Turnberry Associates Plans Arquitectonica-Designed Aventura Office Tower Two Turnberry

Turnberry Associates, led by Jackie Soffer, have submitted plans for Two Turnberry, an Arquitectonica-designed office tower in Aventura. The project would rise 14 stories and feature 240,000 square feet of office space, 20,000 square feet of retail and 720 parking spaces on a 3.37-acre site. Two Turnberry will have 8 floors of office space, each floor plate would average roughly 30,000 square feet. The retail space will feature a bank branch, the current property has a Citibank branch on-site.

Two Turnberry is located next to the Aventura Mall at 2750 NE 199th St. along US1/ West Dixie Highway near the future location of the Aventura Brightline Station and pedestrian walkway over US1 to the station. The Aventura Brightline Station is currently under construction with an expected completion in fall 2022.

Image via Turnberry Associates

BGI Companies Launches Sales at Alba Palm Beach

BGI Companies has officially launched sales at Alba Palm Beach, a new waterfront residential condominium development located directly on the Intracoastal Waterway. The development is a collection of 55 luxury residences spread throughout a 22-story tower, plus four two- and three-story townhomes. Residents will enjoy a variety of desirable amenities including an entire 25,500-square-foot, sixth-floor amenity level with sunrise and sunset swimming pools, as well as on-site private docks with boat slips exclusively for owners.

In pre-sales, the development received a strong response with more than 30% of the building reserved. Introductory pricing starting from $2.5 million with sales led by Douglas Elliman Development Marketing.

“As our first foray into residential development in the Palm Beaches, we are excited to officially launch sales with a more accessible luxury product in the Northwood area as the neighborhood continues to thrive and grow,” said Kenneth Baboun, principal developer. “With a sought-after location, Alba Palm Beach will introduce a limited-edition waterfront lifestyle that celebrates high-quality workmanship, elevated amenities, and effortless coastal living – all of which are in demand yet hard to come by in today’s market.”

“West Palm Beach has experienced a material transformation and growth in the last few years. The influx of buyers and capital in the area seeking a luxury destination coupled with offering of high caliber products in West Palm Beach has presented tremendous opportunity,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida Region and President of Douglas Elliman Development Marketing. “With Alba Palm Beach, we are setting a new standard in the neighborhood, offering a waterfront lifestyle with Intracoastal access that cannot be replicated. Our team is proud to present buyers with a development that offers an exceptional value at a premier address.”

Alba Palm Beach is located at 4714 North Flagler Drive in West Palm Beach, Florida, directly on the Intracoastal Waterway. The development’s sleek and modern design is by West Palm Beach-based Spina O’Rourke + Partners. A free-form ground level with design accents that blend into the landscape welcomes residents, who will enjoy access to an elevated amenity deck, with unobstructed sunrise, sunset, and water views. The development houses a collection of 55 two- to three-bedroom residences, and 4-bedroom townhomes with direct waterfront views. There are a limited number of residences per floor, with private elevators and vestibules offering privacy and seclusion.

Alba Palm Beach is situated on 1.71-acres with direct Intracoastal frontage, and a private dock with boat slips reserved for residents only. The tower’s entire sixth floor is dedicated to amenities, including a sunrise pool overlooking the Intracoastal, a sunset pool for the warm afternoon sun, as well as dedicated grill and lounge areas. The on-property state-of-the-art fitness studio includes cardio, resistance training, and yoga. There will also be virtual conference spaces, theater, and multi-sport simulator rooms. The development also offers a covered Porte Cochere entry, valet parking, and access to covered parking with electric vehicle charging stations.

Every residence features spacious layouts with oversized glass-framed terraces with summer kitchens and panoramic views. Floor-to-ceiling hurricane impact windows and sliding doors are installed on all terraces. Additional highlights include Italian-designed kitchens by Italkraft, stainless steel appliances by SubZero® and Wolf®, spa-like baths with designer fixtures and finishes and wiring for high-speed data, media connectivity and smart-home technology. The limited collection of four townhome residences each have their own unique two- or three-story designs.

