DOMO-Designed Sunset Islands Estate Built By Todd Michael Glaser And Staged by Artefacto Trades For $31.5 Million

A contemporary waterfront home on Miami Beach’s prestigious Sunset Islands has sold for $31.5 million. It is the third most expensive home ever sold on all Sunset Islands, behind a recent land sale and 2120 Bay Ave. which traded for $34 million in an off market deal in March. The ultra-modern home is located on the gated Sunset Island 4 at 1635 W 22nd Street. The residence was built by ultra-luxury developer Todd Michael Glaser, designed by DOMO Architecture + Design with interiors by House of One.

Per public record, the seller is Randy Frankel, the co-owner of the Tampa Bay Rays. ONE Sotheby's International Realty represented both sides of the transaction with Reid Heidenry representing the buyer and Marko Gojanovic the seller.

The ultra-modern residence features 7 bedrooms and 8 bathrooms spread over 8,533 SF. The home features a grand living room, soaring 14-ft ceilings as the centerpiece of the home, a chef's kitchen adjacent to a large family room, formal dining situated by an interior courtyard, four bedrooms in the main house and two guest suites with a staff room. Finishes include wood-detailed ceilings, Crestron system, LED lighting, wall-to-wall sliding doors, marble baths and an elevator. The residence also features lushly landscaped outdoors including a resort-style pool deck with a summer kitchen, roof top deck, new seawall and a large dock.

Images via Michael Ruiz with LPG

Owner Of The Versace Mansion Acquires 1930's Era Miami Beach Boutique Hotel For $6 Million

The Nakash family, owner of several Art Deco hotels and South Beach’s former Versace Mansion, has acquired a 1930’s era boutique hotel located at 1350 Collins Ave. in Miami Beach. Renowned architect Wallace Tutt, who designed the Versace Mansion a few blocks away, also designed the building’s three villas. The 6,340-square-foot boutique hotel is in the middle of South Beach’s hottest resort district. The transaction was overseen by Lee & Associates South Florida President Matthew Rotolante and Associate Rodrigo Calderon and closed on April 28.

Originally constructed in 1930, the gated hotel can also be operated as a private club or residence. Property amenities include a large, landscaped courtyard with lounge couches, dining tables and a covered pool; a two-car garage and a 24-hour security system. The hotel is steps away from the beach and the many nearby restaurants, nightclubs, shops and parks.

“This property provides the buyer with another beautiful Art Deco hotel to complement its existing neighborhood portfolio. Opportunities to acquire jewels in the heart of South Beach like this do not come around often.” Said Lee & Associates South Florida President Matthew Rotolante.

Shoma Group Acquires 2.5 Acre Transit-Oriented Site in Coral Gables To Develop Shoma One Mixed-Use Multifamily

Miami-based developer Shoma Group has announced its latest acquisition, a 2.5-acre site at 3650 Bird Road, currently home to Deel Volvo, near Coral Gables for $34 million. It will be the site of Shoma One, a mixed-use project with a 391-unit apartment community and a Shoma Bazaar food hall. The development is expected to cost $220 million to build.

“Miami is more popular than ever and the robust demand for housing that we’ve seen over the last couple of years is here to stay,” said Masoud Shojaee, Shoma’s CEO and chairman of the board. “This location is ideally positioned between Coral Gables and Coconut Grove, with the bustling entertainment and dining scenes of Miracle Mile and CocoWalk just a short drive or bike ride away. We are very happy to bring this live-work-play mixed-use project with upscale apartments and fantastic amenities, including a Shoma Bazaar, to this thriving area.”

Designed by MSA Architects, Shoma One will comprise of two 18-story towers. It features thoughtfully designed amenities–a signature of Shoma's multifamily projects–including a bowling alley lounge, child daycare, 1,161-square-foot yoga and spinning studio, dog park, co-working café, rideshare lounge for awaiting Ubers and Lyfts, and a spa with steam room, sauna and massage rooms. Each tower will have a rooftop sky lounge on the 18th floor, where residents can take in expansive views of Coconut Grove extending all the way east to Biscayne Bay, as well as its own lobby and secure mail and package room.

Atop the eight-story gated parking garage it will have a 2,500-square-foot state-of-the-art fitness center, a club room, and a pool and pavilion with an outdoor grill, water features and lounge areas equipped with large projection screens for viewing parties.

