Reuben Brothers Acquires 25% Stake In The JW Marriott Miami Turnberry Resort & Spa

The British-based private equity and investment firm, Reuben Brothers, led by David and Simon Reuben, have acquired a 25% stake in the JW Marriott Miami Turnberry Resort & Spa from Jeffrey Soffer’s Fontainebleau Development. The price of the transaction was undisclosed. The JW Marriott Miami Turnberry Resort & Spa recently completed a $300 million renovation including the addition of 300 hotel rooms, a 3,000-visitor capacity waterpark known as Tidal Cove Waterpark and the expansion of its convention center. The hotel property is one of the largest in South Florida, featuring 685 hotel rooms and a 36-hole golf course. Reuben Brothers and Fontainebleau Development are reportedly exploring additional partnerships on investments.

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.

Nuveen Brings In Proptech Startup Lane To Manage Waterford Business District In Miami

Nuveen Real Estate­ has announced that they will bring in proptech startup, Lane, to manage the Waterford Business District in Miami. Lane will implement their workplace experience platform and mobile app at Waterford Business District which is one of the most prominent corporate office complexes in the Southeast U.S. Located near Miami International Airport, Waterford houses more than 100 multinational corporations and has one of the highest concentrations of regional and Latin American headquarters in South Florida. Waterford Business District is a joint venture between Nuveen and Allianz Real Estate

“Launching our technology across seven office buildings in the midst of a global pandemic was no small feat, but we were inspired by Nuveen’s commitment to creating a unified workplace culture within the District,” said Clinton J. Robinson, CEO and Co-Founder of Lane. “It’s not every day that you get to help revitalize one of the country’s leading corporate destinations, and we are very proud to help bring the future of work to Waterford.”

“We are excited to put an expanded digital and on-site amenity offering at the fingertips of our tenants,” said Chad Phillips, Managing Director, Head of U.S. Office & Portfolio Manager, Nuveen Real Estate. “We want the professionals in our buildings to have a go-to mobile-friendly source for building announcements, amenities, and programming. The app is also another avenue for tenant feedback. We want to facilitate clear, consistent communication with our tenants, and hear directly from them on how to provide the best workplace experience. This is a part of a programmatic initiative to engage with our tenants both onsite and online. This year we are rolling out tenant engagement apps at nearly 20 office buildings in our U.S. portfolio, with more digitization projects planned for years to come.”

Designed to transform the workplace into a thriving, connected ecosystem, Lane integrates building systems into a single, centralized and user-friendly digital platform. Lane streamlines all aspects of day-to-day office life for tenants and property managers alike, from room bookings and guest registration to maintenance, communications and tenant engagement, all optimized using data to drive insights.

At Waterford Business District, Lane’s web and mobile platform will help streamline per-building and District-wide communications and empower tenants to access new amenities and services with ease, including the free shuttle service, Freebee; bike-share program, Zybra; FlashParking, a smart-parking program exclusively for District tenants; and virtual yoga. 

In the midst of Covid-19, the Lane platform is also helping property teams coordinate efforts for their tenants amid the evolving global health pandemic by managing occupancy through room bookings, ensuring tenants feel safe through surveys and real-time feedback, sharing building and cleaning protocols, safety measures, and other important updates, engaging tenants remotely through virtual content, amenities, and events. 

“Formerly known as Waterford at Blue Lagoon, Waterford has been synonymous with the biggest businesses, not only in Miami, but in the Southeast U.S., for decades,” said Charles Russo, Senior Director, Southeast Regional Head, Office Americas, Nuveen Real Estate. “In 2019, we embraced the office park’s business-focused identity and re-emerged as Waterford Business District. Since then, we have invested significantly in capital improvements focused on setting a new standard as a cutting-edge hub for global business in Florida.” Russo added, “Our strategic partnership with Lane has now allowed us to bring our new amenities and services into one seamlessly connected platform where tenants can access everything the District has to offer from their computer or mobile device.”  

Waterford Business District is home to key players in healthcare, technology, manufacturing, transportation, finance, logistics, hospitality and insurance, as well as numerous local organizations and startups. 

