Gables and Coconut Grove. The building was designed to offer residents highly attractive living space and amenities that promote a healthy lifestyle.”

Designed by award-winning Revuelta Architecture International, CoralGrove Brickell is planned to include 85 units, consisting of one-, two-, and three-bedroom apartments. Some of its amenities include a fitness center that incorporates spaces for yoga and spinning, a rooftop resort-style pool overlooking the city, a gourmet kitchen and a game room. The ground floor will have about 900 square feet of retail space. The building’s architectural style is aligned with the Coral Way Beautification Master Plan since the project sits on the Coral Way corridor, connecting Coral Gables to the Brickell area. Empira plans to start construction of CoralGrove Brickell in the second half of 2023.

Empira’s new development site sits in The Roads, a residential neighborhood with one of the highest barriers to entry. The 0.53-acre site consists of two vacant aged apartment buildings at 3025 SW 3rd Ave. and 3051 SW 3rd Ave. Demolition of the structures will take place later this year.

CoralGrove Brickell, which is a five-minute walk from the Viscaya Metrorail Station, will promote walkable urban living. Future tenants will be able to trade their cars for the Metrorail to travel around the tri-county area. That is important for Empira, whose institutional investors are committed to the highest ESG standards for their developments in Europe and the US. CoralGrove Brickell will be LEED certified which promotes not only more sustainable buildings from an environmental perspective but also a healthier living environment for the building´s users.

“CoralGrove Brickell is one of the most exciting boutique residential projects in Miami,” said La Cava. “It is perfectly positioned to capitalize on the influx of high-paying tech and finance jobs moving from New York City, Chicago, and San Francisco. “Empira’s entrance to the Miami market is a big deal as they look to expand in South Florida and across the US.”

Since the onset of the pandemic, Miami has become the epicenter of the Great Migration and experienced a 16.8% year-over-year population growth. Miami-Dade County is projected to add approximately 175,000 new residents over the next three years.

South Florida’s booming economy and thriving job market have transformed the area into an economic powerhouse. Miami has attracted high-profile tech, private equity and finance firms from major high-paying employment hubs such as New York, Chicago, and San Francisco. Blackstone, Citadel, Google, Spotify, Thoma Bravo, Marsh Insurance and Goldman Sachs, among many others, have opened or significantly expanded their offices in Miami in recent months.

Ytech Acquires 1500 Brickell, One Of The Last Remaining Historic Estates On Brickell Avenue

Miami-based real estate development and investment firm Ytech have acquired a historic mansion located at 1500 Brickell Avenue. Ytech is completing a multi-million dollar restoration and renovation of the property which is slated for completion by Q1 2023. The property joins Ytech’s ownership portfolio of prime addresses in Brickell including 1428 Brickell Avenue, 1548 Brickell Avenue, and 75 Broadway, among others. Ytech was represented by Stuart Kapp of KappMorrison, LLP in the acquisition.

“The acquisition of 1500 Brickell Avenue underscores our commitment to the area which is the epicenter of growth in Miami,” said Yamal Yidios, CEO of Ytech. “The restoration will bring to life the significance of this historic property, which when complete will serve as a complement to our luxury residential development efforts in Brickell.”

Originally built in 1931, the property, referred to as “Château Petit Douy,” was designed to resemble the Priory in Saint Julian, France and reflects the period revival style of architecture common during the first half of the twentieth century. Located in what was then known as the Millionaires’ Row neighborhood, the home remains as one of the few historic mansions left on Brickell Avenue. The property gained its historic designation status in 1983.

Since 2006, Ytech has developed and redeveloped more than 7,000 apartments in 25 submarkets across the Southeast United States, involving over $2 billion in capital. In addition, the firm currently has a development pipeline of more than $3 billion in residential projects in the Brickell area.

Ken Griffin Expands Brickell Holdings As Citadel Leases 95,000 SF At 830 Brickell

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has continued to expand his Brickell portfolio while Citadel signed a lease for 95,000 SF at OKO Group’s 830 Brickell office tower. Griffin announced earlier this year that both Citadel and Citadel securities will move to Miami from Chicago. Through an entity Griffin acquired acquired the adjacent 1250 Brickell Bay Drive and 1260 Brickell Bay Drive for $20 million, the lots total roughly 6,655 SF. The lots are adjacent to 1221 Brickell Avenue, which an entity tied to Citadel reportedly acquired in June 2022 for $286.5 million.

The assemblage of properties spanning from 1221 Brickell Avenue to 1250-1260 Brickell Bay Drive is across the street from 1201 Brickell Bay Drive, which Citadel was revealed as the buyer of after Tibor Hollo’s Florida East Coast Realty sold the 2.5 acre supertall development lot in a $363 million mega-deal also in April 2022. The price equated to $145 million per acre, $3,340 PSF dirt value. Citadel is planning to develop the property with the Chicago-based developer Sterling Bay.

The lease signing at 830 Brickell comes following the news of developers OKO Group and Cain International buying WeWork out of their 146,000 square foot lease covering 10-floors. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF, representing a 42% rise year-over-year. Other top-tier office users who have signed leases at 830 Brickell include Microsoft, international law firm Sidley Austin LLP, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, and others.

The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.

Gridline Properties Represents Seller And Buyer In Sale Of Ebb & Flow Retail Strip Center In Miami's Little River District

Ebb & Flow, a retail strip center in Miami’s Little River District, has sold for $18.15 million, marking one of the largest sales in the neighborhood, testifying to the areas growth the progress. Ebb & Flow is a unique retail strip center comprised of two buildings on two lots measuring 32,000 square feet and 81,224 square feet. The property closed on July 22 for $18.15 million and is located at 8200 NE 2nd Ave., and 201 NE 82nd St., Miami, FL 33138.

Both sides of the all-cash transaction were overseen by Gridline Properties Broker and Principal Alfredo Riascos. The seller was Thomas Conway of River Esquinas, LLC, and the buyer was Doug Levine, founder of Crunch Fitness and CEO of commercial real estate development firm Big Move Properties. Prior to the successful sale, Gridline Properties assisted the seller with leasing its retail spaces ensuring the property for future success.

The Ebb & Flow property sits in the heart of Little River’s Uptown District, one of Miami’s most exciting and emerging neighborhoods. The strip houses Primal Fit, Eyebrow King, La Santa Taqueria, Salon Dahlia, Tran An Vietnamese Eatery, and Off Site Nano-brewery & Kitchen—exciting tenants that have received culinary, fitness, and beauty recognitions. Additionally, the T6-8-O zoning for the property allows for the future development of 280 residential units offering the possibility of developing a mixed-use space.

“We are excited to be involved with transactions that continue to drive progress and innovation to Little River’s Uptown District, one of Miami’s most exciting neighborhoods," said Riascos. “Representing both the seller and buyer in this large of a sale proves to be as satisfactory as it is complex—yet both parties come out on top to serve this thriving community that we are honored to be a part of.”

A hub for re-adapted industrial buildings, the Little River Business District has attracted an array of creative and design-oriented businesses that have spontaneously identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

PPG Development Acquires Bay Harbor Towers For $32 Million

PPG Development, led by Ari Pearl, have acquired Bay Harbor Towers, located at 10141 and 10143 East Bay Harbor Drive. The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit. The transaction was overseen by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group.

Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras, of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.

“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.

The buyer, PPG Development, LLC, led by Founder and CEO, Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.

“Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price,” they continued, “and we firmly believe this was a win-win for both buyer and sellers,” said list agents Cary Cohen and Deme Mekras.

DRA Advisors and CP Group Acquire Iconic Office Building 'Miami Tower' In Downtown Miami For $163.5 Million

DRA Advisors and CP Group have acquired Miami Tower, a 627,152-square-foot trophy office tower in Downtown Miami’s Central Business District for $163.5 million. Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield also arranged the acquisition financing through PGIM on behalf of the buyer, DRA Advisors and CP Group.

“Miami Tower is a hallmark icon of the Miami skyline with a storied history,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “CP Group together with DRA have a vision to elevate the asset with significant capital investment and plans for modernizations that will place Miami Tower as a category-defining option for tenants seeking the very best transit-oriented workplace solutions together with state-of-the-art on-site amenities.

Additionally, “The asset’s live-work-play environment and location in an area that has had more than $23 billion worth of recent development happening will continue to attract interest from established businesses in and outside of Florida,” said Davis, Executive Vice Chair at Cushman & Wakefield.

Located at 100 SE 2nd St., Miami Tower is a trophy asset that spans 47 stories and is currently 67% occupied while historically averaging 90% or better. The office tower features a unique triple-tiered light display and best-in-class amenities such as an on-site conference center, fitness facility, Sky Lobby and Sky Terrace event space, ground floor retail, and adjacent Hyatt Regency Miami Hotel. It’s also the only office building in Miami that is fully connected into the city’s public transit system with an integrated Metromover station, which provides nearly immediate access to Miami Central station.

Miami Tower has been a critical part of the city’s public and business community since it was built in 1987, and significant capital has been invested in renovation projects over the years to maintain it. Under new ownership, the office tower offers potential value-add through further enhancements to its amenities.