WeWork Co-Founder Adam Neumann Buys Bal Harbour Marina Properties For $44 Million

Ousted WeWork Co-Founder Adam Neumann has acquired two home sites on the Bal Harbour Marina for $44 million. Neuman recently sold his estate in Northern California for $22.4 million and joined the influx of wealthy investors moving to South Florida. The off-market transaction was overseen by Tony Imbesi, who represented the seller, and Brett Harris of Douglas Elliman represented the buyer.

The double-lot property spans 50,000 SF and offers 360’ of waterfront with multiple boat slips. A 14,500 SF home is under construction on one lots which Neuman plans to finish.

Neuman purchased the property from real estate investor Joseph Imbesi, who also owns the former site of the Bal Harbour Yacht Club which is listed for $65 million on the tip of the Bal Harbour Marina. Imbesi purchased the shares of the Bal Harbour Club in the 1990s for $19,000,000. The Bal Harbour Club owned 5.5 acres on the beach, where Oceana Bal Harbour is now located and 10 acres on the bay, where the $65 million lot of land sits. The properties were owned by the proprietary members of the club and they wanted to sell so Imbesi bought all of the individual shares to gain control of the company and the assets that it owned.

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Related Companies Acquires 50% Interest In Esperanté Corporate Center In West Palm Beach

The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio after partnering into the Esperanté Corporate Center. Related Companies acquired a 50% stake in the office tower from the New York-based RedSky Capital, the London-based JZ Capital Partners owns the remaining 50%. The property was roughly 80% leased at the time of closing. The Red Sky Capital and JZ Capital Partners joint venture initially acquired the property in 2016 for $125.75 million.

The Esperanté Corporate Center spans 256,100 SF of Class A office space on a 2.1-acre site at 222 Lakeview Ave. in Downtown West Palm Beach. The property was initially developed in 1989. Tenants include Merrill Lynch, Bank of America and Raymond James. The vacant suites are being marketed by Tower Commercial Real Estate.

Related Companies is the largest Class A office owner in Downtown West Palm Beach. In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and in May 2021 acquired CityPlace Tower for $174 million. Related Companies is also developing the 360 Rosemary office tower and has approvals to break ground on another waterfront office tower, One Flagler, which is expected to break ground in October.

Images via Tower Commercial Real Estate

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The Texas-Based LYND Acquires 234-Unit Parc Place Multifamily In Miami For $40.08 Million

The San Antonio, TX-based LYND continues its robust investment activity in South Florida with the acquisition of a 234-unit garden-style apartment community in Miami. The Texas-based multifamily investor, developer and operator paid $40.08 million for the Parc Place Apartments, located at 17600 NW 5th Ave., in an off-market transaction that closed June 8, 2021.

“Parc Place is the exact kind of value-add investment opportunity we specialize in,” said Constantine Scurtis, president of Lynd Acquisition Group, LYND’s investment division. “Taking a well-located property in an economically strong metropolitan area and utilizing our best-in-class management platform to make upgrades, and boost performance on behalf of our investors.”

Built in 1972, Parc Place features one, two and three-bedrooms units with an average unit size of 737 SF. While the property has undergone some renovation over the years, LYND plans a significant rehab of both living spaces and common areas. LYND has earmarked a minimum of $2.25 million to upgrade the interiors, gym equipment, the pool area, add outdoor grilling stations, and introduce other new amenities.

LYND has managed more than 11,800 units in Florida over its history, owning more than 6,500 of them. The company has spent over $180 million in hard-construction costs over the years in renovation work.

“We are very bullish on Florida, especially South Florida,” said A. David Lynd, LYND’s CEO. “When you look at what’s happening in the region, several companies are moving here creating jobs. Good jobs mean good renters.”

“Sellers know we have strong investment partners, the ability to close quickly and that we can execute on everything we say we can do,” said Scurtis who has closed more than $1 billion of investment in multifamily and commercial properties while at LYND.

“It’s very advantageous when your partner is from South Florida and grew up there,” said Lynd. “This allows Constantine to use all of his resources and contacts to source opportunities for us. We expect to continue to increase our holdings in the market in a big way.”

This is the second LYND acquisition in South Florida in 2021. On March 17, 20201, it bought a 280-unit garden-style apartment community in Margate for just over $50 million. LYND is investing $4 million on renovations. With the Parc Place closing, LYND has now made over $400 million in value-add acquisitions over the past year-and-a-half in Florida and Texas.