Morabito Properties Launches Leasing At Adaptive Reuse Wynwood Office Development Wyncatcher

As Wynwood continues its rise into one of Miami-Dade’s most desirable office submarkets, Morabito Properties is launching leasing at Wyncatcher, their adaptive reuse project converting an industrial building into a mixed use office development. Morabito Properties has selected JLL and Metro1 to lead leasing at the two story, 47,852 square feet building situated at 2413 NW 1st Ave. in Miami’s Wynwood Arts District. The stand-alone property features office space and restaurant space along with a rooftop terrace with striking views of the Wynwood area.

“Wynwood is one of the most unique and eclectic neighborhoods in America, said Valerio Morabito, CEO of Morabito Properties. “We are happy to be part of an exciting and young community where people and businesses thrive and commit to preserve its artistic, industrial and creative spirit through this building.”

Morabito Properties is led by Valerio Morabito. Known for its modern luxury properties designed by the world’s finest architects, artisans, and craftsmen, Wyncatcher is the developer’s first mixed-use development in the Wynwood neighborhood. JLL Senior Managing Director, Eric Groffman, Managing Director, Cameron Tallon, Vice President, Edward Quinon, and Senior Associate, Emily Brais, will lead leasing efforts in partnership with Andres Nava, Managing Director and Bernadita Banfi, Broker Associate of Metro1 Commercial Real Estate Brokerage on behalf of Morabito Properties.

Wyncatcher is designed by world renowned Arquitectonica, the unique building, sports elegant double-height, industrial-style windows that bathe the interior in natural light. Space configurations for office tenants are flexible, ranging from 3,976 square feet to 37,427 square feet. The restaurant space features 6,861 square feet of outdoor space as well as 6,051 square feet of interior space.

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. Forte Capital and Sheridan Capital’s acquired of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. 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.

Master Brokers Forum Listing: Check Out This Ultra-Modern Waterfront Spec Home In Lighthouse Point Asking $21 Million

Master Brokers Forum member Asher Ouazanan presents this stunning, gated, waterfront masterpiece sited on 19,558 square feet of direct Intracoastal bliss. A two-story contemporary masterpiece with over 9,800 square feet of sleek and sophisticated indoor and outdoor living. This residence features five bedrooms and six and one half-bathrooms, featuring a custom floating path entrance with an eleven-foot waterfall, a bright open kitchen/dining room floor plan, clubroom, gym with sauna, glass wine wall showcase, floor-to-ceiling windows, an elevator, and more. Resort-like amenities include a covered patio with summer kitchen, an infinity pool and spa, as well as a rare, one-of-a-kind dock configuration that can accommodate any water toy. Construction is set to be completed by June 2022.

4460 NE 31st Ave, Lighthouse Point, FL 33064 is currently listed for $21,000,000 with Asher Ouazanan of SIR Realty, who can be reached at 305-396-9065 and/or asher@sirrealtymiami.com.

The Master Brokers Forum is a local network comprised of South Florida's elite real estate professionals. Learn more at www.MasterBrokersForum.com.

This article was produced in partnership with Master Brokers Forum

Wynwood Annex Sells For $49 Million To New-To-Miami-Market San Francisco-Based Buyer

Related Group and East End Capital have sold Wynwood Annex for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors Co-Founders Devlin Marinoff and Tony Arellano P.A., who represented both the buyer and the seller. The milestone transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market and represents the culmination of many years of organic, artistic and eclectic development efforts in Wynwood led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.

Related Group and East End Capital developed Wynwood Annex and retailed DWNTWN Realty Advisors to lead the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market.

Following the successful lease-up effort Wynwood Annex attracted unsolicited offers from investors from all over the country. DWNTWN ran an off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $49 million sale.

“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”

“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”

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. Recent notable transactions include UOVO Storage Deluxe’s acquisition of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. 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.

Sabal Development Sells Hibiscus Island Spec Home For $15 Million To Cosmetics CEO

A brand new tropical modern waterfront spec home by Sabal Development at 165 North Hibiscus Drive on Miami Beach’s Hibiscus Island has sold for $15 million to the CEO of Farmasi North America. Per public record, Marko Gojanovic of ONE Sotheby’s International Realty and Alejandro Diaz Bazan of Jills Zeder Group represented the buyer, Sinan Tuna, while Dora Puig with Luxe Living Realty represented the seller, developer Pascal Nicolai.

165 North Hibiscus Drive was designed by Togu Design and spans 5,217 square feet of interior on 10,500 square foot lot with 60’ of waterfront. The 5-bedroom , 5.5 bathroom home features a reflecting pond, a private 2 car garage, cotto’d’este tiling, full suite appliances by Miele, wine cellar, illumination by Delta Light, and freestanding soaking bathtub. Outdoors features two waterfront pools, a rooftop deck, terrace, and dock which can accommodate a yacht as large as 50’.

Core Wynwood Development Site Sells For $11.5 Million

UOVO Storage Deluxe has acquired a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. The buyer was represented by Jordan Karp and the seller was represented by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors. 330 NW 29th Street is currently two fully occupied buildings leased as creative office space spanning 10,939 SF. The 21,000 SF lot is zoned T6-8-0 and is primed for a hotel or office project.

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 and others. Recent notable transactions include Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. 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.

LUXCOM Reveals 235-Unit Multifamily Development In Sunrise

Florida-based builder LUXCOM, led by CEO and Chairman Oscar Barbara, has revealed plans for a 235-unit multifamily rental community in Sunrise. Ideally located on the south and east sides of Sunrise's main crossroads of Oakland Park Boulevard and University Drive, the project will transform multiple abandoned and underutilized commercial parcels into a brand-new Class A multifamily garden-style development.

The project secured a $41 million construction loan last week and simultaneously broke ground the following day. Funding was provided by Centennial Bank. Centennial Bank has a longstanding relationship with LUXCOM and provided funding for its long list of multifamily, single-family, mixed-use, and townhome projects.

Situated on 10 acres, the market-rate rental project will encompass six three- and four-story buildings offering one, two and three-bedroom apartments ranging from 725 square feet to 1,371 square feet overlooking the fairways of the Seven Bridges golf course.

“With this development, we aim to reinvent the rental apartment experience by creating units with amenities found in luxury houses such as generous floorplans, dens, high ceilings, plenty of natural light, oversized windows, European-style kitchens with quartz countertops, stainless steel appliances, walk-in closets, and more," said Barbara. “We’re grateful that Centennial Bank recognized the need in the marketplace for this type of project that will add an elevated living experience to the area.”

The project’s design was inspired by the design of Rosemary Beach in Florida’s panhandle and will boast West Indies British Colonial design within its garden-like setting. Tenants will enjoy access to nearby conveniences such as a new Aldi Supermarket, Walgreens Pharmacy, SunTrust Bank, restaurants, and multiple entertainment venues.

LUXCOM designed the project with today's younger families and professionals in mind offering a clubhouse, resort-style pool and cabanas, theater room, state-of-the-art gym with yoga studio, private rooms for events and entertaining, children’s playroom, community dog parks, WiFi hotspots, car charging stations, garages, a citrus garden, and more.

Design 41 In Miami Design District Now Fully Leased After Swiss Watch Company Breitling Opens New Boutique

Design 41 in Miami Design District is now fully leased after Breitling signed a lease and opened a 1,832-square-foot boutique on the district’s prime Northeast 41st Street corridor. The 112 NE 41st St. store will showcase the latest watches modeled by Breitling’s “Spotlight Squad,” which includes Charlize Theron and Misty Copeland. Other tenants that have opened in Design 41 include bespoke perfumery Bond No. 9 New York, Rosenfeld Gallery – which only has one other location in New York City, and the first U.S. flagship store for Argentine leather goods brand Gaucho.

The lease was overseen by DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez, who represented the landlord to lease the entire 40,000-square-foot building. Design 41 was developed by Design District Development Partners.

“It is fitting that Breitling moves into the final available space on this important block and joins some of the world’s most luxurious retailers, such as Louis Vuitton, Ermenegildo Zegna, Tiffany & Co. and Burberry, in the Design District,” Arellano said. “We are proud of our role in leasing up Design 41 and helping the entire neighborhood reach its full potential.”

“We drew upon our unique knowledge of the neighborhood and strong relationships to accomplish a successful lease-up of Design 41,” Fernandez said. “Breitling’s new store there will undoubtedly rival its top-performing boutiques in major U.S. markets.”

Arellano and DWNTWN Co-Founder Marinoff have also played a pivotal role in Miami Design District’s evolution. Over the last seven years, the brokers have completed 22 transactions totaling more than $205 million in the neighborhood’s four-block pedestrian core. These sales represent most of the district transactions not involving Dacra’s assemblage, filling the gaps around the district’s core and making DWNTWN the neighborhood’s market leaders.

Miami-Based Private Equity Firm Iconic Equities Launches With Industrial Development Site Acquisition

Iconic Equities, in partnership with Trinity Capital Advisors, has announced the closing of 239 Jedburg Road in Charleston, roughly 115 acres of land located in the Summerville submarket. The firms plan to develop approximately 780,000 square feet of Class A logistics warehouses. Iconic and Trinity will commence development of the 621,000 square foot cross-dock building and the 158,000 square foot rear-load building this summer. Completion is anticipated to be in the Spring of 2023, with JLL’s Lee Allen and Kevin Coats slated to handle the leasing.

Tim Bishop, previously Director of Acquisitions at Thor Equities founded Iconic Equities about a year ago to focus on acquiring and developing logistics warehouses, Industrial Service Facilities (ISF), multifamily, and mixed-use commercial properties throughout the United States that are poised to benefit from e-commerce growth and population migratory patterns in a post-Pandemic world.

Iconic is in the process of rolling out an infill Industrial Service Facility (ISF) program with an institutional capital partner, focused on markets such as: New York City, New Jersey, Los Angeles, South Florida, Houston, Columbus, Phoenix, Atlanta, Savannah, Charleston, and Dallas. These assets will include truck terminals, trailer storage, container storage, fleet maintenance yards and equipment maintenance yards. The firm is targeting to raise $100 million of equity towards the strategy.

Brian Rosen, who most recently served as the Chief Investment Officer for Accesso Partners in Miami. During his tenure, Accesso acquired over 11 million square feet of real estate. Rosen leads the firm’s multifamily and office platform. Robert Fitzgerald, who previously focused on capital markets at a South Florida-based hedge fund and has been with Bishop since the firm’s inception, focuses on acquisitions and capital markets.

Ty Wiest, who previously worked at Prologis has joined the team as well and will be opening Iconic’s Los Angeles office and leading acquisition efforts on the West Coast. Wiest worked on the Industrial Property Trust acquisition and worked on an additional $900m in transactions while at Prologis. Michael McGraw, also based in Los Angeles, joins the firm from Industrial Realty Group, a national warehouse developer with over 100 million square feet under management across 31 states. While at IRG, McGraw worked on approximately $500m in transactions.

At Thor, a $10 billion assets under management investment company led by Joseph Sitt, Bishop was instrumental in taking the firm into markets like Austin, Nashville, Raleigh-Durham and Dallas. During his tenure, Thor became one of the most active buyers of logistics and life sciences properties in both the US and Europe.

“Our acquisition strategy at Iconic is both highly data-driven and highly adaptable in nature – right now, logistics is the hottest asset classes in real estate, from both a capital markets and tenant demand perspective–so that has been most of our focus,” said Bishop. “We’re acquiring and developing everything from big box warehouses to last mile facilities to outdoor storage facilities – all engineered to capitalize on the momentum from logistics growth over the next 5 years.”