A bicycle-friendly development, Shoma One will also have a designated bike room for storage with a repair station for conveniently performing light maintenance. The site appealed to Shoma because of its proximity to the Metrorail and the Underline. Shoma One’s courtyard will link to the linear park, giving residents direct access to its lush green landscaping and cycling and running paths.

The apartments will be stylish and modern, with upgraded finishes and tech-savvy details for seamless living, including biometric fingerprint door entries for keyless, secure access. They will range in size from 375-square-foot micro studios, which will be furnished with space-efficient convertible furniture, to 1,400-square-foot two-bedroom units. There will also be seven two-story live-work residences, which allow for separate office and bedroom spaces on each floor, ranging from 1,344 to 1,400 square feet.

Michael Fay of Avison Young was the agent representing the seller, Deel Volvo, in the transaction. Shoma One is scheduled to break ground in January 2023 and is expected to be completed in 18-24 months.

PEBB and Banyan Development Acquire Seven Building Portfolio at the Research Park at Florida Atlantic University® For $37.5 Million

PEBB Enterprises and joint venture partner Banyan Development closed another major office acquisition in the companies’ home base of Boca Raton. The venture paid $37.5 million for a long-term ground leasehold interest position in the Research Park at Florida Atlantic University®, consisting of a portfolio of seven multi-tenant office buildings totaling 308,305 square feet.

The sale of the ground lease closed on April 28. The seller was an international sovereign wealth fund represented by Avison Young’s Florida Capital Markets Group. Avison Young Principal Keith O’Donnell listed the portfolio on behalf of the seller and led the off-market transaction.

PEBB and Banyan plan to embark on a substantial improvement program to upgrade the office-based research park and drive leasing activity in conjunction with the Research Park at FAU’s existing economic development team. The portfolio is currently 65% occupied. It is the only state university-affiliated research park in South Florida and considered a premier technology business incubator for the region.

Not only does the Research Park at FAU possess strong fundamentals in central Boca Raton, but it also has immediate access to a talented and motivated workforce and direct connection to the FAU campus. The Research Park at FAU allows for companies to work in partnership with FAU faculty across the University’s ten (10) colleges to collaborate and transform the property into a cutting-edge research & development park that can strengthen and diversify Boca Raton’s business community.

Collective goals are to grow and evolve the park as a leading university-affiliated healthcare and medical hub, as well as a biotech advanced engineering center, building upon a community where entrepreneurs and academic researchers come together to collaborate and develop thriving businesses. The group also sees tremendous opportunity in the fields of artificial intelligence, sensors, machine learning and others where the University already has a significant presence.

The long-term lease landlord remains the Research Park at FAU’s governing Authority, the Florida Atlantic Research and Development Authority, with a dual research and development and economic development mission, aligned with Florida Atlantic University. PEBB and Banyan have worked closely with the Research Park at FAU and will continue to work with it to pursue its mission.

“The commitment of the PEBB and Banyan teams to strengthening the tenant roster with companies focused on R&D and creating new technological and economic energy for Boca Raton and Palm Beach County is very exciting as we continue to seek to be the premier destination for innovative R&D companies in Florida,” said Andrew Duffell, president of the Research Park at FAU.

For PEBB, the acquisition continues a trend of investing in Boca Raton office properties with value-add potential. In 2021, the company purchased the 1801 Building in Midtown Boca and 5900 Building within the Park at Broken Sound.

“This is a unique opportunity to own and operate prime office space adjacent to the FAU campus,” said PEBB Enterprises President and CEO Ian Weiner. “The portfolio’s immediate access to I-95 and the Boca Raton Airport make it extremely appealing to tenants. We continue to target new investment opportunities in Boca Raton, which is underserved from an office supply standpoint.”

Located at 3600-3998 FAU Blvd., the office buildings were completed between 1998 and 2001.

The portfolio has a diverse mix of medical, technology and research businesses. Notable tenants include American Sugar Refining, Xeriant, Baptist Health Surgery Center, FAU College of Medicine Clinical Skills Simulation Center, Institute of Regenerative Medicine, Sandow Media, GenesisCare and 4ocean.

Limestone Acquires PLANTA Property In Miami Beach's Ritzy South-Of-Fifth For $12 Million

Miami-based Limestone Asset Management has acquired the flagship South-of-Fifth property which is home to PLANTA in Miami Beach for $12 million. The 7,835 SF building was completed in 2018 as the first built-to-suit and the first PLANTA in the state of Florida and sits on a 9,148-square-foot (0.21-acre) lot. The property is located at 850 Commerce Street, Miami Beach, FL, 33139 in the affluent South of Fifth neighborhood.

Kevin Sanz of Orion Real Estate Group represented the buyer, Limestone Planta, LLC. Alex Sharrin of JLL represented the seller, Commerce Street Properties, LLC. First National Bank of South Miami is providing financing. Limestone Asset Management is led by Ibrahim Al-Rashid and invests in and acquires real estate properties over all asset classes throughout North America. Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.

PLANTA, a David Grutman project led by Founder and CEO Steven Salm and Co-founder and Executive Chef David Lee, is Miami’s premier location for innovative plant-based fine dining. Its goal is to expand the acceptability, enjoyment, and celebration of the power of plants. The restaurant’s owners are the lessees and will remain in the building until 2028.

Champions of plant-based living for better health, community, and the planet, the restaurant has locations in New York, Toronto, and Maryland, in addition to Florida, with plans of expansion in Chicago and California. Additionally, PLANTA offers nationwide delivery of its plant-based signature dishes, desserts, condiments, and sauces.

“PLANTA is a unique restaurant concept, and we are excited to purchase their flagship property located in the South of Fifth neighborhood,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Rarely do opportunities present themselves in this neighborhood. A block from Joe’s Stone Crab, one of America's most iconic restaurants, is a place every landlord would love to be.”

Merrick Manor Sells Out Commercial Spaces With Sales Of Prime Ground-Floor Retail Suite

Merrick Manor continues to generate strong interest from investors seeking Class A commercial real estate in Coral Gables. The luxury mixed-use building developed by the Henry Torres-led Astor Companies, has sold out the commercial spaces following the $5.44 million sale of several retail condominiums, including two units occupied by popular fitness studio Sweat 440.

Prisma Properties LLC acquired Merrick Manor commercial units CU3, CU8-9 and CU10 in a transaction that closed on April 26. ONE Sotheby’s International Realty Global Commercial Director Manny Chamizo III, the exclusive sales representative for Merrick Manor’s 20,000 square feet of prime ground-floor commercial space, brokered the sale. Merrick Manor’s ground-floor retail space is now fully leased or owned by owner/users.

Sweat 440 occupies 3,055 square feet in CU8-9. The high-intensity interval training (HITT) studio has a passionate following among its members, which range from beginners to fitness enthusiasts. Sweat 440 has locations in Florida, New York and Canada.

The 1,307-square-foot CU3 is currently utilized as the Sales Gallery for Merrick Manor’s limited inventory of available luxury residences. Located at 301 Altara Ave., next to the world-class Shops at Merrick Park and in the middle of the city’s Design and Innovation District, Merrick Manor is experiencing brisk residential sales activity and is on pace to sell out within the next six months.

M&B Dental Associates, P.A., led by renowned aesthetic dentist and decorated U.S. Navy veteran Dr. Ivan Mendoza,occupies the 1,669-square-foot CU10. M&B and Sweat 440 are part of Merrick Manor’s Health and Beauty Corridor, which also includes Anaïs Nails & Spa, Body Details, Elegance Beauty Salon and Trésor.

“Our success in curating Merrick Manor’s ground-floor retail space with a dynamic mix of tenants, which comprise the building’s Health and Beauty Corridor, played a major role in this new investment sales transaction,” Chamizo said. “The buyer recognized that prime commercial real estate like this is at a premium in Coral Gables. We are proud to produce another tremendous outcome at Merrick Manor.”

The sale to Prisma comes as another signature Merrick Manor commercial tenant, high-end furniture retailer Sierra Muebles, prepares to open its first U.S. showroom at the building in the next few months. A Peru-based retailer that has exclusive representation of the Brazilian brand in Peru and Miami-Dade County leases Merrick Manor’s largest commercial space, which totals 4,448-square-foot.

“This transaction underscores the long-term belief in our building from the real estate community,” Torres said. “Merrick Manor has an unparalleled location and commercial space that perfectly complements the building’s 227 residences.”

Florida East Coast Realty Sells Brickell Waterfront Development Site For Record $363 Million In Mega-Deal

Florida East Coast Realty has sold a 2.5 acre prime waterfront development site in Miami’s Brickell Financial District in a mega-deal for a record $363 million. The transaction breaks the previous record set when the former 14-acre Miami Herald site in Downtown Miami sold for $236 million to Genting Group. The buyer, an entity managed by the Chicago-based Randall Davis, paid roughly $145 million per acre, $3,340 PSF dirt value, for the site which is located at 1201 Brickell Bay Drive. Florida East Coast Realty, which is led by Tibor Hollo and family, acquired the site in 2000 for $15.5 million and revealed plans for a 1,049-foot, 660 unit supertall tower designed by Pritzker Prize-winning architect Norman Foster of Foster + Partners.

Black Lion Purchases Iconic Hospitality Destination In Miami Beach's South of Fifth Neighborhood

Black Lion has acquired an iconic restaurant space in Miami Beach’s South of Fifth neighborhood. The property is located at 200 South Pointe Drive, in front of the luxury Continuum Residences condo development. Black Lion is preparing to announce flagship restaurant concept which will be new to the Miami market. The property was formerly Cibo Wine Bar South Beach and is steps away from the beach and South Pointe Park. The 12,000-square-foot venue was purchased from Ian Bruce Eichner of The Continuum Company for $11.5 million, who developed the building, and brokered by Phil Gutman of PGutman, LLC and Pablo Camposano of Colliers International.

“We are excited to introduce something special to Miami Beach,” shares Robert Rivani, President of Black Lion. “Through relationships with high-caliber hospitality groups, we are able to create once in a lifetime opportunities that set the precedent for up and coming cities and curate unique lifestyle experiences at our properties. The soon-to-be-announced concept at 200 South Pointe Drive is no exception.”

The prime mixed-use retail/ restaurant space feature an open, multi-storied layout which allows for flexible design options and prominent branding opportunity with high visibility signage from two locations. Features include 19’ – 22’ ceilings, an outdoor courtyard and a rooftop lounge accessible by elevator.

This property is the latest addition to Black Lion’s growing South Florida portfolio of mixed-use, restaurant and hospitality commercial investments. Led b Robert Rivani, the company’s recently announced several Miami projects and acquisitions including Brickell Bay Boardwalk, Wynwood Jungle, Amara at Paraiso in Edgewater, new venues at Marea South Beach, and a yet-to-be-named restaurant concept on the ground level of the SLS LUX in Brickell.

Cordova Building In Fort Lauderdale Trades For $7 Million In Off-Market Office Transaction

The Cordova Building in Fort Lauderdale has sold for $7 million in an off market transaction. Southern Centers Associates I LP, led by longtime Fort Lauderdale developers and investors Kevin Buckley and Randall Kella, sold the 1500 Cordova Road property to Sunrise-based Centerline Capital Advisors. The transaction closed on April 6 and was represented Native Realty CEO Jaime Sturgis who represented both sides of the transaction.

The 29,333-square-foot office building sits on a 0.8-acre property. Willis Tower Insurance and Luke Brown Yachts are two of the building’s notable tenants. Sturgis was engaged by the seller to handle the discreet off-market disposition process.

Centerline actively purchases and manages income-producing assets in South Florida. The company was launched in 2013 to continue the legacy of predecessor Centerline Homes, a prolific homebuilder that was acquired by Standard Pacific.

The Cordova Building sale is Native’s second significant closing in the past few days. Sturgis and Senior Associate Dan Ross represented the sellers in the $11 million sale of the future site of Advantis Station at Flagler Village on March 31. The duo brought together four different property owners to complete that transaction.

“From complex land assemblages to trophy office buildings, we are making significant deals happen in a tight market with limited inventory,” Sturgis said. “With the off-market Cordova Building sale, we identified the right buyer to execute quickly and allow the seller to have a smooth exit. We are actively looking for more inventory to help sellers realize maximum value for their properties.”

North Miami Beach Financial Center In Opportunity Zone Trades For $9.3 Million

The North Miami Beach Financial Center, a 2.47-acre site featuring a two-story Regions Bank building located in an opportunity zone at 16051 W. Dixie Highway in North Miami Beach, has sold for $9.3 million. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam J. Tiktin and Greg Matus of Franklin Street’s Florida Investment Sales Team represented the seller in the transaction.

North Miami Beach Financial Center was originally constructed in 1972. The SAE Institute has been a tenant of the Regions Bank building since 2002. The property features strong fundamentals including 675 feet of frontage along West Dixie Highway, easy access, sufficient parking and an excellent location. Situated two blocks from the signalized intersection of Biscayne Boulevard and NE 163rd Street, the site experiences traffic counts of 49,500 and 43,500 per day respectively