Ugo Colombo's CMC Group Sells Brickell Flatiron Sales Center Property For $6.5 Million

Ugo Colombo’s CMC Group has sold the Brickell Flatiron sales center site at 1101 S Miami Ave. for $6.5 million to Retail Ocean LLC. The deal was overseen by Fabio and Sebastian Faerman of FA Commercial with Fortune International Realty, who represented the buyer, and Chris Suarez of CMC Group, who represented the seller. The 7,688 SF triangle shape site was acquired by CMC Group in 2013 as part of the original assemblage for Brickell Flatiron, a luxury condo tower that when completed in October 2019 was tallest condominium south of Manhattan. CMC Group initially launched sales for the 64-story, 527-unit tower in 2014. The buyer for the sales center property is a group of Argentine investors who plan to develop the site and bring in a major restaurant group for a flagship restaurant.

CMC Group is currently developing Onda, a 41-unit luxury condo project in the Bay Harbor Islands, in partnership with Morabito Properties.

Related Companies Adds To West Palm Beach Office Portfolio With Acquisition of CityPlace Tower For $175 Million

The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio with the acquisition of CityPlace Tower for $174 million, $577 PSF. The seller was the publicly traded W.R. Berkley Corp. (NYSE: WRB) who initially acquired the property in 2014 for $150 million. CityPlace Tower was developed by Related Companies in 2008 before they sold it in 2011 for $126.5 million. The Class-A office building is located at 525 Okeechobee Blvd. and rises 18-stories spanning 303,519 SF.

Tenants at CityPlace Tower include Shutts & Bowen, Greenspoon Marder LLP, Marcum LLP, Cleveland Clinic and Carlton Fields. Asking rents range from $51 to $55 SF.

In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and is building another office tower, 360 Rosemary. Following the acquisition of CityPlace Tower Related Companies is now the largest Class A office owner in Downtown West Palm beach.

Image via Mc Gowan Builders

The Transit-Oriented Mixed-Use Development CORE Link at Douglas Launches Leasing

The transit-oriented CORE Link at Douglas, a new 312-unit mixed-use multifamily tower, has launched leasing at the intersection of Coconut Grove and Coral Gables. Slated to open in August at 3060 SW 37th Avenue, CORE will become the first tower to open at Link at Douglas, a 7-acre mixed-use development being developed adjacent to Miami’s Metrorail and The Underline linear park. The project is being developed by a joint venture between Miami-based real estate developers 13th Floor Investments and Adler Group, in partnership with global investment manager Barings.

The 22-story residential building will feature studios, one-, and two-bedroom apartments with upscale finishes and panoramic city views. Leasing rates will start at $1,690 for studios, $2,090 for one-bedrooms and $2,790 for two-bedrooms. As part of a special pre-leasing promotion, CORE is offering one month free for new renters, with an additional second month free for those signing a lease without a car and planning to utilize the development’s nearby transit access.

Apartments feature private balconies, floor-to-ceiling windows and a modern design that offers ample natural light. Residences are designed with luxury plank flooring, granite countertops, modern kitchen hardware and appliances, an in-home washer and dryer, and porcelain shower walls.

Amenities include a rooftop pool deck with stunning views, poolside grilling, private cabanas, as well as a fitness center with a yoga studio, business center, media room, and a social lounge complete with billiards, shuffleboard, ping pong, and a furnished seating area centered on a fireplace. Other amenities include secured package room, bike storage, and Wi-Fi in all common areas.

CORE’s ownership has selected The Bozzuto Group to provide property management, including full-service concierge, 24-hour maintenance, resident app, monthly resident events and its signature away-from-home services of plant care, newspaper delivery and in-home package delivery.

Located along US-1 and Douglas Road, CORE and Link at Douglas are perfectly situated to offer direct access to Miami-Dade County’s Metrorail system, the Miami-Dade bus lines and the Coral Gables Trolley. Directly underneath the property, residents can enjoy outdoor workout activities along The Underline, a 10-mile linear park under development that spans from Downtown Miami to South Miami.

“We are excited to deliver our first building at Link at Douglas. With CORE, we wanted to set a new standard for those who want a more connected lifestyle,” said Aaron Stolear, Associate Vice President of 13th Floor Investments, on behalf of the joint venture development team. “At CORE, residents will lease apartments but will ‘live’ at the building – the amenities are just that spectacular.”

CORE will be followed by CASCADE, an adjacent 36-story multifamily tower set to open at Link at Douglas in mid-2022, which will feature a 25,000-square-foot Milam’s Market on the ground-floor level. All told, the Link at Douglas development’s master plan will encompass 1,422 residential units, over 32,000 square feet of retail space, a 280,000-square-foot office building, and a public plaza that connects with The Underline.

Renderings via 13th Floor Investments/Adler Group/Barings

The Estate Companies Locks Down $76 Million Construction Loan For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has locked down a $76 million construction loan for Soleste NoMi Beach apartments in North Miami Beach. The financing was provided by Bank OZK was arranged by Brian Gaswirth and Michael DiCosimo of JLL. The developer plans to break ground by the end of June after closing on the site in December 2020 for $13.1 million.

When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

Soleste NoMi Beach was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd.

The Kobi Karp-Designed Class-A Office The Gateway At Wynwood Powering Towards Completion

The Gateway at Wynwood, the newest Class-A office building in Wynwood’s emerging neighborhood and new office submarket, is powering towards completion in the second half of 2021 after topping off in December 2020 at 13-stories. The project, which is located at 2916 N Miami Ave., is being developed by R&B Realty Group and is designed by Kobi Karp. Plaza Construction is the general contractor. The Gateway at Wynwood will feature 195,000 SF of leasable office space, private rooftop terrace and 25,900 SF of retail space on the ground floor.

Wynwood is Miami’s newest and emerging office submarket and a hub for creative and innovative businesses. Many well known companies have already re-located office space to Wynwood including Spotify, WeWork, and Live Nation with other big names including Google, Apple Music and Dentsu looking to move into the area.

For more information about commercial leasing in Wynwood, private showings or availability/ pricing information please fill out the form below:

Location Ventures Closes On South Beach Assemblage For $20 Million Where Co-Living Project Urbin Miami Beach Is Planned

The Coral Gables-based Location Ventures, led by Rishi Kapoor, has closed on the Washington Avenue assemblage where they have planned Urbin Retreat Miami Beach for $20 million. The acquisition was financed with at $14 million mortgage assumed from the seller, Fryd Properties. The assemblage includes a 10,697 SF retail property at 1260 Washington Ave. and an office building at 1234 Washington Ave.

Prior to closing, Location Ventures has had the Urbin Retreat Miami Beach project in the works since at least 2019. Urbin Retreat Miami Beach is designed by Touzet Studio was approved by Miami Beach’s Historic Preservation Board and Planning Board in August 2020. Urbin Retreat Miami Beach will be a co-living, co-working and wellness platform featuring 60 residential units for a combined 120 bedrooms, retail, co-working space, a rooftop bar and a ground floor restaurant and bar.

Deco Capital Group's Mixed-Use Office Development Eighteen Sunset Approved In Sunset Harbour

One of South Florida’s most in-demand neighborhoods is getting a new offering of residential and commercial space following the approval of Eighteen Sunset, a mixed-use development set to rise in Miami Beach’s Sunset Harbour district. Eighteen Sunset is being developed by Deco Capital Group and was designed by DOMO Architecture + Design.

The five-story building will feature street-level retail and restaurant space, two floors of Class A offices, and an exclusive top-floor penthouse residence with a private rooftop deck. Plans for the development won unanimous approval from the Miami Beach City Commission on May 12, 2021. Construction is scheduled to begin in late summer 2021, with completion anticipated in 2023.

Situated between Purdy Avenue and Bay Road, overlooking Biscayne Bay and Maurice Gibb Park, Eighteen Sunset will offer unmatched walkability and accessibility in the heart of Sunset Harbour, which has emerged as one of South Florida’s hottest lifestyle, retail and dining destinations.

“Eighteen Sunset will be a premier address for shopping, dining, working and living just as Miami Beach enjoys a surge of new residents and businesses,” says Deco Capital Group Founder Bradley Colmer. “No other building in Miami Beach offers this level of Class A, luxury office and prime retail space looking out onto the water. The penthouse residence will be an unparalleled home in the sky in the center of Miami Beach’s most exciting neighborhood.”

The crown jewel of Eighteen Sunset is a penthouse residence featuring more than 15,000 SF of interior space as well as a breathtaking rooftop pool deck. The residence comprises over 32,000 SF of private indoor and outdoor space in total. The rooftop includes a pool and hot tub, an outdoor dining room, and expansive gardens, seating and recreational areas affording the owner and their guests panoramic vistas of Biscayne Bay, the Downtown Miami skyline, and evening sunsets to the west. The penthouse owner will have private ownership and use of a ground floor foyer/lounge, as well as a private garage accommodating at least six cars on the building’s second floor, offering direct elevator access to the residence.

“The Penthouse at Eighteen Sunset will be the pinnacle of luxury and exclusivity in Miami Beach, making it unlike any private residence the city has seen,” says Oren Alexander of Douglas Elliman. “This is perfect for a buyer drawn to the idea of taking an elevator down to the ground floor and being immersed in a vibrant, walkable neighborhood that offers everything from sidewalk cafés and coffee shops, to trendy boutiques and a marina across the street. All of this is available in a building offering beautiful views and the amenities and security features of a world class building.”

Eighteen Sunset’s ground floor totals approximately 15,500 SF of high-visibility, rentable commercial space, offering retail and restaurant concepts prime frontage along pedestrian-friendly Purdy Avenue. A central breezeway and cantilevered sidewalk cover will feature shaded seating areas and create seamless connectivity with Maurice Gibb Park.

Floors three and four will be comprised of approximately 32,000 SF of Class A-plus office space tailor made for finance and investment firms, family offices, technology firms, and professional service companies in the market for space offering waterfront views, proximity to Miami’s most desirable residential neighborhoods, and Sunset Harbour’s stylish mix of shops and eateries just steps away. Office tenants will have secure parking on the building’s second floor.

“Today’s office users are placing emphasis on planning and building custom-designed space in areas that are walkable, accessible, and which offer proximity to outdoor recreation. Eighteen Sunset checks all of these boxes – and more,” explains Stephen Rutchik of Colliers International. “We are finding that Eighteen Sunset’s best in class data connectivity, sustainability initiatives, private balcony spaces, and 24/7 full building generator for all tenant systems are appealing to firms looking to establish their presence in one of Miami’s most sought-after districts.”

Stephen Rutchik of Colliers International is leading leasing the Eighteen Sunset’s office space, Sara Wolfe of Koniver Stern is marketing the retail offerings, and Oren Alexander of Douglas Elliman selling the penthouse.

For more information about Eighteen Sunset or commercial leasing in Sunset Harbour, private showings or availability/ pricing information please fill out the form below:

Kobi Karp-Designed Time Century Jewelry Center Secures $23.6 Million Construction Loan

Time Century Jewelry Center in Downtown Miami, led by real estate developer Yair Levy, has locked down a $23.6 million construction loan from City National Bank of Florida. The loan will fund phase 1 of the development which is scheduled to open in mid-2022. The construction crew is now working at installing a new HVAC system, building partition walls for the tenants, installing new plumbing and rewiring the electrical power system.

Time Century, formerly known as Metro Mall, is located at 1 NE First St. and spans 225,000 SF. The retail center is undergoing a $50 million renovation led by renowned architect Kobi Karp. With glass storefronts, soaring ceilings, elegant escalators and elevators, and state-of-the-art security, Time Century will be the first luxury high street retail property in Miami’s jewelry & diamond district.

Once completed, the jewelry center will offer four floors of luxury jewelry retail and wholesale space as well as four additional floors of offices. A large three-story atrium with newly designed escalators and computerized directories will seamlessly direct customers throughout all levels. Most tenants will have unobstructed signage viewable from the main floor. Customers will also benefit from Time Century’s valet parking service and the several newly-built public parking garages steps away from the building.

The wholesale retail space currently available ranges from 500 SF to 2,000 SF with rental rates ranging from $65 to $150 PSF.

For more information about commercial leasing in Downtown Miami, private showings or availability/ pricing information please fill out the form below:

Leading New York Insurance Broker NFP Signs Penthouse Office Lease At DiVosta Towers In Palm Beach Gardens

The New York-based leading insurance broker NFP has signed a long-term office lease to occupy the full penthouse floor and half of the 10th floor, totaling 15,010 SF at DiVosta Towers in Palm Beach Gardens. Gardens Wealth Management also signed a long-term lease for half of the sixth floor totaling 5,010 SF. The 20,020 SF of new leases brings the office towers to 85% occupied.

Gregg Carlin and Will Portfolio of CBRE represented NFP. David Browne of Cushman & Wakefield represented Gardens Wealth Management. Jon Blunk and Constance Thomas of Tower Commercial Real Estate and Darryl Kaplan of Darryl R Kaplan Company represented DiVosta Towers in both deals.

DiVosta Towers is a newly built, state-of-the-art Class A office complex located at 3825-3835 PGA Boulevard in Palm Beach Gardens. DiVosta Towers features two 11-story office buildings totaling 220,000 SF and is the city’s first new office space in nearly 10 years. The South Tower was completed in 2019 and the North Tower was completed in Q4 2020.

“The quality of construction, design and location make DiVosta Towers the premier asset in Palm Beach County,” stated Jon Blunk, president, Tower CRE. “DiVosta Towers offers everything one could want in an office address. The buildings’ ideal location means tenants have plenty of restaurants and shops within walking distance. The Palm Beach Gardens market has been asking for a top tier project like this for a long time, and these buildings have been over-improved in every way.”

DiVosta Towers has lured several financial service titans to its Class A office space, most recently welcoming Virtu Financial, which announced its expansion outside of New York City securing 10,000 SF of space in the North Tower. Other high-profile tenants include JPMorgan, Tower Hill Insurance, Comiter, Singer, Baseman & Braun, and Foresight Management.

DiVosta Towers offers tenants luxury office space with an abundance of amenities for tenants to enjoy. Features include a full-time concierge with controlled elevator access, 10-foot ceilings, floor-to-ceiling impact glass windows, car charging stations, separate tenant controlled air conditioning units for each space, a beautiful ground floor patio that can be used for meetings and events, public art and unobstructed panoramic views from the upper floors. The covered garage provides easy access and reserved parking, convenient to both buildings, with wide aisles and 4:1 parking ratio.

DiVosta Towers was acquired by Gatsby Enterprises, a New York-based real estate firm led by principal Nader Shalom, and Master Mind LLC, led by Babak Ebrahimzadeh in September 2020 for $80 million.

UFC Gym Signs 36,500 SF Anchor Lease At Terra's Doral Square Retail Center In Miami

UFC Gym has signed a 36,500 SF anchor lease at Miami’s Doral Square, a new 150,000-square-foot vibrant, mixed-use urban retail center being developed by Miami-based Terra in the City of Doral. UFC Gym is a franchise chain of UFC-branded fitness centers owned by former MLB superstar Alex Rodriguez’s investment firm A-Rod Corp. UFC Gym’s newest location will mark the chain’s fifth South Florida outpost, with fitness centers now open in Kendall, Midtown and North Miami, and one opening soon in Pembroke Pines.

Situated on the southeast corner of Doral Boulevard and 87th Avenue at the gateway to Downtown Doral, Doral Square is in the final stages of construction and is slated to deliver later this year. UFC Gym will join co-anchor tenants Marshalls and Ross Dress for Less, as well as Panda Express and World of Beer.

“Doral Square will be an exciting addition to the community, with tenants like UFC Gym catering to the everyday needs of surrounding residents,” said David Martin, CEO of Terra. “Doral Square will contribute to the City of Doral’s live-work-play environment by providing secure open-space amenities such as plazas, public seating areas and pedestrian promenades that promote walkability, connectivity and the pedestrian urban experience.”

In keeping with the pedestrian-oriented streetscape of Doral Boulevard, Doral Square has been planned around an urban streetscape that provides locals with a variety of daily living essentials within walking and biking distance. Generous tree-lined sidewalks, ground-floor storefronts and neighborhood-oriented retail will contribute to the area’s active, vibrant vibe.

Doral Square’s design, created by award-winning architectural design firm Touzet Studio, will be a modern assemblage of retail volumes and environments that allow for a dynamic mix of retail, dining, and commercial uses. A significant amount of indoor/outdoor space connections will create a vibrant and diverse pedestrian experience with many opportunities for outdoor dining. The development’s design will be unified with materials that add warmth and texture, light coves in the walls and colors that were carefully considered to integrate with the selected artwork.

In 2017, A-Rod Corp acquired the rights to develop UFC-branded fitness centers throughout Miami-Dade County. The UFC GYM brand represents the qualities that athletes strive for: strength, endurance, confidence, discipline, and respect. Started in 2009 via a partnership with UFC (Ultimate Fighting Championship), UFC GYM now has more than 150 fitness centers around the world, from Australia to India to the United Arab Emirates. The facilities offer a broad range of group fitness classes, private MMA training, personal and group dynamic training, and MMA-style youth programming.