Urban X Group Celebrates Grand Opening Of River Landing Shops & Residences On The Miami River

Urban X Group and the Toronto-based H&R Real Estate Investment Trust have officially celebrated the grand opening of River Landing Shops & Residences, located at 1400 NW River Drive along the Miami River. The announcement comes on the heels of the projects completion earlier this year where the first phase of retailers were allowed to open in May 2020. The ownership team delayed the official grand opening for the project until retailers were more comfortable with the economy in the post-COVID-19 world. The project originally broke ground in March 2017 and cost roughly $425 million to develop.

River Landing Shops & Residences brings in excess of 2.2 million SF of total development to the Miami River including 528 market-rate apartments; 135,000 square feet of office space; 345,000 square feet of retail; and, 2,200 parking spaces. The retail component of the project is currently 70% leased. Retail tenants include Publix, Chase Bank, Planet Fitness, TJ Maxx, AT&T, West Marine, Ross Dress For Less, Burlington Stores, Chick-Fil-A, Old Navy, Ficellas Bakery, Five Below and a Hobby Lobby. The project will also bring a 50’ wide linear park designed by Savino & Miller Design Studio, who is the landscape architect for the project.

Leasing for the office component at River Landing Shops & Residences launched in August 2020 with the first residents moving into the residential component in October. The residential component is managed by Lantower Residential, a subsidiary of H&R REIT.

Bar Invest Group Acquires Visions at Willow Pond Multifamily Community In West Palm Beach For $56.23 Million

The Miami-based private equity group Bar Invest Group, led by Jacques and Herve Barbera, have acquired the Visions at Willow Pond apartment community in West Palm Beach for $56.23 million. Visions at Willow Pond, which is located at 4860 Sandstone Lane, was built in 1987 and was fully renovated in 2013. The 300 unit community spans 14.3 acres and 347,790 square feet of total development, breaking down the acquisition cost to roughly $187,433 per unit. The acquisition was financed with a $36 million loan provided by BankUnited NA.

Visions at Willow Pond features a fitness center, tenant lounge, tennis courts and a community swimming pool. The property was reportedly 95% occupied at the time of acquisition and traded at a 4.8% cap rate. The seller was the New York City-based Axonic Capital who was represented by Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of ARA Newmark.

Over the past year Bar Invest Group has become a major player in the South Florida multifamily sector having also acquired the 405 unit Sunny Lake apartment community in Fort Lauderdale. Since the formation of Bar Invest Group USA in 2001, the firm has partnered with Constructa Group for the development and delivery of Mary Brickell Village in addition to having developed or acquired over 1,500 apartments homes and 600,000 square feet of retail with a total investment in excess of $400 million.

The Estate Companies Secures $36M Construction Loan For Luxury Rentals in Miami's Health District

The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, has secured a $36 million construction loan from Bank OZK for Soleste Spring Gardens, an eight-story Class A, 240-unit luxury rental community at 1033 Spring Garden Rd. within the Miami’s historically designated Spring Garden district and Health District. The closing took place September 9th. 

Soleste Spring Gardens will offer studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens will be a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with spacious sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations. 

“Soleste Spring Gardens represents a major investment in the historic Spring Gardens District, an area we have been extremely bullish on for quite some time,” stated Jeffrey Ardizon, principal, The Estate Companies. “We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan. The entire team worked tirelessly to get this project financed in record time.” 

Ardizon added, “The Miami Health District is home to the nation’s premier medical and research programs and a growing hub for the biotech industry. We look forward to delivering a Class A community to this quaint yet burgeoning area.” 

Soleste Spring Gardens offers a bevy of conveniences for working professionals who will value its central location and access to public transportation. The site is just two blocks from the Culmer Metrorail Station, which provides a six-minute ride to the Brightline rail stop, and abuts on one of Miami’s main arteries, the Dolphin Expressway. Soleste Spring Gardens is also less than three miles from Brickell and the Downtown Miami office market, which represents the largest office market in South Florida, and is in close proximity to Downtown Miami’s Arts & Entertainment District, Midtown Miami, the Miami Design District and Wynwood.

Miami’s Health District is the second-largest medical district in the U.S. after Houston with approximately 30,000 employees and home to world-famous Jackson Memorial Hospital and the University of Miami Hospital. 

The Estate Companies is also developing Miami’s second large-scale opportunity zone development, Soleste Grand Central in Downtown Miami, and recently acquired of a five-acre site occupied by a former Ramada Hotel in Hialeah with plans for redevelopment. In addition to Soleste Spring Gardens, the firm plans to break ground on two new projects this year in Dania Beach and North Miami Beach. 

SHVO Wins Approval To Move Forward With The Development of The Raleigh Hotel Masterplan In South Beach

Real estate owner and developer Michael Shvo, chairman and CEO of the NYC-based real estate investment and development firm SHVO, has won approval from the Historic Preservation Board (HPB) of the City of Miami Beach to move forward with the three-acre master plan development of The Raleigh Hotel. The three-acre site includes the neighboring South Seas and the Richmond, located on Collins Avenue and 18th Street in Miami Beach.

"The Raleigh Hotel is the crown jewel of Miami Beach,” said Shvo. “This approval marks a new milestone in the partnership between SHVO, South Beach and the surrounding community. SHVO will continue to honor Miami's rich history and culture. We vow to play a significant role in the city’s continued growth and transformation.”

The board approved The Raleigh Master Plan to fully restore the three properties and to unify them as one site in order to operate them as a luxury hotel and condominium building, as presented by developer Michael Shvo and his partners. The approved plan includes construction of a new 175-foot oceanfront residential tower designed by Kobi Karp behind the Richmond and South Seas.

The plans, which were submitted to the board in April, will restore The Raleigh Hotel and its iconic pool, and the historic frontage of the Richmond and South Seas Hotels to their original 1941 grandeur, conceived by legendary architect L. Murray Dixon.

Shvo and his team worked diligently over the past 18 months with the HPB and held over 100 meetings with Miami Beach stakeholders to ensure that the proposed plans would maintain the building’s original façades, effectually restoring the streetscape. Shvo describes the redevelopment will restore the existing façades “exactly the way it was when it was originally built.” This includes the removal of the penthouse floor that was added to The Raleigh in 1961, the restoration of the original façades of the South Seas and the Richmond hotels. 

SHVO purchased The Raleigh Hotel from Tommy Hilfiger in February 2019 for $103 million and later purchased the Richmond and South Seas for a combined $140 million in August 2019.

Given The Raleigh’s storied history, SHVO is committed to returning it as a cultural beacon for the greater Miami community. Last year, SHVO installed The Raleigh Gardens, an immersive and free temporary installation on the grounds of the hotel, featuring extraordinary sculpture from Les Lalanne.

Record Breaking Class A Office Lease Signed At Yukon Miami In Miami Beach's South of Fifth Neighborhood

The Yukon Miami, a class-A commercial office building at 119 Washington Avenue in Miami Beach’s affluent South of Fifth neighborhood, has shattered office leasing records in Florida despite the Covid-19 pandemic.

J. Goldman & Co., LLP, an independent investment manager, has signed an eight-year lease for 3,318 square feet of office space and a 700-square-foot private, covered terrace for a record-breaking $92 per square foot. This is an expansion for the financial services firm, which had already been leasing 1,223 square feet on the fourth floor. The lease was overseen by The Company Real Estate and The Global Consulting Organization.

“The Yukon Miami, whose office space is now close to 100% occupancy, is an asset that continues to outperform the market, not only in Miami but in the entire state of Florida,” says Cyril Bijaoui, principal and broker of The Company Real Estate, who represented the owner in the transaction and has handled the leasing for the property for the past eight years. “This is truly a building for the discriminating tenant, the top 1%, who appreciates the character and energy of the South of Fifth neighborhood.”  

The 88,148-square-foot Yukon Miami is the only Class-A office building located in the exclusive South of Fifth enclave. In addition to its prime location, the property features an enviable 9,500-square-foot rooftop development opportunity with 360-degree views of the Atlantic Ocean, Miami Beach and Downtown Miami.

Owned by Yantra 119 LLC and managed by Giulio Rangoni and Cinzia Zanella, The Yukon relaunched its sales effort this summer and is being marketed by Amit Egan Datwani, founder and chief consultant of The Global Consulting Organization, and Mr. Bijaoui for $45 million. Final offers for the property are due by Friday, October 2nd. The building’s 9,081-square-foot ground floor retail space has also just hit the market.

“It’s an ideal location to create a restaurant concept that you would expect to experience in either the Design District or at Bal Harbour Shops,” says Mr. Egan Datwani, “a place that could be infused with the early aughts buzz of Pastis in New York, the devout clientele of Joe’s Stone Crab in Miami and the exclusivity of Le Club 55 in St. Tropez.”

