Crescent Heights Announces Lease Signed For National Organic Supermarket At Nema In Edgewater

Crescent Heights has announced that a national organic supermarket chain has signed a lease for the ground floor retail space of Nema, which is planned to be developed at 2900 Biscayne Blvd. The name of the grocer chain is yet to be revealed but the location will be its first in the Miami area. The supermarket will occupy 38,950 square feet of ground floor retail space in addition to an indoor and outdoor cafe on the mezzanine level. The recently approved Nema will rise 38-stories and will feature 588 apartment units in addition to a full floor of indoor and outdoor amenity space.

Check Out The Bjarke Ingels-Designed Tower Terra Group Has Proposed For South of Fifth

Terra Group’s proposal to develop a 385’ Bjarke Ingels-designed tower at 300 Alton Road in Miami Beach’s South of Fifth neighborhood is headed to vote. The boutique tower would rise 30-stories and would feature 60 luxury residential units which would be sold as condos in addition to 45,000 square feet of commercial space. The project would have a total development size of 225,000 square feet and would be the first Bjarke Ingels-design in Miami Beach.

The project has been a hot-button topic over the past several months and the development team has been working with the community to present a design that would preserve view corridors and increase green space accessible by the public. The new proposal Led by David Martin, Terra Group is seeking to purchase air rights to the property from the City of Miami Beach for $55 million, in addition to the developer completing $22.5 million of public improvements including a one-acre public park and upgraded baywalk and $15 million for site residency and flood mitigation. The developer will also sign a long term lease for the city-owned Miami Beach Marina which will also see $35 million of improvements over 30 years and Suntex will be appointed as the new marina operator.

Bell Partners Acquires Boca Raton Multifamily Communities For $94.25 Million

The Greensboro, NC-based Bell Partners has acquired two apartment communities in Boca Raton, The Lumin at Boca Raton and Cade Boca Raton, for $94.25 million. The Lumin at Boca Raton and Cade Boca Raton are located within the Park at Broken Sound, at 5500 Broken Sound Blvd. and 950 NW Broken South Parkway respectively. The acquisition was financed by a $58.8 million mortgage provided by GIM Commercial Mortgage Loan Fund. The properties will be renamed Bell at Broken Sound. Bell Partners now owns eight apartment communities in South Florida.

5500 Broken Sound Blvd. is a 180-unit apartment complex completed in 2018 on 9.1 acres. The property was developed and sold by a joint venture between Mainstreet Capital Partners and New Century Companies and sold for $56.5 million, roughly $314,000 per unit. 950 NW Broken Sound Parkway was also completed in 2018 and features 90 townhomes on 5-acres. The property was sold by an affiliate of Bluerock Real Estate and sold for $37.75 million, roughly $419,000 per unit.

EverWest Real Estate Investors Acquires Hialeah Industrial Property In Off-Market Deal For $13.1 Million

The Denver-based real estate investment firm EverWest Real Estate Investors has acquired an 160,000 square foot industrial property in Hialeah, FL in an off-market deal. The property, which is located at 1101 E. 33rd St., an infill location in the heart of Miami’s Hialeah industrial submarket, was acquired for $13.1 million, or $82 per-square-foot. Andrew Gurewitsch of Windsor Realty Partners represented the building seller, a partnership between two local investors.

“Hialeah is a centralized location, in close proximity to Miami International Airport, major thoroughfares and sought-after labor,” said EverWest Director of Southeast Acquisitions Tyler Williams. “The building is also fully occupied with a stable rent roll, making it the perfect candidate for long-term improvements – demonstrating EverWest’s continued ability to acquire and enhance well-located industrial product in a highly competitive landscape.”

“Hialeah is a city within a city with continued strong demand across all asset classes. The property is located in one of the most robust and fundamentally strong submarkets in Miami-Dade with an exciting future,” said Andrew Gurewitsch of Windsor Realty Partners.

The Hialeah building features 18’ to 22’ clear heights with functional dock-high loading, direct rail access, heavy power and a large lot for high-volume trailer storage. EverWest plans to implement a capital improvement program while benefiting from the building’s stabilized tenancy in a submarket with strong rent growth.

The building was fully leased to two long-term tenants at acquisition; IC Industries Inc., a leading South Florida corrugated box manufacturing and delivery service, and Schwarz Partners Packaging, part of an Indianapolis-based holding company with interests in corrugated paper and packaging, with a focus on the full-circle renewable process.

City of North Miami Beach Calls For Revote After Granting Dezer Development Approval To Redevelop The Intracoastal Mall

Just one week after Dezer Development won approval from the North Miami Beach City Commission to redevelop the Intracoastal Mall into a mixed-use project named Uptown Harbour, the Commission has called for a revote without a scheduled date. The issue is tied to two ordinances, including zoning amendments and a 30-year development agreement, as well as two commissioners being absent from the initial vote which was decided with three yes and two no votes. The project is also still pending approval from the Florida Department of Transportation. The Intracoastal Mall is located at 3501 Sunny Isles Blvd. on a 29.1-acre site. The traditional retail center currently features 234,026 square feet of retail and 33,260 square feet of office.

Uptown Harbour would feature condos, retail, offices and hotels complete with a waterfront promenade with restaurants and retailers. When complete, the mixed-use development would bring over 2,000 residential units, which would be split between 1,750 for-sale condos spread across five towers, 200 rental apartments and 50 townhomes. Uptown Harbor would also feature 250 hotel rooms, 375,000 square feet of retail, and 200,000 square feet of office to the area. Dezer Development would also fund public improvements including building a police department, fire station, community center, a 6-acre park and infrastructure as part of the proposal. Towers would have a maximum height of 40-stories. Uptown Harbor is designed by Zyscovich Architects.

American Landmark Acquires 624-Unit Multifamily Portfolio From RADCO For $100.5 Million

American Landmark has acquired the recently renovated Radius Winter Park and Ashford at Feather Sound communities in Casselberry and Clearwater, FL from the Atlanta-based RADCO Companies. The 624-unit portfolio traded for $100.5 million and the transaction was overseen by CBRE. Radius Winter Park features 336 apartment units and sold for $51.5 million and Ashford at Feather Sound features 276 apartment units and sold for $49 million. The properties will be renamed Onyx Winter Park and Fairways at Feather Sound.

Radius Winter Park is located in Casselberry, FL, just 10 miles north of Orlando. The lakeside community was developed in 1983 and features a suite of amenities including a pool, BBQ and picnic area, playground, dog park, pet spa, indoor fitness center and internet café. Units range from studio to two-bedroom floor plans.

Ashford at Feather Sound was developed in 1985 and is located near I-275 just across the bay from Tampa in Clearwater, FL. The lushly landscaped property features two lakes, a heated pool, hot tub, sundeck, a grilling and picnic station, fitness center, tennis courts, scenic walking paths and an equipped pet park. Units are available in one- and two-bedroom layouts.

Jon Paul Pérez Is Named President Of The Related Group As The Next Generation Of The Pérez Family Takes the Helm

Jorge M. Pérez and the Related Group have announced the appointment of Jon Paul Pérez as president of the organization, following more than a year of planning alongside Related’s distinguished leadership team. Following the transition, Jon Paul stands poised to continue Related’s legendary track-record of transforming neighborhoods across all sectors, and ultimately expand the firm’s more than four decades of success.

“Jon Paul has shown time and again he has the passion and vision to carry forward what I started more than 40 years ago,” said the Pérez family patriarch Jorge Pérez, who will continue as Chairman & CEO. “He brings the same tireless energy that defined my early years, but more importantly, injects a new way of thinking that will expand the business far beyond anything I could’ve imagined. There’s no one better suited to take Related into the future.”  

Formerly Related’s executive vice president, Jon Paul has already established himself as a market maker, leaving his stamp on the nation’s most competitive markets and navigating several once-in-a-generation industry shifts.

“This position comes with a great sense of pride and responsibility, not only to my father, family and our exceptional team of associates, but also to the communities we serve,” said Jon Paul. “Each of Related’s developments, from affordable to luxury, are known for catalyzing growth and opportunity and I look forward to continuing this commitment, while expanding the boundaries of what a private developer can accomplish.”

Since joining Related Group in 2012, following a five-year tenure at NY-based Related Companies, Jon Paul has played a growing leadership role, personally spearheading the expansion into Miami’s popular Wynwood neighborhood, where the team is working to deliver several major mixed-use projects and transform the area into a true live-work-play neighborhood. He also led the development of Residences by Armani/Casa, an award-winning luxury condominium developed in partnership with fashion icon Giorgio Armani and Dezer Development.

“I speak for the entire executive committee when I say Jon Paul is well prepared to start this next chapter,” said Adolfo Henriques, Related Vice Chairman, and trusted advisor to the Pérez family. “Much like his father, he’s grown to become a driving force, with relentless determination to achieve his goals. But I’m most heartened to see him developing his own unique style, seamlessly channeling the firm’s historic strengths into innovative directions. We stand proudly behind our new leader.” 

Jon Paul is currently working with leaders across the affordable, market-rate, international and luxury divisions to kick-off the next generation of Related properties.  Among these are Solemar, set to bring a new level of design and luxury for Pompano Beach; Ritz Carlton Tampa, a marquee project for the city’s prime waterfront; Boulevard at West River, a multi-towered project within the 120-acre West River redevelopment also in Tampa; SLS Tulum, a condo-hotel hybrid and the next phase of Related’s international expansion; and in Related’s continued commitment to Miami, the first of three towers at 444 Brickell Avenue; and some of the largest affordable housing developments in the country in the Brickell Avenue neighborhood, Miami River and Liberty City.

He is also working to accelerate the organization’s innovation efforts, which include strategic investments in disruptive technologies, forging industry partnerships and recruiting promising talent. Recent milestones include signing on as an early adopter for The International WELL Building Institute’s WELL Health-Safety rating; partnering with Livly to build a completely digital rental experience; and rolling out a Related Living smartphone app across the firm’s condo and rental portfolio.