Black Lion Investment Group Acquires Wynwood Arcade From East End Capital for $13.25 Million

Less than one week after closing on the Amara at Paraiso restaurant property on Biscayne Bay, the Los Angeles-based Black Lion Investment Group has now acquired the luxury class A property Wynwood Arcade from East End Capital for $13.25 million. The transaction was overseen by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors, who had listed the property for $14.5 million. Wynwood Arcade was 65% leased at the time of sale with trendy tenets such as the popular Salty Donut, Ooh Raw, No. 3 Social, OSME and Edit Mode.

Located at 43-75 NW 23rd St., the 23,000 SF luxury retail property was developed as an adaptive reuse project by East End Capital in 2016. The redevelopment of the former warehouse won numerous architectural awards, including the American Institute of Architects Award of Excellence for Adaptive Re-Use and an AIA Merit Award for Excellence in Architecture.

“This trophy property represents another key investment in Black Lion’s Miami expansion after our recent acquisition of Amara at Paraiso,” said Robert Rivani, President of Black Lion Investment Group.

Rivani is planning transform the Wynwood Arcade with a $1 million renovation led by Kobi Karp Architecture & Interior Design. The renovation and updates will include the addition of outdoor dining areas on the ground floor and rooftop. Rivani is also planning to bring a new nightlife concept to the rooftop.

Wynwood is a must see for tourists and locals and is known for its instagramable murals and one-of-a-kind dining and retail experiences. Conveniently located in the heart of Miami’s Wynwood neighborhood, the property represents a prized parcel of real estate in one of the hottest markets in Florida. Known for its vibrant cultural scene, art, and eclectic nightlife.

Black Lion Investment Group’s portfolio of properties in Florida includes the recently acquired Amara at Paraiso commercial property as well as the renovated Crystal Cove Commons and Brickell Bay Boardwalk. The Los Angeles-based firm recently acquired the Tucson luxury retail center Oracle Wetmore for $38 million.

Imagery via Black Lion Investment Group

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Tour A One-Of-A-Kind Sky Mansion Triplex Which Just Sold For $30 Million At Continuum South Beach

A one-of-a-kind, combined three unit “Sky Mansion” condo at Continuum South Beach in Miami Beach’s exclusive South-of-Fifth neighborhood has sold for $30 million. Unit 3602-3604 in Continuum South was listed on the market just 52 days before selling for a record most expensive price per square foot in the building at roughly $3,645 PSF. The residence is also the fourth most expensive condo ever sold in Miami Beach. The sale follows a trend of closings of large, luxury condos in Miami and follows the sale of Continuum developer Bruce Eichner's own unit in April for $35 million.

The triplex in Continuum South spans three combined units on 36th floor resulting in 8,229 SF with an additional 3,704 SF of outdoor balconies. The residences offers 6 bedrooms and 5.5 bathrooms with a two-story master suite, two kitchens and a theater. The home also features 300-degree views and two story windows with luxurious custom design and finishes throughout.

The residence was listed with Sheila Michelle Rojas of Brown Harris Stevens and Constantin Gorges of Compass. Talita Pinheiro of Compass represented the buyer.

The sellers, William M. Osborne III and Karen H. Bechtel, are former Morgan Stanley Managing Directors, art collectors and philanthropists. While living in the home during Covid-19 the couple established Meals for Heroes, a non-profit to provide hospital emergency rooms and ICUs, EMS and first responder teams, and mobile testing centers with dinner cooked and prepared by local Miami restaurants and caterers.

Photography by Jerome Louden / Courtesy of Sheila Michelle Rojas / Brown Harris Stevens Miami

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DRA Advisors And Banyan Street Capital Sell Pinnacle Corporate Park In Fort Lauderdale For $58.875 Million To Crowdfunding Buyer

A fund managed by DRA Advisors LLC in a joint venture with Banyan Street Capital has sold the Pinnacle Corporate Park in Fort Lauderdale for $58,875,000 to Feldman Equities. The deal was the St. Petersburg, FL-based Feldman Equities first acquisition in South Florida and capital was raised through crowdfunding using the online platform Crowdstreet.com.

Avison Young’s Florida Capital Markets Group facilitated the disposition on behalf of the seller. Avison Young Principals John K. Crotty, CCIM, and David Duckworth led the sales team, which also included Principal and Miami Managing Director Michael T. Fay, Principal Greg Martin, Principal George Vail, Vice President Brian C. de la Fé, and Associate Berkley Bloodworth.

Pinnacle Corporate Park is a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. The portfolio totals 259,458 SF on 14.31 acres in Broward County’s Cypress Creek submarket. At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.