“The Yukon Miami presents a visionary investor with the ultimate opportunity to transform a value-add trophy asset into an absolute gem,” adds Mr. Egan Datwani. “This really is the Salvatore Mundi of the real estate world.”

Aimco Acquires Hamilton On The Bay Multifamily In Edgewater For $89.6 Million

The 275 unit bayfront multifamily rental tower Hamilton on the Bay in Miami’s Edgewater neighborhood has sold for $89,600,000, which breaks down to roughly $330,000 per unit. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the seller, Properties of Hamilton, Inc. in the transaction. The property was originally developed by Ted Arison, founder of Carnival Cruise line, in 1984.

Apartment Investment and Management Company (Aimco | NYSE: AIV), is a publicly traded real estate investment trust (REIT) who owns over 120+ apartment communities comprising 32,000+ apartment units in major markets across the United States. Aimco also owns Atlanta, New York, San Francisco, Boston, Chicago, Denver, Washington DC, Los Angeles, Philadelphia, Seattle and San Diego. In Miami Aimco also owns Flamingo in South Beach, Bay Parc Apartments in Edgewater and Yacht Club in Brickell.

Tricera Capital And Merrimac Ventures Close On Society Las Olas Retail Acquisition

Tricera Capital and Merrimac Ventures have acquired the ground-floor retail space within the newly developed Society Las Olas mixed-use project in downtown Fort Lauderdale developed by PMG. The purchase of the prime 301 SW First Ave. space closed on Aug. 27. The venture purchased the retail for $3.8 million, while also acquiring 40 parking spots as part of the transaction.

Society Las Olas is the premier mixed-use project along the revitalized Riverwalk in the heart of downtown Fort Lauderdale. Tricera’s partner, Dev Motwani-led Merrimac Ventures, has been a driving force in the neighborhood’s reemergence. Merrimac acquired the former Las Olas Riverfront complex and brought in PMG to develop Society on a portion of the property before partnering with Tricera to acquire and curate the retail component.

Merrimac also owns the adjacent property and operates the Wharf Fort Lauderdale and Rivertail with Breakwater Hospitality Group. Tricera and Merrimac own a total of ~16,500 square feet of retail at Society, with ~8,500 square feet of prime space still available. Nearly half of the space is already home to numerous first-to-market tenants of national prominence. 

Thompson Hospitality, one of the largest retail food and facilities management companies in the country, is leasing over 6,000 square feet of space that will house the company’s popular Matchbox Restaurant and Big Buns Damn Good Burger Co. After an initial $14 million investment earlier this year, Thompson Hospitality has fully acquired the Matchbox Brand and strategically expanded the concept into emerging markets. Since 2003, the Washington, D.C.-based chain has provided a quintessential neighborhood gathering place for communities.

With 11 locations across the U.S. and more on the way, Matchbox’s menu is centered around fresh, premium ingredients, offering something for everyone, from wood-fired pizzas and mini burgers to simple, yet refined main courses, and a full bar featuring specialty cocktails, local beer and wines from around the globe.

Thompson is also bringing its latest venture, Big Buns Damn Good Burger, to Society. Big Buns is a fun-casual restaurant specializing in burgers, burger bowls, shakes, craft beer and cocktails. The restaurant is inspired by a true love for burgers and beer, and the belief that eating out should feel like a fun backyard party with delicious food, ice-cold drinks and good friends.

Pura Vida Miami, the popular Miami casual health food restaurant, is leasing an ~1,600-square-foot space. Society Las Olas marks the first ever Fort Lauderdale location for Pura Vida, which strives to bring healthy food and a sense of community to each of its South Florida locations.

“Fort Lauderdale continues to offer great opportunities for us to expand our presence in the market,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “We are thankful to be able to close this deal mid-pandemic with confidence and plan to continue our efforts in the area.” 

“Bringing these exciting concepts to downtown Fort Lauderdale continues our company – and my family’s – long history of enhancing the city we are fortunate to call home,” Merrimac Ventures President and CEO Dev Motwani said. “The tenants we are securing at Society nicely complement Wharf and Rivertail and will help make this area the focal point of the Riverwalk.”