Black Lion Investment Group Acquires Wynwood Arcade From East End Capital for $13.25 Million

Less than one week after closing on the Amara at Paraiso restaurant property on Biscayne Bay, the Los Angeles-based Black Lion Investment Group has now acquired the luxury class A property Wynwood Arcade from East End Capital for $13.25 million. The transaction was overseen by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors, who had listed the property for $14.5 million. Wynwood Arcade was 65% leased at the time of sale with trendy tenets such as the popular Salty Donut, Ooh Raw, No. 3 Social, OSME and Edit Mode.

Located at 43-75 NW 23rd St., the 23,000 SF luxury retail property was developed as an adaptive reuse project by East End Capital in 2016. The redevelopment of the former warehouse won numerous architectural awards, including the American Institute of Architects Award of Excellence for Adaptive Re-Use and an AIA Merit Award for Excellence in Architecture.

“This trophy property represents another key investment in Black Lion’s Miami expansion after our recent acquisition of Amara at Paraiso,” said Robert Rivani, President of Black Lion Investment Group.

Rivani is planning transform the Wynwood Arcade with a $1 million renovation led by Kobi Karp Architecture & Interior Design. The renovation and updates will include the addition of outdoor dining areas on the ground floor and rooftop. Rivani is also planning to bring a new nightlife concept to the rooftop.

Wynwood is a must see for tourists and locals and is known for its instagramable murals and one-of-a-kind dining and retail experiences. Conveniently located in the heart of Miami’s Wynwood neighborhood, the property represents a prized parcel of real estate in one of the hottest markets in Florida. Known for its vibrant cultural scene, art, and eclectic nightlife.

Black Lion Investment Group’s portfolio of properties in Florida includes the recently acquired Amara at Paraiso commercial property as well as the renovated Crystal Cove Commons and Brickell Bay Boardwalk. The Los Angeles-based firm recently acquired the Tucson luxury retail center Oracle Wetmore for $38 million.

Imagery via Black Lion Investment Group

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

Sam Nazarian's New Dining And Delivery Platform C3 Hospitality Inks Lease For 10K SF In CocoWalk

Hospitality mogul Sam Nazarian’s new dining and delivery platform C3 Hospitality is coming to Coconut Grove after inking a lease at CocoWalk. The innovative dining hospitality platform will occupy 10,000 SF at CocoWalk, located at 3015 Grand Avenue in Coconut Grove, and is expected to open in 2022. C3 Hospitality will have an office where they will operate the newly launched CitizensGo app as well as a test kitchen and culinary space.

CocoWalk recently underwent a full redevelopment led by Federal Realty Investment Trust with partners The Comras Company and Grass River Property. CocoWalk is four-stories tall and features 150,000 SF of prime retail, dining and entertainment space. The property’s east end also includes Class A office space.

Nazarian is the founder of SBE, the hotel and hospitality brand behind the SLS, Delano, Hyde and Mondrian hotel brands as well as Katsuya and Fi’lia restaurant brands, amongst others; but recently sold his remaining share of ownership to Accor.

C3 Hospitality operates a variety of initiatives including ghost kitchens, food halls and fast casuals which bring together a selection of proprietary brands around multiple distributions points for fast delivery. In Coconut Grove C3 Hospitality will operate the newly launched CitizensGo app which allows users to order directly from a selection of curated restaurants which are all located in the same location in a single shopping cart/ order to save on delivery fees and offering the ability to mix-and-match from different eateries. C3 Hospitality’s concepts include Umami Burger, Krispy Rice, EllaMia, Plant Nation and Sam’s Crispy Chicken.

Home Of Miami Heat AmericanAirlines Arena Renamed FTX Arena Following 19-Year $135 Million Naming Rights Deal

AmericanAirlines Arena, home of the NBA’s Miami Heat in Downtown Miami’s Park West neighborhood, has officially been renamed the FTX Arena. The American Airlines signage has now been removed following the Heat’s Round 1 playoff loss to the Milwaukee Bucks. The name change is part of a 19-year, $135 million naming rights deal with cryptocurrency exchange FTX which was approved by Miami-Dade County Commissioners in March 2021.

As per the agreement the Heat, who have 19-years remaining on their lease with the arena, will receive an annual payment of $2 million for the naming rights from Miami-Dade County. FTX branding will also be placed on the Miami Heat’s website and digital platforms, promotions, contests and community engagement. American Airlines will retain a marketing agreement with the Heat.

Miami-Dade County has also entered into a partnership with FTX to collaborate on technology and Fintech education and has committed an additional $5 million in contributions to the county. Miami-Dade County must also reserve a portion of the naming rights deal proceeds to help combat local gun violence and poverty.