Pinnacle Corporate Park was 83% occupied at the time of sale with a diversified mix of tenants, including professional and financial services, healthcare, and technology firms. Following the sale, Avison Young retained the leasing assignment for the property. Feldman Equities plans to invest over $3 million in renovations and fully furnished suites that will allow new tenants to move in quickly.

“Pinnacle Corporate Park received intense interest and multiple competitive offers due to its strong occupancy, rental rate growth, lease-up potential, and ideal location just minutes from Interstate 95 and walking distance from the Tri-Rail,” said Crotty. “Although 100% of the property is in use, our Capital Markets team creatively marketed the development potential in the existing parking lot, therefore uncovering the land’s intrinsic long-term value, enhancing overall interest, and ultimately achieving a record price-per-square-foot.”

“The Pinnacle Corporate Park sale represents the trend of large funds and institutional owners’ confidence to buy and sell large office assets as pandemic-driven concerns wane,” said Duckworth. “In Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decision-makers and C-suite executives relocate to South Florida, bringing businesses and money to invest.”

Pinnacle Corporate Park is in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

Black Lion Investment Group Acquires Bayfront Amara at Paraiso Property For $12.1 Million From Related Group

The Los Angeles-based Black Lion Investment Group has acquired the trophy waterfront restaurant building Amara at Paraiso, located at 3101 NE 7th Ave., from Related Group. The deal was overseen by Fabio Faerman and Sebastian Faerman of FA Commercial with Fortune International Group, who represented both Black Lion and Related Group in the transaction. Amara at Paraiso is a 12,300 SF commercial property and is one of the only free-standing restaurants in Miami located directly on Biscayne Bay. James Beard Award winning chef Michael Schwartz’s Genuine Hospitality operates the popular indoor-outdoor dining space.

“We are thrilled to be a part of the vibrant retail and fine dining experiences that are making Miami the go-to destination in a post COVID-19 world. We believe this is the first step in a multi-faceted approach to creating new experiences within the Miami community,” said Robert Rivani, President of Black Lion Investment Group.

The unique Class A experiential retail and dining facility was built by Related Group as part of the 11-acre Paraiso District, which the development firm delivered in 2018. The Paraiso District consists of the 384-unit Paraiso Bayviews, the 357-unit Paraiso Bay, the 317-unit Gran Paraiso, the 276-unit One Paraiso, and seven standalone townhomes at Paraiso Bay Homes.

Black Lion Investment Group’s portfolio of properties in Florida includes the recently renovated Crystal Cove Commons and Brickell Bay Boardwalk. The Los Angeles-based firm recently acquired the Tucson luxury retail center Oracle Wetmore for $38 million.

Imagery via Genuine Hospitality Group

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Cardone Capital Acquires The Harbour Centre at Aventura Office Complex For $93 Million

Cardone Capital, led by 10X founder Grant Cardone, has acquired the Harbour Centre at Aventura office complex for $93 million. The property will be renamed The 10X Center. Harbour Centre at Aventura spans 217,056 SF and was 90% leased at the time of sale with tenants including UBS and IberiaBank. The transaction was financed with a $65 million loan provided by City National Bank of Florida. The seller was the Texas-based C-III Capital Partners, who acquired the property in 2014 for $61 million. The office complex was developed in 2003 and is located at 18851 NE 29th Ave. in Aventura, next door to Cardone’s 10X Headquarters. Cardone plans to combine the two buildings into an urban campus with a residential component.

Grant Cardone is an internationally-renowned motivational speaker and real estate investor. Cardone is the author of the “10X Rule” and founder of the 10X Movement. Cardone Capital has raised over $500 million through crowdfunding and recently acquired Camino Real Apartments in Boca Raton for $69 million and Port Royale Apartments in Fort Lauderdale for $130 million. Cardone also recently purchased Tommy Hilfiger’s Golden Beach oceanfront estate for roughly $28 million.

Miami-Based Private Equity Group Galium Capital Expands Houston Portfolio with Acquisition of 431-Unit Tate at Tanglewood

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Tate at Tanglewood in Houston, TX. The Tate at Tanglewood is a 431-unit institutional-grade multifamily apartment building in Galleria District of Houston. The transaction closed on May 27, 2021.

“We are excited to expand our multifamily portfolio in Houston with the acquisition of Tate at Tanglewood. The asset is of great quality and has tremendous potential for improvement, so we look forward to continuing to build its long-term performance with our management partner, Greystar” said Jacques Bessoudo, Managing Partner of Galium Capital.

The Tate at Tanglewood is a luxury apartment community which was developed in 2016 and is located at 5880 Inwood Dr, Houston, TX 77057. The property features 431 units and offers top-tier amenities on 5.3 acres of land. Tate at Tanglewood was 85% occupied at acquisition with an average rent of $1.65 PSF.

Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

Units at Tate at Tanglewood range from one to three-bedroom floor plans and 647 SF to 1,462 SF. Residences feature wood plank flooring, granite slab countertops, stainless whirlpool gold series appliances and full-size washer and dryers. Select homes feature two-story loft layouts, barn-style sliding doors, rustic brick arches, 11 ft. concrete ceilings, vertical showers and private yards.

Residents will have access to world class amenities such as a 24-hour clubhouse, state of the art fitness facility including a yoga/spin room with personalized training programs, resort style pool, golf simulator and a private dog park with pet salon station.

“Tate at Tanglewood is an institutional grade community located within one of the best residential areas in Houston with strong upside opportunity. During our ownership we plan to achieve a significant increase in the building’s occupancy and overall performance and expect to see outsized returns as the Galleria submarket continues to grow exponentially” said Jonathan Slomianski, Director of Acquisitions of Galium Capital.

David Mitchell and Tip Strickland of Newmark represented the seller and secured the debt for the buyer.

Galium Capital, owns and manages a portfolio in excess of $515 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. The Tate at Tanglewood is Galium Capital’s second acquisition in the Galleria-district of Houston, TX after the group closed on the 361-unit institutional grade multifamily property, Fairmont on San Felipe, in September 2020.

Villa Valencia Breaks Record For Most Expensive Condo Sale In Coral Gables

Villa Valencia just completed the most expensive condo sale of all-time in Coral Gables with Lower Penthouse South for $6.5 million. To date, the building has sold 50% percent of its inventory and earlier this year celebrated ‘topping off’ at 13 stories.

“Our goal is to deliver a landmark project to the area and this monumental sale makes it even more rewarding,” said Rishi Kapoor, CEO of Location Ventures, the developer behind the condominium. “It showcases how high-quality, wellness real estate is taking over.”

The sky estate encompasses half of the 12th floor, boasting 4,211 square feet of indoor space and an expansive 2,179-square-foot terrace with breathtaking views of the city, golf course and bay water horizon. Accessed directly via a personal elevator, the five-bedroom, five-and-a-half-bathroom residence includes custom millwork, a spacious media and entertainment room, grand master bedrooms and a large outdoor kitchen and wet bar complete with a private pool. Designed on the pillars of nature, technology and wellness, the home is integrated with Delos’ DARWIN™, a pioneering home intelligence system that delivers clean, fresh air, energizing light and pollutant-reduced water, creating an environment that brings the best of the outdoors, inside.

Each residence interior at Villa Valencia will showcase a private foyer and elevator entry, complete with superior finishes, including European flooring, 10-foot exterior sliding doors, and finished custom closets. Kitchens are equipped with state-of-the-art Subzero and Wolf appliances, a wine cooler, custom cabinetry and quartz countertops. On the outside, the façade features a modern take of Coral Gables’ signature Mediterranean architecture style, designed by Hamed Rodriguez Architects.

In the boutique building, residents can enjoy an amenity portfolio that leaves no stone unturned. The wellness program includes a hammam, steam room, his-and-her saunas, hydrotherapy plunge pools, alongside a state-of-the-art fitness facility with areas for yoga, Pilates and weight training. For outdoor enjoyment, a 78-foot resort-style pool with a lap lane and waterfall is complemented by two summer kitchens and spacious sunbeds for relaxation. A dinner party can be hosted in the Cucina, while a game night can take place in the lively entertainment room, followed by movies in the theater. An executive room with video conferencing allows professionals to work from home with ease. It overlooks the adjacent park, whose grassy field features a large sculpture and water features. Nearby a dog run is perfect for pet lovers.

For residents looking for additional private space, poolside cabanas and private garages are also available for purchase.

Located in the heart of the City Beautiful, the building has direct access to Miami International Airport and is blocks from Miracle Mile. The Greater Miami Area is a rapidly expanding economic hub, and Coral Gables alone is home to 20 consulates and 140 multinational corporations. It is an ideal community with “Class A” office space, top private and public schools and universities, country clubs, golf courses and world-class culture – all within steps to Villa Valencia.

Villa Valencia residences start from $2 million; limited residences remain.

For more information, visit www.villavalencia.com or call (786) 971–6680.

Images via Villa Valencia. This article was sponsored courtesy of Location Ventures.