Alco International Group Hits $75 Million Sell Out Of Adagio Fort Lauderdale

Adagio Fort Lauderdale, a luxury condominium developed by Alco International Group, has achieved its $75 million sell out with development sales let by ONE Sotheby’s International Realty’s Development Division.

The 10-story boutique building features spacious, flow-through, three-bedroom, three-and-one-half bath residences ranging from 2,383 to 4,085 SF. Positioned along the widest stretch of Fort Lauderdale’s Intracoastal waterway, Adagio Fort Lauderdale Beach features panoramic waterfront views and a private marina with six dock slips and direct access to the ocean.

In addition to the private marina, amenities include a scenic roof-top pool and a second ground-level pool overlooking the Intracoastal waterway, private cabanas, fitness center with a cardio and yoga studio, clubroom with coffee bar, pet-friendly atmosphere with grooming station and ample private storage.

Images via Adagio Fort Lauderdale, One Sotheby’s International Realty

Broward Plaza Retail Center In Davie Sells For $12.8 Million

Broward Plaza, a 74,300 SF retail center in Davie, FL, which includes a Miami Grill outparcel, has sold for $12.8 million. El-Ad Broward Plaza LLC, an entity of El-Ad National Properties, acquired the 8.18-acre site from Saber Griffin Two, LLC. The transaction was overseen by Adam Tiktin of Tiktin Real Estate Investment Services (TREIS), who represented both the buyer and the seller. The closing took place June 25th and was financed with a $9 million loan provided by Ladder Capital.

Broward Plaza is located at 4803-4963 S. State Rd. 7 in Davie. The retail center is anchored by BrandsMartUSA, Dollar General, and Big Chef. The property had a total of 17 tenants and was 96% occupied at the time of sale. The buildings were constructed in 1975. The Miami Grill was renovated in 2017.

Broward Plaza is located on the southwest corner of South State Road 7 and Griffin Road. The property has excellent visibility with traffic counts in excess of 55,000 vehicles per day along South State Road 7 and over 30,000 vehicles per day along Griffin Road.

Terra Locks Down $44 Million In Financing For Publix-Anchored Retail Development In Pembroke Pines

Coconut Grove, FL-based Terra has locked down a $43.74 million in senior mortgage financing for 16000 Pines Market. The loan was provided by Thorofare Capital, Inc., an affiliate of alternative investment manager Thorofare LLC., and was issued to 16000 Pines Retail Investments, LLC, an entity managed by 16000 Pines Market. 16000 Pines Market is a 135,000 SF mixed-use retail development nearing completion in the City of Pembroke Pines in South Florida’s Broward County. The financing was arranged by Walker & Dunlop’s Keith Kurland, Jackson Sastri and Ian Hawk of the firm’s New York City capital markets group.

Terra will utilize the loan proceeds to finish construction, capitalize the TIs/LCs and carry the project until its stabilization. Construction of 16000 Pines Market’s first phase was completed earlier this year, with construction of phase two now getting underway and expected to deliver in 2022.

“Terra’s continued investment in Pembroke Pines reflects the City’s growing residential population and the high barriers to entry that exist for new commercial development,” said Terra CEO David Martin. “16000 Pines Market will meet mounting demand for lifestyle-oriented retail and unique food and beverage experiences, while offering an everyday amenity for neighboring residents and visitors.”

The key anchor tenant at 16000 Pines Market is 91-year-old Publix Super Markets, Inc., the largest and fastest-growing employee-owned supermarket chain in the United States. Additional co-anchors include national off-price department store retailer Burlington (NYSE: BURL), which operates 740 stores across 40 states and Puerto Rico with over 40,000 employees and a $20 billion market capitalization, as well as Crunch Fitness, a fitness club chain that has more than 300 franchise locations across the United States, Canada and Australia.

Felix Gutnikov, Thorofare’s principal and head of originations, said, “closing this construction-completion loan for a Publix-anchored retail asset in a desirable South Florida suburb comes on the heels of our Miami office opening and underscores the firm’s commitment to expand our geographic footprint in the Southeast.”

“This high-structured financing reflects our belief that well-designed grocery-anchored shopping centers, with sought-after tenants such as Publix, will continue to garner demand from institutional debt and equity capital sources,” said Thorofare’s principal and CIO Brendan Miller. “Executing a transaction with Terra will help continue to expand our presence in the Southeast as well as diversifying our loan portfolio with grocery-anchored assets, the most resilient, necessity-based retail property type.”

16000 Pines Market is situated on 13.2-acres with strong visibility along Pines Boulevard and Dykes Road, a major thoroughfare in the affluent suburb Pembroke Pines, which is part of the Ft. Lauderdale retail market and Southwest Broward retail sub-market. Additional tenants include Verizon, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now.

