Cordova Building In Fort Lauderdale Trades For $7 Million In Off-Market Office Transaction

The Cordova Building in Fort Lauderdale has sold for $7 million in an off market transaction. Southern Centers Associates I LP, led by longtime Fort Lauderdale developers and investors Kevin Buckley and Randall Kella, sold the 1500 Cordova Road property to Sunrise-based Centerline Capital Advisors. The transaction closed on April 6 and was represented Native Realty CEO Jaime Sturgis who represented both sides of the transaction.

The 29,333-square-foot office building sits on a 0.8-acre property. Willis Tower Insurance and Luke Brown Yachts are two of the building’s notable tenants. Sturgis was engaged by the seller to handle the discreet off-market disposition process.

Centerline actively purchases and manages income-producing assets in South Florida. The company was launched in 2013 to continue the legacy of predecessor Centerline Homes, a prolific homebuilder that was acquired by Standard Pacific.

The Cordova Building sale is Native’s second significant closing in the past few days. Sturgis and Senior Associate Dan Ross represented the sellers in the $11 million sale of the future site of Advantis Station at Flagler Village on March 31. The duo brought together four different property owners to complete that transaction.

“From complex land assemblages to trophy office buildings, we are making significant deals happen in a tight market with limited inventory,” Sturgis said. “With the off-market Cordova Building sale, we identified the right buyer to execute quickly and allow the seller to have a smooth exit. We are actively looking for more inventory to help sellers realize maximum value for their properties.”

6111 Broken Sound Parkway In Boca Raton Signs Over 22,000 SF In Office Leases

Alchemy-ABR Investment Partners, a fully integrated New York based real estate investment firm- together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm, have announced that it has signed 22,241 square feet of new leases and renewals at its Class A office building, 6111 Broken Sound Parkway in Boca Raton, FL.

Among the new group of tenants at the Atrium at Broken Sound are TGI Solar Power, which signed a seven-year, 7,728-square-foot lease; as well as PointsKash, the first blockchain enabled conversion platform that allows consumers to aggregate, convert and spend loyalty points, which committed to a 1,980-square-foot pre-built space with exposed ceilings; and Research Underwriters, which specializes in auto insurance and workers compensation for the transportation industry, and is taking 1,587 square feet of space. All three tenants had existing operations in Florida, but recently relocated to Boca Raton.

Additionally, Weinstock, Lovegrove and Reeg, CPAs and Consultants, a full-service public accounting and consulting firm, signed a three-year, 2,142-square-foot lease renewal at the property. Alongside Exam Coordinators Network, which provides a wide array of services to assist clients in managing the cost of medical claims and cases, and signed a five-year lease renewal for 8,804 square feet.

“The heightened leasing activity at the Atrium at Broken Sound together with retention of existing tenants illustrates the strong demand in the South Florida office market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “This building is particularly attractive following our $1.25 million investment in modernizing and renovating common spaces throughout the building including the lobby, conference rooms, elevators and the parking garage.”

6111 Broken Sound Parkway offers best-in class office spaces and as a part of the building’s continued plan to upgrade the tenant experience, Alchemy-ABR and Breakers Capital are currently undergoing an update of the facade, as well as the addition of pre-builts to all vacant office spaces.

CBRE is the exclusive leasing agent for the building, led by Jeffrey Kelly, Joe Freitas, and John Criddle, and represented Alchemy-ABR and Breakers Capital on all deals. TGI was represented by Beth Lawrence with Lehman Realty, while the other two new leases were done in-house. Ryan Nunes with JLL represented Exam Coordinators.

Image via CBRE

North Miami Beach Financial Center In Opportunity Zone Trades For $9.3 Million

The North Miami Beach Financial Center, a 2.47-acre site featuring a two-story Regions Bank building located in an opportunity zone at 16051 W. Dixie Highway in North Miami Beach, has sold for $9.3 million. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam J. Tiktin and Greg Matus of Franklin Street’s Florida Investment Sales Team represented the seller in the transaction.