Outside of Related, Jon Paul is continuing the Pérez family tradition of civic leadership, serving on the Wynwood BID and playing a key role in the organization's Marketing and Economic Development Committee. As part of his position, Jon Paul works with other BID members to ensure future developments respect Wynwood’s established persona and contribute to the neighborhood’s ongoing evolution. Additionally, Jon Paul serves as an Advisory Board Member of Urban Land Institute’s Southeast Florida/Caribbean chapter and is an active Board Member of Big Brothers Big Sisters and the United Way Young Leaders. He is currently a member of YPO and, together with his siblings, plays an active role in the Perez Family’s philanthropic endeavors. 

Imagery via Eduardo Schneider

Ades Family Foundation Acquires Miami Shores Site To Build A Private, Non-Profit Jewish Day School

The Ades Family Foundation has acquired a 3.9 acre assemblage in an opportunity zone near Miami Shores for $5.3 million. The foundation plans to build a 60,000 square foot private, non-profit, Jewish day school which is anticipated to open in 2023. The transaction was overseen by Jamie Rose Maniscalco with Apex Capital Realty, who represented both the buyer and the sellers, the Peroni Family Trust and Sunshine Realty Enterprise. The assemblage is located at 855, 975 and 995 Northwest 95th Street as well as a second assemblage located at 900, 910 and 920 Northwest 96th Street. The Ades Family Foundation is a philanthropic foundation led by Daniel Andes, managing partner and CIO of the Aventura-based Kawa Capital Management.

Fontainebleau Miami Beach Exits Special Servicing On $975 Million CMBS Loan

Jeffrey Soffer’s Fontainebleau Miami Beach has exited special servicing on its $975 million commercial mortgage-backed security loan (CMBS). When issued in November 2019, the loan was the largest CMBS hotel loan in South Florida. The loan entered special servicing on March 30 amid the onset of the COVID-19 pandemic and following a modification request. The loan was returned to its master servicer on September 23 and payments reportedly remained current throughout the special servicing period, although as part of a forbearance agreement monthly reserve payments have been deferred to 2021; additionally, the hotel’s 2020 financials will not be used when calculating the property’s debt yield.

CMBS loans, which are secured by a mortgage on a commercial real estate property, are among the hardest to restructure as under the typical CMBS structure. A loan is transferred into a CMBS pool and a Master Servicer administers the loan. The Master Servicer is generally not permitted to enter into a loan modification or restructuring agreement and a Special Servicer is needed to potentially modify or restructure an individual loan in a CMBS pool. When loans are in special servicing the borrower cannot take out new debt or refinance their property.

South Florida’s hotels have bit hit with some of the hardest economic impact from COVID-19 where the industry must meet nearly $4.2 billion in CMBS payments. Miami Beach hotels, motels and short-term rentals were ordered shut on March 23 and have laid off thousands of employees. Fontainebleau Development also owns the JW Marriott Turnberry Miami, Turnberry Isle Marina, Turnberry Ocean Club and The Big Easy Casino in Hallandale Beach.

The Fontainebleau Miami Beach opened in 1954 and was designed by architect Morris Lapidus. The property spans more than 15 acres with 11 pools, a 40,000 SF spa, and 12 different restaurants and bars including Hakkasan and LIV Nightclub. The hotel is made up of four towers including the Chateau and Versailles towers with 846 hotel rooms as well as the Tresor and Sorrento towers with 748 condo-hotel units. It was acquired by Turnberry Associates for $325 million in 2005.

Talent Hub Agency Acquires Ground-Floor Retail Suite At Merrick Manor In Coral Gables

Merrick Manor in Coral Gables has announced the sale of a ground-floor retail condominium to Talent Hub Agency, where the firm will open their new Miami headquarters following the acquisition. Merrick Manor is a mixed residential and commercial luxury condo building developed by the Henry Torres-led Astor Companies. The condominium offers nearly 20,000 square feet of prime retail space on the ground floor neighboring the Shops at Merrick Park. Manny Chamizo III, the Global Commercial Director of ONE Sotheby’s International Realty, arranged the sale of this Class A retail space to Talent Hub.

“With interest rates low, prospective commercial tenants are realizing they can buy their own spaces at prices on par with market rents and take advantage of appreciation while building equity,” Chamizo said. “Talent Hub’s purchase at Merrick Manor underscores how this building offers an unparalleled opportunity to buy Class A commercial product within a brand-new luxury mixed-use building just steps away from the world-class Shops at Merrick Park.”

Talent Hub is co-owned by Puerto Rican actor, singer and songwriting Carlos Ponce. The agency represents many A-list influencers and celebrities which will add even more character to the already existing and diverse mix of retailers and businesses at Merrick Manor. Existing businesses include Anaïs Nails & Spa, Body Details, Elegance Beauty Salon, Sweat 440, Trésor and a substation for the Coral Gables Police Department. Coral Gables business district is the perfect location for many businesses as it is easy to commute from Downtown Miami and Miami International Airport. This central location is even walkable to Miracle Mile.

“Merrick Manor is an ideal location for Talent Hub’s Miami headquarters,” Ponce said. “The quality of the building is impeccable. We look forward to helping our talented members realize their vast potential in our new home.”

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative at Merrick Manor located at 301 Altara Avenue in Coral Gables.