MLB Player's Mansion Designed By Choeff Levy Fischman Is Listed On The Market For $8.9 Million

MLB Player Asdrúbal Cabrera’s Tropical Modern Mansion Designed by Choeff Levy Fischman is on the Market for $8.9 Million. The recently completed home is located in Southwest Ranches within the exclusive Landmark Ranch Estates. Asdrúbal Cabrera is a two-time All-Star and infielder for the Washington Nationals.

According to Paul Fischman, Principal of Choeff Levy Fischman, the home is very unique and the only home built with a Tropical Modern aesthetic in the neighborhood. The indoor-outdoor living offers beautiful views of the sunset and the neighboring nature preserve. The home is two-stories and 10,313 sq.ft. that features seven bedrooms and sits on a 2.69-acre lot. The home also has a full dining room, living room, game room complete with bar and pool table, a theater and Savant smart home automation. The upstairs includes a master suite complete with large balcony along with an upstairs lounge area to watch TV or work from home. The outside features an infinity pool, cabana with summer kitchen, sunken fire pit and a basketball court.  

“We thoroughly enjoyed helping to create this architectural masterpiece with the architect, builder and designer,” Cabrera said. “Our priorities have shifted. Our family is focused on an equestrian lifestyle, which is the reason we are parting with this stunning home. Our hope is that new owners will fall in love with the grandeur and high design that this showpiece home has to offer.”

Asdrúbal Cabrera’s home is Choeff Levy Fischman’s first residence in Southwest Ranches and is located at 17000 Stratford Court in Broward County. Giselle Bonetti of Coldwell Banker Realty is the listing broker. Interiors were provided by B+G Designs and landscaping was done by Christopher Cawley Landscape Architecture. The home was constructed by Rick Bell of Landmark Custom Homes.

Over 6 Months Terra Signed Nearly 60,000 Sq.Ft. In New South Florida Retail Leases

Terra has been one of South Florida’s most active in real estate development through the pandemic. Within the last 6 months Terra has signed nearly 60,000 sq.ft. in new retail leases across Miami-Dade and Broward Counties. Newly signed tenants include Verizon Wireless, AT&T Wireless, Mister 01 Pizza, Panda Express, Pilates Zone and more. Terra is a residential and commercial development firm and investment company that enhances neighborhoods to connect people and better the community. Courtelis Company oversees the leasing and property management for Terra’s portfolio. 

“Because COVID-19 has made a tremendous impact on the economy and will continue to reshape the market as we know it, we are committed to listening to our neighbors, collaborating with partners, and creating developments that are naturally woven into the community,” said David Martin, CEO of Terra. “We anticipate a continued need for lifestyle-centered developments that will serve at the pulse of South Florida’s neighborhoods featuring restaurants and retailers, as well as essential services such as grocers and local businesses that cater to the everyday needs of surrounding residents.” 

 “In addition to signing new leases, we’re focused on helping consumers navigate our retail centers in a responsible and efficient manner,” said Rod Castan, president of leasing and management for Courtelis Company. “We’ve provided tenants with access to take-out/short-term parking spaces, ample outdoor seating, cueing areas and temporary signage to increase tenant visibility. Although it’s been a challenging year, the hands-on approach has remained the best way for us to conduct business and maintain relationships with our retailers.”

Terra’s newly signed leases at retail developments in South Florida include: 

• 16000 Pines Market: A 135,000 sq.ft. mixed-use retail development that is now underway and is located in the City of Pembroke Pines. Publix Super Markets is the anchor tenant and has signed a 23,168 sq.ft. lease. Additional leases are signed by Verizon Wireless and Everglades Family Dental.

• Doral Square: Located in the City of Doral is the 150,000 sq.ft. retail center. Ross Dress fo Less is the anchor tenant and has signed a 24,147 sq.ft. lease. An additional lease is signed by Panda Express.

• 2811 Coral Way: Located in Miami is the newly completed mixed-use retail/self-storage development. Businesses with finalized retail leases include Pilates Zone, La Roche Beauty Salon, AT&T Wireless, and dental orthodontics laboratory Arcadlab.

• Pines City Center: Located in the City of Pembroke Pines is the 150,000 square foot mixed-use lifestyle development that spans across 47-acres and is opening their second phase of retail. A 1,525 sq.ft. lease is signed with Mister 01 Extraordinary Pizza that represents the modern pizza chain’s first Broward County location. The development’s first phase included a a Publix Supermarket.