The deal represents the first partnership between a cryptocurrency company and a major American professional sports franchise. The partnership further advances Miami quest to be a cryptocurrency and blockchain hub and the Cryptocity.

AmericanAirlines Arena is located at 601 Biscayne Blvd. and first opened on New Years 1999 after the Heat moved from the Miami Arena. The arena was designed by Arquitectonica and 360 Architecture and had a total construction cost of $213 million. The spectator capacity for a basketball game is 19,600. The Miami Heat have appeared in five NBA Finals since 2010 and have won three NBA Championship titles since they were founded in 1988.

FTX US is a US-regulated cryptocurrency exchange led by CEO Sam Bankman-Fried. FTX operates two different exchanges, FTX (ftx.com) and FTX US (ftx.us). FTX is an international cryptocurrency exchange that is does operate in the US and supports more cryptocurrencies than FTX US. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. FTX pursues its mission, led by philanthropic founder Sam Bankman-Fried, to turn revenue into charitable giving which led to the launch of the FTX Foundation in which 1% of all FTX net fees are donated to select charities. FTX US supports Bitcoin, Ethereum, Dogecoin, Sushi, Tron, Tether, Litecoin, Bitcoin Cash and other cryptocurrencies.

Miami has quickly become the Cryptocity, and is becoming a cryptocurrency and blockchain hub led by Mayor Francis Suarez. Mayor Suarez’s goals include turning Miami into a Bitcoin mining hub by using the city’s nuclear power capability. He is also working towards allowing the use of Bitcoin to pay for tax and public services, as well as a salary option for city employees. Mayor Suarez set his focus on a Miami tech boom following the COVID-19 pandemic and has been working to attract the top tech and investment firms from San Francisco, Silicon Valley and New York City. The effort has paid off shown by taxable property values in Miami having doubled over the past decade as high-paying jobs have been attracted to the weather, beaches, restaurants, nightlife, low-tax and high-quality of life.

For a background on cryptocurrency and blockchain and its application to real estate check out the PROFILE Insider: The Crypto Revolution Versus The Evolution of Blockchain Part 1.

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DRA Advisors And Banyan Street Capital Sell Pinnacle Corporate Park In Fort Lauderdale For $58.875 Million To Crowdfunding Buyer

A fund managed by DRA Advisors LLC in a joint venture with Banyan Street Capital has sold the Pinnacle Corporate Park in Fort Lauderdale for $58,875,000 to Feldman Equities. The deal was the St. Petersburg, FL-based Feldman Equities first acquisition in South Florida and capital was raised through crowdfunding using the online platform Crowdstreet.com.

Avison Young’s Florida Capital Markets Group facilitated the disposition on behalf of the seller. Avison Young Principals John K. Crotty, CCIM, and David Duckworth led the sales team, which also included Principal and Miami Managing Director Michael T. Fay, Principal Greg Martin, Principal George Vail, Vice President Brian C. de la Fé, and Associate Berkley Bloodworth.

Pinnacle Corporate Park is a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. The portfolio totals 259,458 SF on 14.31 acres in Broward County’s Cypress Creek submarket. At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.

Pinnacle Corporate Park was 83% occupied at the time of sale with a diversified mix of tenants, including professional and financial services, healthcare, and technology firms. Following the sale, Avison Young retained the leasing assignment for the property. Feldman Equities plans to invest over $3 million in renovations and fully furnished suites that will allow new tenants to move in quickly.

“Pinnacle Corporate Park received intense interest and multiple competitive offers due to its strong occupancy, rental rate growth, lease-up potential, and ideal location just minutes from Interstate 95 and walking distance from the Tri-Rail,” said Crotty. “Although 100% of the property is in use, our Capital Markets team creatively marketed the development potential in the existing parking lot, therefore uncovering the land’s intrinsic long-term value, enhancing overall interest, and ultimately achieving a record price-per-square-foot.”

“The Pinnacle Corporate Park sale represents the trend of large funds and institutional owners’ confidence to buy and sell large office assets as pandemic-driven concerns wane,” said Duckworth. “In Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decision-makers and C-suite executives relocate to South Florida, bringing businesses and money to invest.”

Pinnacle Corporate Park is in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

E11EVEN Hotel & Residences The First Pre-Construction Development To Accept Cryptocurrency For Condo Deposits

Miami really is becoming the Crypto City as E11EVEN Hotel & Residences has become the first development to accept cryptocurrency for condominium deposits in pre-construction projects. E11EVEN Hotel & Residences is under development by PMG, led by Ryan Shear and Kevin Maloney, and E11EVEN Partners, led by Michael Simkins, Dennis Degori, and Marc Roberts. The luxury high rise coming to Downtown Miami’s Park West district is on track to be the city’s fastest-selling condominium in the last decade. The announcement comes just ahead of the Bitcoin 2021 conference in Miami, of which E11EVEN Hotel & Residences is a sponsor.

“We are thrilled to join powerhouses like Goldman Sachs that are embracing cryptocurrency as a focal point of future commerce,” said Ryan Shear, Managing Partner of PMG. “Our goal is to lead the real estate development and hospitality industry in implementing modern technology, and accepting digital currency is one more way we’re doing that.”

As cryptocurrencies create immense worldwide wealth and become increasingly mainstream, E11EVEN Partners and PMG sees it as an auspicious time to capitalize on the digital currency market. A consistent trailblazer in the real estate industry, the company expects other developers to follow suit. E11EVEN Partners announced in April that it is accepting cryptocurrency for transactions at its globally renowned nightlife venue, E11EVEN Miami.

Buyers can use cryptocurrency to place deposits on the remaining units at E11EVEN Hotel & Residences. The project, which will break ground later this year, has garnered both domestic and international interest, including many celebrities, athletes, and executive buyers. Among them are WNBA player Candace Parker, ESPN co-host Sage Steele and MMA fighter Luke Rockhold. Residences start at $300,000 and include studio, one, and two-bedrooms, as well as a limited Penthouse Collection and two Presidential Suites.

“As more of the world's wealthy individuals manage their capital through cryptocurrency, we're providing buyers an opportunity to sustain their wealth,” said Michael Simkins of E11EVEN Partners. “With Miami leading the way as a cryptocurrency capital, we’re thrilled to offer this option as a method of payment.”

In total, E11EVEN Hotel & Residences Miami comprises 375 fully furnished residences. Each unit comes equipped with fully integrated “smart building” features and 24/11 style amenities. Residents will enjoy an electric LED fireplace in their living room, fully built-out closets, custom Italian kitchens, a signature Home Essentials Package, and an E11EVEN Resident Membership Package. The building is slated for completion in 2023.

For more information about E11EVEN Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

Black Lion Investment Group Acquires Bayfront Amara at Paraiso Property For $12.1 Million From Related Group

The Los Angeles-based Black Lion Investment Group has acquired the trophy waterfront restaurant building Amara at Paraiso, located at 3101 NE 7th Ave., from Related Group. The deal was overseen by Fabio Faerman and Sebastian Faerman of FA Commercial with Fortune International Group, who represented both Black Lion and Related Group in the transaction. Amara at Paraiso is a 12,300 SF commercial property and is one of the only free-standing restaurants in Miami located directly on Biscayne Bay. James Beard Award winning chef Michael Schwartz’s Genuine Hospitality operates the popular indoor-outdoor dining space.

“We are thrilled to be a part of the vibrant retail and fine dining experiences that are making Miami the go-to destination in a post COVID-19 world. We believe this is the first step in a multi-faceted approach to creating new experiences within the Miami community,” said Robert Rivani, President of Black Lion Investment Group.

The unique Class A experiential retail and dining facility was built by Related Group as part of the 11-acre Paraiso District, which the development firm delivered in 2018. The Paraiso District consists of the 384-unit Paraiso Bayviews, the 357-unit Paraiso Bay, the 317-unit Gran Paraiso, the 276-unit One Paraiso, and seven standalone townhomes at Paraiso Bay Homes.

Black Lion Investment Group’s portfolio of properties in Florida includes the recently renovated Crystal Cove Commons and Brickell Bay Boardwalk. The Los Angeles-based firm recently acquired the Tucson luxury retail center Oracle Wetmore for $38 million.

Imagery via Genuine Hospitality Group

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

The Collection Breaks Ground On Jaguar Land Rover Dealership Expansion In Coral Gables

Ugo Colombo and Ken Gorin are expanding THE COLLECTION with the addition of a new Jaguar Land Rover dealership at the intersection of U.S. 1 and Ponce de Leon Blvd. in Coral Gables. The luxury car dealership broke ground on the new building after locking down a $64.5 million construction loan financed by JPMorgan Chase Bank. Burke Construction Group is the general contractor on the project.

The new Jaguar Land Rover dealership will be located on a 1.68-acre site at 125-163 S. Dixie Highway and will span nearly 500,000 SF of total development with room for over 800 cars when complete. The dealership will feature a 60,935 SF showroom and a 40,728 SF service station along with a car wash.

Miami is one of the largest markets for luxury vehicles in the United States and THE COLLECTION is consistently one of the top ranked luxury dealerships in the country.

Cardone Capital Acquires The Harbour Centre at Aventura Office Complex For $93 Million

Cardone Capital, led by 10X founder Grant Cardone, has acquired the Harbour Centre at Aventura office complex for $93 million. The property will be renamed The 10X Center. Harbour Centre at Aventura spans 217,056 SF and was 90% leased at the time of sale with tenants including UBS and IberiaBank. The transaction was financed with a $65 million loan provided by City National Bank of Florida. The seller was the Texas-based C-III Capital Partners, who acquired the property in 2014 for $61 million. The office complex was developed in 2003 and is located at 18851 NE 29th Ave. in Aventura, next door to Cardone’s 10X Headquarters. Cardone plans to combine the two buildings into an urban campus with a residential component.

Grant Cardone is an internationally-renowned motivational speaker and real estate investor. Cardone is the author of the “10X Rule” and founder of the 10X Movement. Cardone Capital has raised over $500 million through crowdfunding and recently acquired Camino Real Apartments in Boca Raton for $69 million and Port Royale Apartments in Fort Lauderdale for $130 million. Cardone also recently purchased Tommy Hilfiger’s Golden Beach oceanfront estate for roughly $28 million.

Miami-Based Private Equity Group Galium Capital Expands Houston Portfolio with Acquisition of 431-Unit Tate at Tanglewood

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Tate at Tanglewood in Houston, TX. The Tate at Tanglewood is a 431-unit institutional-grade multifamily apartment building in Galleria District of Houston. The transaction closed on May 27, 2021.

“We are excited to expand our multifamily portfolio in Houston with the acquisition of Tate at Tanglewood. The asset is of great quality and has tremendous potential for improvement, so we look forward to continuing to build its long-term performance with our management partner, Greystar” said Jacques Bessoudo, Managing Partner of Galium Capital.

The Tate at Tanglewood is a luxury apartment community which was developed in 2016 and is located at 5880 Inwood Dr, Houston, TX 77057. The property features 431 units and offers top-tier amenities on 5.3 acres of land. Tate at Tanglewood was 85% occupied at acquisition with an average rent of $1.65 PSF.

Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

Units at Tate at Tanglewood range from one to three-bedroom floor plans and 647 SF to 1,462 SF. Residences feature wood plank flooring, granite slab countertops, stainless whirlpool gold series appliances and full-size washer and dryers. Select homes feature two-story loft layouts, barn-style sliding doors, rustic brick arches, 11 ft. concrete ceilings, vertical showers and private yards.

Residents will have access to world class amenities such as a 24-hour clubhouse, state of the art fitness facility including a yoga/spin room with personalized training programs, resort style pool, golf simulator and a private dog park with pet salon station.

“Tate at Tanglewood is an institutional grade community located within one of the best residential areas in Houston with strong upside opportunity. During our ownership we plan to achieve a significant increase in the building’s occupancy and overall performance and expect to see outsized returns as the Galleria submarket continues to grow exponentially” said Jonathan Slomianski, Director of Acquisitions of Galium Capital.

David Mitchell and Tip Strickland of Newmark represented the seller and secured the debt for the buyer.

Galium Capital, owns and manages a portfolio in excess of $515 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. The Tate at Tanglewood is Galium Capital’s second acquisition in the Galleria-district of Houston, TX after the group closed on the 361-unit institutional grade multifamily property, Fairmont on San Felipe, in September 2020.

LeFrak Acquires Marina Del Rey Apartment Complex In Miami Beach From The Finvarb Group For $24.5 Million

Billionaire New York real estate investor Richard LeFrak’s LeFrak organization has acquired the Marina Del Rey apartment complex in Miami Beach from The Finvarb Group for $24.5 million, $226.852 per unit. The waterfront multifamily property is located at 1006-1022 Bay Drive in Miami Beach. The deal was overseen by Garrett Pordes and Calum Weaver of Cushman & Wakefield who represented the seller.

The Finvarb Group originally acquired Marina Del Rey in 1997 for $2.1 million. The 108-unit complex spans 84,500 square feet on a 1.4 acre site. The two existing buildings were developed in 1957 and 1961 and rise two and four stories.

The LeFrak organization has become increasingly active in South Florida. The firm is co-developing SoLé Mia in North Miami with Turnberry Associates as well as was a joint venture partners with Barry Sternlicht’s Starwood Capital Group in the redevelopment 1 Hotel & Homes in Miami Beach. LeFrak Organization also owns the Monarc at Met apartment building located at 201 SE 2nd in Downtown Miami.