North Miami Beach Financial Center was originally constructed in 1972. The SAE Institute has been a tenant of the Regions Bank building since 2002. The property features strong fundamentals including 675 feet of frontage along West Dixie Highway, easy access, sufficient parking and an excellent location. Situated two blocks from the signalized intersection of Biscayne Boulevard and NE 163rd Street, the site experiences traffic counts of 49,500 and 43,500 per day respectively

KUSH Building In Wynwood Sells For $2.6 Million

2003 North Miami Ave., a mixed-use property which is home to longtime Wynwood staple restaurant KUSH, has sold for $2.6 million. The transaction closed on March 25. Matt Kuscher, owner of Kush Property LLC, purchased the property from Michael Lilov. Both sides of transaction were overseen by Devlin Marinoff, Tony Arellano P.A. and David Richman of DWNTWN Realty Advisors.

The two-story mixed-use building totals 7,562 square feet on the highly trafficked North Miami Avenue corridor in Wynwood, which has been experiencing incredible development and corporate relocation activity. The building features three retail spaces and 10 studio apartment units on the second floor.

Kuscher brought his KUSH concept to Wynwood and quickly turned it into a Wynwood staple beloved by burger enthusiasts. KUSH Hospitality took home the coveted People’s Choice Award during the South Beach Wine and Food Festival’s 2021 Burger Bash, an annual competition that draws more than 30 chefs and restaurants from around the country. The gastropub is also a supporter of the neighborhood’s renowned art scene, displaying eye-catching pieces from local artists on its walls.

“Wynwood is entering a new era as a well-rounded professional, residential, dining and entertainment destination,” Marinoff said. “That shift is inspiring a flurry of investment activity. Established local investors are seeking to expand their holdings in Wynwood, while new-to-market players are eager to expand into the neighborhood.”

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Forte Capital and Sheridan Capital’s flipping 2830 NW Fifth Ave. for $11.2 million just mont’s after acquiring it for $6.35 million from from Alex Karakhanian’s LNDMRK Development. In February Related Group and East End Capital sold Wynwood Annex in February for $49 million and UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Naftali Group Acquires Miami Worldcenter Development Site For $41 Million, Plans Two Supertall Residential Towers

The New York-based developer Naftali Group has acquired a development site at 1016 NE 2nd Ave. in Downtown Miami’s Miami Worldcenter for $41 million and is planning two supertall residential towers. The site was acquired in partnership with Cara Real Estate Management. The seller was the Chicago-based Akara Partners who acquired the site for $18.8 million in July 2020. The off-market transaction was overseen by Mika Mattingly of Colliers Urban Core Division. The site previously served as the sales center for PARAMOUNT Miami Worldcenter.

Naftali Group, led by Chairman and CEO Miki Naftali, is now planning two supertall residential towers which they aim to begin pre-sales for by the end of 2022. The project would be their first in South Florida. Akara Partners had previously planned Kenect Miami at the site, a Perkins + Will and Stantec-designed mixed-use residential two tower development. A project of up to 1.3 million square feet can be developed on the 44,500 square foot site.

Miami Worldcenter occupies ten city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach, and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail, making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

Sabal Development Sells 10-Acre Parcel To Lennar Homes For $24.5 Million In Off-Market Transaction

Sabal Development, a Miami-based builder and developer who specializes in luxury custom homes led by Pascal Nicolai, has sold a 433,422 SF, 10.17-acre, parcel located at 8290 SW 120th Street in Miami, Florida for $24.5 million to Lennar Homes. The off-market transaction closed on March 23, 2022 with no listing agents involved.

Sabal Development purchased the parcel for $6.3 million on January 26, 2015. Sabal originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following the new Comprehensive Development Master Plan (CDMP), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.

“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Nicolai.

Sabal Development and Sabal Luxury Builder achieved over $130 million sales in custom-built home sales in 2021.

Rendering via Sabal Development

Forte Capital Management Flips Wynwood Industrial Property For $11.2 Million In Off-Market Transaction

Forte Capital, led by Chaim Cahane, and Sheridan Capital have flipped 2830 NW Fifth Ave. in Wynwood for $11.2 million just months after acquiring the industrial property for $6.35 million in December 2021 from Alex Karakhanian’s LNDMRK Development. The buyers are developing an ultra-luxury spec home designed by Kobi Karp on Miami Beach’s Sunset Islands. The off-market cash transaction was brokered by Jordan Karp.

The 14,000 SF property was originally built in 1950 and is currently vacant in raw condition. It features three retail suites spanning, 4,620 SF 3,500 SF and 5,743 SF, the last two of which are combinable. 2830 NW Fifth Ave. sits on 17,160 SF, .39 acre, lot and features private gated parking, high ceilings and quick access to highways. It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Related Group and East End Capital selling Wynwood Annex in February for $49 million. Also in February UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Miami Worldcenter Completes Major Milestones Including 50K SF of Retail And 43-Story Bezel Tower

Miami Worldcenter has announced the completion of Block H, adding to the retail and parking components at the 27-acre project as active vertical development continues on the $4 billion mixed-use development in the heart of Downtown Miami. Block H is composed of 50,000 square feet of prime street-level and rooftop retail space, and a 922-space public parking garage fronting Northeast 7th Street, between Northeast 1st and 2nd Avenues. A portion of the structure’s rooftop is also home to a resort-style amenity deck serving Bezel Miami, a newly delivered 43-story luxury rental tower developed next door by ZOM Living.

As the largest private, urban development underway in Florida, Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant, and entertainment space. The project is being developed by master developers Miami Worldcenter Associates, led by Principal Art Falcone and Managing Partner Nitin Motwani, in partnership with CIM Group.

“When we envisioned Miami Worldcenter more than a decade ago, we pictured a Downtown Miami where people could walk, ride a bike, push a stroller, get on public transportation or drive a car, and as more of our developments continue to deliver, we’re seeing that vision come to life,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Miami Worldcenter is at the confluence of arts, culture, entertainment, transportation and education, and I believe this is just the beginning of Downtown’s evolution into a fully integrated community.”

Approximately 176,000 square feet of retail space has now been completed at Miami Worldcenter, with another 124,000 square feet remaining under construction and slated to deliver by the end of the year. The development’s enticing lineup of recently announced tenants includes Chicago’s Maple & Ash and etta restaurants, Miami chef Michael Beltran’s Brasserie Laurel and El Vecino, Bowlero, Sephora, and Lucid Motors.

“Each development milestone is an important achievement for Miami Worldcenter and our development team. This is a dynamic, multifaceted project that benefits visually from a variety of architectural styles, interwoven streets, plazas and gathering spaces; creates a connected community and an engaging experience for all,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

Bezel Miami becomes the latest residential development to be completed at Miami Worldcenter, joining other completed towers including the 60-story Paramount Miami Worldcenter, and the 43-story Caoba luxury apartment building. Coming up, a 351-room citizenM hotel is expected to open at Miami Worldcenter in the Spring. Additionally, construction is now underway at New York-based developer Lalezarian’s 52-story Miami World Tower, which will comprise 550 multifamily apartment units; at Royal Palm Companies’ 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 a 40-story tower with 420 multifamily apartments.

Planned residential developments include Kenect, a hospitality-oriented apartment tower with 450 multifamily units by Chicago-based Akara Partners; and The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures. The Witkoff Group is also planning a three-tower mixed-use project at Miami Worldcenter, which will include up to 2,000 residential units, 550,000 square feet of office space and 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 city-within-a-city 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.

Miami Worldcenter occupies ten city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach, and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail, making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

FENDI Caffe Is Back For Spring 2022 At OTL In Miami Design District

The iconic FENDI Caffe is back at OTL in the vibrant Miami Design District for Spring 2022 from March 17th through May 1st, 2022. The FENDI Caffe at OTL is located across from the FENDI Boutique in Miami Design District, following the great success of the FF Vertigo-inspired iteration in the Summer 2021. The new creative concept for the FENDI CAFFE draws creative cues from the FENDI Women’s Spring/Summer 2022 Collection, and its inspiration from the figurative drawings of visionary fashion illustrator Antonio Lopez.

The FENDI CAFFE menu includes a fusion of local and Italian favorite breakfast and lunch items, as well as beverages including a signature FF logo cappuccino served in porcelain cups decorated with FENDI’s signature Pequin striped motif. An evening Aperitivo menu will also be offered. Sweet and savory bites will include special FF logo toast and paninis, as well as a variety of pastries and baked goods in special FENDI packaging.

In collaboration with The Estate and Archive of Antonio Lopez and Juan Ramos, the artist’s work has been freshly revived for the FENDI Women’s Spring/Summer 2022 Collection, bringing a modern perspective on disco-age glamour, and a spotlight on the diverse and powerful femininity that underscores the FENDI name. With a bold sunset graphic in hues of red, orange, and yellow, the FENDI CAFFE takes over the outdoor corridors of the restaurant and FENDI Boutique. The concept comes to life with illustrations of ‘Lopez Girls’ – focusing on Lopez’s innovative vision on femininity, diversity, inclusivity, and unconventional beauty, emblazoned across the outside of the space.

Upon entering the cafe, guests will immediately discover the space transformed into a world of FENDI and Antonio Lopez. The space will be adorned with rainbow graphics, and the sketches of ‘Lopez Girls’ come to life in 3D billboard sculptures. The FENDI CAFFE tables embrace the 70’s aesthetic, with the colorful sunset graphics topping each surface. The theme is continued throughout with custom FENDI table settings and takeaway elements, as well as decorative details for the menu’s food and beverage. The hand-sketched version of the FENDI logo inspired by Lopez’s original work for the brand appears throughout elements of the café.

FENDI Caffe is located at 160 NE 40th St. in Miami Design District.

Images via World Red Eye

Inside Miami's Hottest Power Lunch Destination, Miami Design District

Miami Design District is known as the premier destination for all things luxury retail, art & culture, hospitality, and is now one of the city’s hottest power lunch destinations. Home to some of Miami’s top power players in the hospitality scene from Major Food Group’s ZZ’s Club, COTE, all-day-cafe Pura Vida, to Le Jardinier, the neighborhood's newly renovated Michael’s Genuine and more, the Miami Design District has established itself as the most dynamic lunch destination in Miami.

ZZ’s Club

Now introducing lunch at ZZ’s Club. The highly anticipated lunch menu has finally arrived and includes ZZ’s classics such as the Wagyu Sando, Yellowtail & Jalapeño Tartare Crispy Rice, Salmon, Tuna and Beef Carpaccios, Sushi Rolls, Caviar & Avocado and much more. Major Food Group has partnered with two well-known sushi and Japanese cuisine pros, Masa Ito and Kevin Kim, who created a cult following before relocating from New York City to run the new Miami restaurant. ZZ’s Club remakes the space into a high-end Japanese restaurant with a private 16-seat omakase chef’s choice sushi bar with ingredients flown in from Tokyo. An adjacent dining room serves modern Japanese cuisine with an a la carte menu, from raw dishes to cooked plates of premium Japanese beef on custom-built charcoal grills, perfect for a midday bite.

Address: 151 NE 41st St Suite 117, Miami, FL 33137

Lunch Hours: Tuesday-Saturday: 12PM-3PM

Pura Vida

A wellness-driven hotspot beloved by locals, Pura Vida, is South Florida’s go-to wellness eatery and all-day café, offering a balance of nutritious and delectable dishes, sourced using all local and organic ingredients whenever available. Pura Vida’s menu features an array of fresh juices and superfood smoothies, canned kombucha, artisanal coffees, avocado toast dishes, free-range egg sandwiches, fresh bagels, wraps, and bowls, raw organic Açaí Bowls, crisp and refreshing salads topped with wild ahi tuna, chicken, salmon, or vegan-lentil based adashah - perfect for your lunch break.

Address: 3818 NE 1st Ave, Miami, FL 33137

Lunch Hours: Monday-Sunday: 8AM-8PM

Mandolin Aegean Bistro

Mandolin Aegean Bistro makes you feel like being transported to the tavernas along Aegean coastal towns where the Greek Islands meet the Turkish coast. Founded by husband-and-wife team Ahmet Erkaya and Anastasia Koutsioukis, Mandolin Aegean Bistro opened in Miami in 2009, bringing traditional Greek and coastal Turkish cuisine to the Miami Design District. The menu offers seasonal ingredients, freshly caught fish of the day as well as vegetarian options. The garden terrace is the place to see-and-be-seen and a perfect spot to spend an afternoon lingering over an expansive Mediterranean meal.

Address: 4312 NE 2nd Ave, Miami, FL 33137

Lunch Hours: Monday-Sunday: 12PM-3PM

Michael’s Genuine

Michael’s Genuine Food & Drink is back and now open fo lunch after undergoing a major overhaul renovation and expansion. Michael's Genuine boasts a delectable lunch menu for district-goers all in one beautifully renovated space. Favorites such as the MGFD Pastrami Sandwich, the Housemade Salumi Pizza, Pan Roasted Poulet Rouge ½ Chicken and Housemade Rigatoni are the perfect dishes to spice up your daily lunch break.

Address: 130 NE 40th St, Miami, FL 33137

Lunch Hours: Monday-Saturday: 11:30AM-3PM

COTE Miami

Adding to the district’s wide array of lunch hotspots, the 5,892-square-foot restaurant emulates COTE’s flagship, high-energy New York City-based locale synonymous with marrying the fun and fire of Korean Barbeque with the hallmarks of a classic, regal American Steakhouse. The result is a unique and convivial atmosphere infusing a fine dining experience with world-class ingredients and service complemented with a show-stopping beverage program. COTE’s lunch standouts include a $38pp all inclusive Butcher’s Luncheon, a $52 Caviar Service, and an “Optimus Prime” Sandwich including a 8oz, thinly sliced Prime Rib on a Sullivan Street Bakery Baguette, and more.

Address: 3900 NE 2nd Ave, Miami, FL 33137

Lunch Hours: Monday-Sunday: 12PM-3PM

Le Jardinier

The French word for "gardener," Le Jardinier's cuisine and setting evoke a modern greenhouse in the heart of the Miami Design District. Le Jardinier’s menu focuses on the use of the highest quality local vegetables, seasonal ingredients, and fresh herbs—some of which will be harvested from an on-site garden—complemented by wild and sustainable fish, meat and poultry. The restaurant features a large outdoor dining area, and innovative cocktail program in harmony with Chef Verzeroli’s menu.

Address: 151 NE 41st St Suite 135, Miami, FL 33137

Lunch Hours: Tuesday-Saturday: 12PM-2:30PM | Sunday: 11:30AM-3:30PM

OTL

Not to be mistaken with your average coffee shop, OTL offers the right atmosphere with coffee, breakfast, drinks, sandwiches, pastries, and more in an airy, Instagram-worthy location. Located right in the heart of the Miami Design District, OTL is a lunch hotspot, attracting district goers looking for a quick bite to eat while indulging in delicious menu items. The nut butter toast is obsession-worthy and the matcha lattes and rotating kombuchas are a welcome coffee alternative. Plus, there are plenty of vegan and gluten-free dishes offered.

Address: 160 NE 40th St, Miami, FL 33137

Lunch Hours: Monday-Thursday: 12PM-6PM | Friday-Sunday: 9AM-7PM

Miami Design District is one of the hottest neighborhoods in the world, home to a number of luxury fashion houses, art galleries, fine dining experiences, and cafés. The open-air, pedestrian-friendly neighborhood, known for its many distinct and artistic façades, notably boasts a highly energy-efficient infrastructure and became the first neighborhood in the world to achieve the Gold level (LEED ND: Built v4 Gold). The Miami Design District is owned and operated by Miami Design District Associates, a partnership between Dacra, founded and owned by visionary entrepreneur and developer Craig Robins, and L Catterton Real Estate, a global real estate development and investment fund specializing in investing in luxury shopping destinations. The neighborhood was inspired by the worlds leading shopping districts including Fifth Avenue and Rodeo Drive and visitors can enjoy mature canopy-covered streets and walkways, sculptural specimen trees, and extensive rooftop gardens.