Elevate Partners Locks Down $92 Million In Financing For The Newly Completed Four West Las Olas Apartment Tower

Elevate Partners, led by Scott Bodenweber and Tom Vogel, have locked down $92 million in 3-year bridge financing with optional extension for Four West Las Olas. The loan was provided by the New York-based Benefit Street Partners Realty Trust, who provided $76 million of senior debt, and the West Palm Beach-based Electra Capital who provided $16 million in mezzanine financing. Four West Las Olas was roughly 60% leased at the time of refinancing. The loan was brokered by Denny St. Romain of Cushman & Wakefield with Dan McCawley of Greenberg Traurig representing the developer. The new loan replaces an $80 million construction loan provided by Trez Forman Capital in 2018.

Four West Las Olas was completed in Q1 2020 and rises 25-stories. The tower offers 260-units which range from 588 square feet studio layouts to 1,376 square feet 3 bedroom residences. Pricing ranges from $1,724 /mo. to over $7,000 /mo. Four West Las Olas also features 12,000 square feet of retail and 407 parking spaces. Amenities include a rooftop pool, sky club room, fitness center, speakeasy style piano lounge, demonstration kitchen, residents’ lounge, coffee bar and business center.

Cardone Capital Acquires Port Royale Apartments In Fort Lauderdale Via Crowdfunding Campaign

Cardone Capital, led by the “10X Rule” author and founder of the 10X Movement Grant Cardone, has acquired the Port Royale Apartments in Fort Lauderdale in one of the largest crowdfunding real estate deals to ever close in South Florida. Port Royale Apartments features 533 units located on the Intracoastal Waterway at 3101 Port Royale Blvd. and 3201-3300 Port Royale Drive in Fort Lauderdale. The property spans over 36 acres with a private marina. The property also has development rights to build an additional 292 units.

The deal closed for roughly $130 million, although the closing price has not yet been made public. The acquisition was financed with a $79.24 million, 10-year interest only loan at 2.3% from CBRE Multifamily Capital. The transaction was completed by the transfer of the Delaware-registered Port Royale Propco LLC. from Waterton Residential LLC to Cardone Capital, avoiding the need to pay documentary stamp taxes. Cardone Capital led a successful crowdfunding campaign for the equity piece, reportedly raising a $50 million. The Chicago-based Waterton Residential was the seller who was represented by Robert Given of Cushman & Wakefield. Waterton Residential initially acquired the apartment complex for $94 million in 2015.

Port Royale Apartments was originally developed in 1991 and renovated in 2016. Units range from one-bedroom, one-bathroom 540 SF units asking $1,400 per month up to two-bedroom, two-bathroom 1,000 SF units asking $2,247. Units include wood plank-style floors, full equipped kitchens, ceramic tile flooring in kitchens and baths, Juliette balconies, in-unit washer/dryers and walk-in closets. Amenities include a car wash area, residents lounge, outdoor barbecue and dining area, gated entrance, storage units and walking paths.

Cardone Capital now has 8,275 residential units and 26 properties in its portfolio. The Aventura-based real estate investment firm as raised over $440 million through crowdfunding to-date. Cardone Capital plans to be aggressive in multifamily acquisitions over the next several months, expecting to close on another $350 million in transactions.

One Of The Last Development Sites On Downtown Fort Lauderdale's Federal Highway Corridor Is Asking $12.5 Million

One of the last development sites on downtown Fort Lauderdale’s Federal Highway corridor has hit the market asking $12.5 million. Located at 150 N. Federal Hwy., the property is being marketed for sale by Native Realty, the Fort Lauderdale-based commercial brokerage led by founder and CEO Jaime Sturgis.

The 0.78-acre site is walking distance to many of the city’s most popular bars and restaurants on Las Olas Boulevard and in Flagler Village. It is just down the street from Virgin Trains USA’s Fort Lauderdale station. Existing zoning potentially allows for hotel with up to 212 rooms, residential with up to 109 units or a 12-story mixed-use development.

“You could not ask for a more well-positioned development site at the gateway to downtown Fort Lauderdale,” Sturgis said. “We anticipate substantial interest in this offering given the scarcity of such properties in the city’s urban core.”

Sturgis and Native Realty’s Dan Ross are also exclusively marketing one of the last available land assemblages in Flagler Village. The 600, 614 and 618 NE Third Ave. and 313 NE Sixth St. assemblage is priced at $7.7 million and has zoning that allows for a wide variety of development up to 150 feet.

For more information about 150 N. Federal Hwy., private showings or purchasing/ leasing information please fill out the form below:

Douglas Elliman Releases June 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. The report focuses on the new contracts signed and new listings that entered the rapidly changing market in Douglas Elliman’s Florida regions of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough. Overall, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. However, new inventory level gains have not kept pace with the growth in new contracts.

New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will release a similar report to this one once again during the first week of August to disclose data regarding the number of new contracts signed and new listings during the month of July.

