Development Site In Miami's Little River Neighborhood Trades For $13.3 Million

Little River has been a hotspot for investment and yet another significant transaction has as an undisclosed buyer acquired a development site for $13.3 million. The sale included 2.2 acres on NE 2nd Ave in the northern section of Little River, located at 8038 NE 2nd Ave. Gridline Properties’ Broker and Principal Alfredo Riascos represented the seller, Thomas Conway of Conway Commercial Real Estate. Tony Arellano of DWNTWN Realty represented the buyer. The buyer nor its plans were disclosed citing confidentiality.

“Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” said Riascos.

Creative neighborhoods like Little River have been the focus of a lot of attention and recent capital inflows. DWNTWN Realty Advisors and Gridline Properties worked together seamlessly on a complex transaction that will have a positive impact on Miami and the Little River neighborhood. Population and job growth are fueling the demand for housing and neighborhoods as the City of Miami continues to grow. Despite the economic headwinds, Miami seems to be positioning itself as a safe haven for capital investments and quality of life upgrades for employers and individuals.

Conway recently sold the neighboring Ebb & Flow retail strip center comprised of two buildings on two lots for $18.15 million in July 2022. Riascos represented Conway in the Ebb & Flow transaction as well. The all-cash deal marked one of the largest single transactions in Little River for value-add creative retail.

“In recent months, the Northeast Second Avenue corridor of Little River has received remarkable attention from investors and developers seeking to capitalize on the emerging retail and development taking place between 79th and 84th Street," said Riascos. “This property may be one of the last remaining sites that offers institutional size and scale for future development along NE 2nd avenue. We are excited to be part of the tremendous growth and continued success of Little River.”

A hub for re-adapted industrial buildings, Little River has attracted an array of creative and design-oriented businesses that have 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.

Alchemy-ABR Investment Partners Close On Wynwood Development Site For $18 Million

Alchemy-ABR Investment Partners, a fully integrated New York based real estate development and investment firm, have closed on a development site at 18 NW 23rd Street in Wynwood for $18 million. The property spans 36,079 SF and the acquisition represents Alchemy's first residential project in Florida. Israel Discount Bank provided financing for Alchemy-ABR Investment Partners to purchase the vacant lot from The Salvation Army, which is located across the street from The Salvation Army Family Store and Donation Center’s Wynwood location.

The mixed-use site will be developed into a 12-story luxury residential building with 186 units, multiple retail spaces, and a parking garage. Local architects Arquitectonica and MKDA have been commissioned to design the building with construction commencing in 2024.

“We are thrilled to announce that 18 NW 23rd Street will be our first residential development in Miami, Florida. Alchemy-ABR has a strong presence in the commercial real estate market in South Florida and we are looking forward to bringing our years of real estate expertise to the residential market, which is currently facing great demand. We are looking to design and build a best-in-class mixed use project that will add to the fabric of one of the most dynamic walkable neighborhoods in the Southeast,” said Joel Breitkopf, Co-Founder & Partner of Alchemy-ABR Investment Partners and Brian Ray, Co-Founder & Managing Partner of Alchemy-ABR Investment Partners in a joint statement.

Waterford Corporate Centre Trades For $16.9 Million, To Become New Worldwide HQ For Benitez & Company CPA

The Waterford Corporate Centre, a multi-tenant office property which was renovated in 2019, ha sold for $16.9 million. The property is located at 5835 Blue Lagoon Drive, Miami, FL 33126 and spans 61,194 SF. The Waterford Corporate Centre was 97% leased at the time of sale and the tenant list includes The United States Department of Commerce, The State of Florida Department of Education, Volvo Group North America and World Trade Center Miami. The building will be the new worldwide headquarters for Benitez & Company CPA.

The buyer is Juan & Maria Benitez of the Benitez & Company CPA who was represented by Manny Chamizo III with ONE Sotheby's International Realty, while the seller was Blue Lagoon Investment, LLC who was represented by Cary Cohen with Blanca Commercial Real Estate.

The Waterford Corporate Centre was recently renovated in 2019 and features an impressive and elegant double-height lobby, tenant conferencing facility, and a rooftop helicopter landing pad.

"Despite changing market conditions, office buildings are continuing to transact in core markets," said Chamizo. "Miami’s momentum remains solid and South Florida based companies are reaping in the benefits - with many searching to expand their teams and offices. We are happy to have found the Class A space our client was looking for, the helipad was an attractive bonus.”

This property conveniently situated within the corporate-campus style Waterford Business District, fronting beautiful views of Miami International Airport and immediate access to the Dolphin Expressway. The prime location also connects the campus to several major Miami neighborhoods, including Doral, Coral Gables, Brickell, Downtown Miami and Wynwood.

Images attached. Credit for the building pictures goes to Cary Cohen.

Chicago White Sox Outfielder Louis Robert Breaks Weston Record With $12.3 Million Mansion Purchase

Chicago White Sox outfielder, Luis Robert Moiran has purchased a waterfront mansion at 3030 Meadow Lane in Weston for a record $12.3 million. Moiran, who is professionally known as Luis Robert, made his Major League Baseball debut with the Chicago White Sox as an outfielder in 2020. The Cuban-born 25-year-old signed a six-year, $50 million contract with the team that year, according to published reports. The sale of the waterfront property far outscores any other current listings in Weston. The next highest listing is $8 million.

Senada Adzem of Douglas Elliman had the listing, and Sara Bartman with 643 Realty Group LLC brought the buyers.

Touted as the “Monarch Estate” was listed with Senada Adzem of Douglas Elliman, the sprawling estate encompasses nearly 1.5 acres, the grounds at 3030 Meadow Lane in Weston, Florida are as well thought-out and cared for as the home itself.

Cast upon more than an acre and a half within The Windmill Ranch Estates community, the impeccable landscaping of this property has been both thoughtfully designed and meticulously maintained. The verdant outdoor living space features a stunning butterfly sanctuary, many Floridian flowering plants, as well as sheltering bushes and shrubs, have been carefully chosen to create an ideal environment for all types of butterflies to flourish, including the homes namesake: Firebush, Lantanas, Firecracker plant, Texas Sage, Pentas, Mexican Heather, and Jatropha.

The exterior is an oasis unto itself anchored by a striking 93-foot-long heated infinity edge pool, as well as an in-ground spa with room for 12 people. The multipurpose sports court features a glass-backboard basketball hoop, but it’s also designed for pickleball and other activities. The spacious outdoor setting also boasts a summer kitchen and dining area; a separate entertainment space, with a fireplace and flat-screen TV; and a dramatic fountain just off the pool with three stone-filled square fire bowls.

Windmill Ranch Estates, constructed around the waterways that distinguish the landscape in this coveted part of west Broward County, provides an idyllic setting for this beautifully rendered seven-bedroom sanctuary by renowned architect Randall Stofft. Designed on a canvas bathed in brilliant, invigorating whites—like the custom cabinetry in the chef’s kitchen and master bathroom, or the Turkish Carrara marble flooring in the dining area and formal living room—and complemented by rustic earth tones, the layout carries a thread of clean sophistication throughout its two floors. The home is being sold fully furnished and is built for entertaining as evidenced by the 2,000 square feet of family room/kitchen living space—part of a sprawling interior that encompasses nearly 12,000 square feet.

Other indoor highlights include Savant Smart Home technology (with automated control of everything from lighting and audio to fans, security, and the thermostat); a commercial grade elevator; a butler’s pantry; a multitiered cinema room; authentic Jerusalem stone; state-of-the-art appliances in the double-island kitchen; a home gym; and a surround-sound system comprised of some 100 combined indoor/outdoor speakers

Images via Douglas Elliman

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.

Penthouse At The Herzog & de Meuron-Designed Jade Signature Sells For $15 Million In Sunny Isles Beach

A penthouse at the iconic Herzog & de Meuron-designed Jade Signature in Sunny Isles Beach has sold for $15 million. The Carroll Group represented both sides of the transaction for PH5503 with Chad Carroll and Matthew Dugow on the seller's side and Sheerelle Toledano on the buyer's side. Per public record, the buyer is EIN OD MELVADO TRUSTEE SI 55 LLC, while the seller is GABIUS MIAMI PROPERTIES LLC.

PH5503 is located atop the 55th floor spanning 9,183 SF of flow-through interior space, offering unobstructed 360-degree direct ocean, Intracoastal and city views. The residence offers 6 bedrooms, 7.5 bathrooms, and a 5,242 SF signature wraparound balcony. The penthouse also features multiple appointed sitting and family areas, master office, study, library, playroom, breakfast + bar area, private gym, private pool & service quarters, making for a truly and distinctly personal refuge in the sky.

This is The Carroll Group's second recent significant sale in the building. In March, Chad Carroll sold a penthouse for a record breaking $23.5 million to billionaire entrepreneur Adam Weitsman.

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.