Palm Beach County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts soared 71.3% to 4,261 contracts

• Listing inventory dropped 19.9% to 1,604 units

• 642 single family homes priced above $1M went into contract, a 114.7% increase from last year

Condo:

• Number of new signed contracts jumped 76.0% to 2,626 contracts

• Listing inventory surged 4.2% to 1,175 units

• Condos priced between $200K and $299K saw a 107.6% incline in the number of signed contracts for a total of 467 

Broward County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 76.1% to 4,336 contracts

• Listing inventory decreased by 27.0% to 1,622 units

• There was a 123.2% increase in the number of signed contracts for homes priced between $600K and $799K 

Condo:

• Number of new signed contracts surged 61.4% to 3,154 contracts

• Listing inventory fell 14.2% to 1,403 units

• 78 condos priced between $500K and $599K went into contract, a 116.7% jump from last year

Miami-Dade County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts edged up 74.3% to 3,955 contracts

• Listing inventory dropped 25.0% to 1,426 units

• There were 172 homes priced between $800K and $99K that went into contract, a 123.4% increase from last year for similarly priced homes

Condo:

• Number of new signed contracts climbed 54.6% to 4,093 contracts

• Listing inventory slipped 4.0% to 1,918 units

• 643 condos priced between $200K and $299K went into contract compared to last year’s 344

Pinellas County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 95.9% to 2,897 contracts

•  Listing inventory decreased by 26.9% to 1,031 units

• There was a 148.8% rise in homes priced between $500K and $599K that went into contract

Condo:

• Number of new signed contracts increased by 93.4% to 1,408 contracts

• Listing inventory fell 12.0% to 512 units

• 28 condos priced between $800K and $999K went into contract, a 250.0% surge from last year’s 8

Hillsborough County

Key Trend Metrics (Year to Year)

Single Family: 

• Number of new signed contracts rose 98.2% to 4,524 contracts

• Listing inventory declined 32.1% to 1,550 units

• There was a 223.9% jump in the number of new signed contracts for homes priced at or above $1M

Condo:

• Number of new signed contracts grew 124.0% to 616 contracts

• Listing inventory declined 18.9% to 223 units

• Condos priced at or above $1M saw a drastic increase of 1633.3% in the number of new signed contracts for a total of 52

by Isabella Zimmermann

Metropica's First Residential Tower Receives TCO And Begins Closings In Sunrise

ONE Metropica Residences, designed by YOO, has received its Temporary Certificate of Occupancy (TCO) and became the first residential tower within the $1.5 billion, 65-acre master-planned Metropica in Sunrise, FL, to be completed and begin closings. The 28-story, 263-residence high-rise is the brainchild of the creative team of Metropica Development, LLC, led by CEO Joseph Kavana, in collaboration with globally acclaimed architect Chad Oppenheim and London-based interior designer YOO Design Group. To date, 75% of the units at ONE Metropica Residences have been sold with buyers from around the world including the U.S., Latin America, Europe, and Asia.

Metropica Development has announced that they are ready to begin closings of the move-in ready residences, which can be handled in-person as well as virtually, ensuring that Metropica buyers from across the globe will be able to finalize their purchases. Every possible measure has been taken by the developer to ensure a seamless delivery within a completely secure and confidential environment, all while complying with COVID-19 guidelines and governmental regulations.

“We are extremely proud to be delivering our first residential building to the market,” adds Bernard Werner, President of Metropica Development, LLC.  “Our buyers have embraced our vision for this extraordinary community and its three key pillars: Nature, Wellness & Happiness. This opening commemorates a milestone in our journey and a preview of more great things to come.”

The luxury condominium residences in ONE Metropica Residences range in size from 961 to 2,022 square feet, and remaining units are priced starting in the $400,000’s. Residences offer floor-to-ceiling impact glass windows, imported porcelain tile throughout, smart home technologies, designer plumbing fixtures by Hansgrohe, and buyers can choose between nature and minimal finish patterns.

ONE Metropica also features top-level amenities including a landscaped terrace and pool, club room with a lounge, screening room, children’s playroom, pool deck, state-of-the-art fitness center, and 24-hour concierge services. 

“The level of luxury and amenities within ONE Metropica Residences are at par with South Florida’s most notable residential buildings,” said Joseph Kavana, “inclusive of a very robust Art in Public Places initiative through an agreement with globally acclaimed artist Stefan Szczesny, which also depicts Metropica’s three pillars – Nature, Wellness and Happiness.”

 When completed, Metropica will encompass approximately four million square feet and consist of residential condominiums, apartments, boutique hotels, commercial office space, expansive green spaces and a burgeoning world-class culinary, retail, entertainment and lifestyle experience for residents and visitors to enjoy.

“Our goal is for Metropica to not only be an area standout,” concludes Kavana, “but also a beacon of optimism for all those who will live, work and play within the community.”

For more information about ONE Metropica, private showings or purchasing/ leasing information please fill out the form below: