Aimco Partners with Camillus House and Provides $1 Million Contribution to Advance Workforce Development

Apartment Investment and Management Company (“Aimco”), a diversified real estate investment company, has pledged $1,000,000 to Miami-based Camillus House to support expanded workforce development programs. 

In discussions with Miami’s civic and community leaders it became clear that despite a strong job market, many of Miami’s residents don’t possess the necessary skills or experience to obtain better-paying jobs and are, therefore, unable to benefit from Miami’s rapidly growing economy.  As a major investor in South Florida, it is important to Aimco that those at all levels of the economic spectrum have the opportunity to excel and in turn, contribute to the broader community. 

Since its founding in 1960, Camillus House has been a pillar of the Miami community. Created to provide meals and spiritual comfort to homeless Cuban exiles and other poor and hungry Miamians, Camillus House has grown steadily into one of the largest providers of services to the most vulnerable population in the community. Camillus House houses more than 1,700 people nightly through its 11 residential facilities and scattered-site apartments across Miami-Dade County. Some of its programs include Day Center services, Specialized Street Outreach programs, Homeless Prevention initiatives, and comprehensive workforce development and life skills programming. 

“Many people experiencing homelessness want to work, but without the necessary training and skills it’s extremely difficult for them to earn enough income to move forward,” explained Hilda M. Fernandez, Camillus House CEO.  “Thanks to this critical and very generous multiyear grant from Aimco, we can now expand our workforce development program to provide the guidance, support, and vocational training that can help prevent homelessness and change the lives of the great many men and women we serve throughout Miami-Dade County.” 

In partnership with Aimco, the Camillus House Workforce Development Initiative will provide opportunities to Camillus House residents such as participation in construction trade programs operated by Florida International University and funded by Southeast Overtown/Park West Community Redevelopment Agency, an eight-week culinary certificate through the Miami-Dade College Culinary Arts Program, and employment opportunities with the Downtown Enhancement Team through the City of Miami’s Downtown Development Authority and Omni Community Redevelopment Agency.

In addition, through its Aimco Cares program, Aimco will sponsor scholarships to individuals in the Camillus House program designed to remove barriers to employment for those looking to obtain or maintain a job. The scholarships will cover job-related costs, such as bus passes, licensing fees, uniforms, classes, and similarly required ancillary costs crucial to succeed in gainful employment opportunities.

“Aimco Cares’ mission is to empower the most vulnerable by giving them the tools required to improve their quality of life,” said Jennifer Johnson, Aimco’s Executive Vice President and Chief Administrative Officer. “Being able to obtain and maintain higher-paying jobs is the building block for a long-term and sustainable solution for many Miami residents. As a real estate developer, it is our responsibility to give back to the communities in which we are active and passionate. Aimco is thrilled to be part of the Miami community and looks forward to future investments in the City and its residents.” 

THE SOUTH BEACH SEAFOOD FESTIVAL CELEBRATES THEIR 10TH ANNIVERSARY

South Florida’s highly anticipated South Beach Seafood Festival is back for its 10th anniversary with a celebration that is gearing up to be the best yet with special programming, including a $10,000 chef prize and popular live musical guests. From Wednesday, October 19 through Saturday, October 22, the four-day festival is a curated culinary showcase that couples South Florida’s bounty of seafood with the region’s most notable chefs and restaurants.

The South Beach Seafood Festival, which also kicks off Miami Beach’s famed stone crab season, consists of four separate ticketed events taking place throughout the week. The festival begins on Wednesday, October 19th with “An Evening at Joe’s Stone Crab.” The already-sold-out five-course meal showcases Executive Chef Andre Bienvenue’s cuisine paired with fine wines curated by master sommeliers.

Next up, “Crabs, Slabs & Cabs,” takes place the following evening and offers a formal sit-down, five-course dinner highlighting ‘Surf n’ Turf’ reimagined by some of the Magic City’s leading chefs. The event is hosted by GOYA Foods’ Executive Chef Fernando Desa and includes participation from celebrated restaurateur and Pubbelly Sushi partner José Mendín; Fiola Miami’s Executive Chef Danny Ganem; Meat Market Executive Chef and Owner Sean Brasel; and a final chef to be announced on July 1st. On Friday evening, the gloves come off as 16 of Miami’s top chefs go head-to-head in eight competitive seafood rounds during the annually sold out “Chef Showdown,” coined the ultimate beach bash on South Beach.

To commemorate the festival’s 10-year anniversary, one participating chef with the most points of the night will take home a grand prize of $10,000. The series of nightly events builds up to the main celebration, the “South Beach Seafood Festival,” an all-day affair taking place on Saturday, October 22, showcasing a selection of pop-up-cafés by prominent South Florida restaurants, complimentary open bar stations, and packed with live musical performances, interactive experiences, and much more for guests to enjoy.

“It’s a momentous 10-year celebration for the South Beach Seafood Festival, and we are grateful for the opportunity to continue to support and shine a spotlight on South Florida’s talented chefs and restaurant community every year,” said Valerie Roy, Director of Marketing and Client Strategy at CI Management, the team behind the South Beach Seafood Festival. “We are amplifying our programming and doing things in a more significant way for year #10 to celebrate the heart of what makes South Florida a not-to-be-missed culinary destination, highlighting local culinary talent in a unique manner, adding a $10,000 prize for one lucky chef champ of our Chef Showdown event, as well as bringing in some amazing entertainment to ensure this is our best festival yet.”

Touted in previous years by USA TODAY as one of the “Top 5 Specialty Festivals in The Country;” by Forbes as the “Top 5 Things to Do This Fall;” and by the Travel Channel as the “Best Seafood Festival in the US,” the South Beach Seafood Festival is the place to be for the ultimate ‘sea foodies’. In addition to celebrating regional culinary talent, the festival annually supports CI Foundation’s EAT SMART program, a 501 ©(3) nonprofit program that provides healthy meals and nutritional guidance to the local community and Florida’s youth through programs in Miami-Dade County public schools.

Miami Restauranteur George Sezgin Opens KÓMMA Mediterranean Kitchen & Bar In Miami Beach

On July 1, 2022 Miami-based restaurateur and visionary hospitality veteran, George Sezgin, unveiled KÓMMA, a genuine Mediterranean kitchen and bar concept that is poised to bring an entirely unparalleled celebratory culinary experience to the enthusiastic Miami Beach neighborhood. ‘κόμμα’ (KÓMMA) in Ancient Greek dialect translates to: ‘celebration,’ ‘gathering,’ ‘revelry.’ The highly-anticipated dining destination will offer the ultimate extension of Mediterranean revelry, blending indulgent gastronomic excellence with joyous bespoke gatherings for friends and families alike.

“We are thrilled to share the flavors of the Mediterranean married with top-tier service to offer Miami locals and visitors alike an unforgettable experience,” says KÓMMA owner and longtime restaurateur, George Sezgin. “KÓMMA will serve as a gathering spot for families, business partners, and friends and we look forward to delivering the flavor and ambiance that makes for great memories.”

KÓMMA’s menu embraces Mediterranean provenance, fusing its influence with fresh, regional ingredients and a creative culinary approach. Diners are stimulated to savor the rich flavors of the Mediterranean from the freshly-baked, fire-roasted Greek dips (Melitzanosalata, Hummus, Tzatziki, Kommammara, Skordalia, Crete Feta, etc.) and signature Chicken Kebab, to the house-made Seafood Youvetsi, Grilled Branzino, and KÓMMA Shrimp specialties. With Chef Sebastian Forero at the heart of the kitchen, diners can anticipate unrivaled personalized service and offerings. Premium meat and fish family-style dishes (serves 4-6ppl) will be delivered and prepared tableside by Chef personally, adding to KÓMMA’s signature guest experience.

Spanning three uniquely defined spaces, KÓMMA invites guests through a sensory journey through its decadent Mediterranean dining room, intimate cocktail-driven lounge area, and delicately veiled outdoor garden oasis. The design takes its cues from European cafes and highly sought-after coastal destinations. Each space was thoughtfully designed to create the perfect spot for family gatherings, a quaint date night, brunch with friends, or a celebratory night out on the town.

Led by Jordan Cohen, KÓMMA’s not-to-be-missed cocktail program is tailored to indulge each guest’s individual palate. The playfully flavor-focussed yet sophisticated cocktail menu highlights specialty favorites such as the KÓMMA Salud; Tequila, jalapenos syrup, mango puree, and lemon juice, Nona Moves to Miami; Olive oil infused Vodka, lemon juice, simple syrup, balsamic vinegar, basil leaf, strawberry, and soda, and A Smokey Lemonade; Mezcal, lemon juice, simple syrup, amaro, grapefruit juice, spiced bitter, to name a few. The ambiance encompassed by KÓMMA’s uniquely devised indoor/outdoor venue lends to the perfect spot for guests looking for a delectable pre-dinner or pre-night out on the town cocktail at the bar, in the restaurant’s lounge area, or within the dim-lighted garden courtyard.

KÓMMA is located at 560 Washington Ave, Miami Beach, FL 33139. Restaurant hours of operation are as follows: Monday-Sunday, 12:00PM - 12:00AM.

Tour A Beachfront Duplex In Ocean House Which Just Sold For $14.5 Million In South-Of-Fifth

A beachfront duplex in Ocean House, a luxury building in Miami Beach’s exclusive South-Of-Fifth neighborhood, has sold for $14.5 million. The sale of 125 Ocean Dr U-201 was overseen by Chad Carroll with the Carroll Group at Compass, who listed the condominium, while the buyer was represented by Christopher Jude with Fortune International Realty. The seller is 125 Ocean Drive Holdings, LLC while the buyer is Randy S Mitchell, Lisa Gregg as Trustees of The Mitchell Family 2022 JQPR Trust.

The residence is custom built for high-tech entertainment. U-201 spans 6,240 SF of living space spread over 4 bedrooms and 4.5 bathrooms. Features include two sunrise terraces, 1 sunset terrace, a glass-encased wine vault enclosing a hidden private home office, a home movie theater, marble flooring, a bar, walk-in closets and more. Ocean House is equipped with premier security and world class resort-style services and amenities including a picnic area, business center, gym, sauna and spa, heated pool, and beach access.

Images via The Carroll Group

Sumaida + Khurana and Bizzi & Partners Reveal 'THE FIFTH MIAMI BEACH' Class A+ Office Designed By Spanish Master Architect Alberto Campo Baeza

Sumaida + Khurana and Bizzi & Partners, two internationally recognized real estate development firms, have received approval from the City of Miami Beach to proceed with the construction of a new Class A+ office building designed by renowned Spanish master architect Alberto Campo Baeza. The project is named THE FIFTH MIAMI BEACH and it will be Baeza’s first commercial building in the United States. Sumaida + Khurana is led by Founding Partners Saif Sumaida and Amit Khurana. Bizzi & Partners is led by CEO Davide Bizzi and Managing Director Alessandro Pallaoro, the firms expect to start construction imminently.

"We are very fortunate to have received unanimous design approval by the Historic Preservation Board of Miami Beach in less than one year since we acquired the property. We have treated THE FIFTH MIAMI BEACH as a labor of love and greatly appreciate how positively the City has responded to the design of our project. The collaboration among multiple world-class team members and stakeholders in Miami Beach has been extremely rewarding. We are excited to deliver a very special building that provides an exceptional offering to our tenants and the community," said Saif Sumaida, Founding Partner, Sumaida + Khurana.

The firms have tapped global commercial real estate firm Cushman & Wakefield to lead their leasing efforts. The building is ideally situated at the entrance to Miami Beach from the MacArthur Causeway, located in the exclusive enclave of South of Fifth, at the corner of Michigan and Fifth Street. The Class A+, LEED Certified office building will seek to take an innovative approach by delivering on the singular quality, craftsmanship and architectural pedigree that Sumaida + Khurana and Bizzi & Partners are renowned for delivering on their residential condominium projects.

“The pandemic has completely changed the relationship between employees and the built office environment. With THE FIFTH MIAMI BEACH, we have an exciting opportunity to set a new benchmark for modern office development by creating a dynamic ecosystem for tenants that is focused on both work and well-being by incorporating extensive wellness amenities within an architectural masterpiece designed by one of the world's great master architects, Alberto Campo Baeza, with an elevated interior design concept by the renowned architectural firm, Gabellini Sheppard Associates," said Alessandro Pallaoro, Managing Director, Bizzi & Partners.

World-renowned architecture firm, Gabellini Sheppard Associates is designing the interiors, award-winning firm Cube 3 is the executive architect and Miami-based Urban Robot Associates is the project’s landscape architect.

The project will be akin to an exquisite jewel box, wrapped in glass, white marble and white concrete. The biophilic design approach incorporates many elements that bring the outdoors inside and also provides expansive spaces that are ideal for tenants to design creative work environments. The building features a monumental marble lobby with 35-foot ceiling heights, 14-foot ceilings throughout office floors, open and flexible floorplans, floor-to-ceiling windows and every office includes expansive private outdoor terraces. Located in the center of the building is a large outdoor atrium that opens up all of the offices to a dramatic experience of light, air, and outdoor space. In addition, the building features multiple amenities for tenants to share including a private landscaped rooftop with expansive, unobstructed water views. This offering will be further complemented by a state-of-the-art fitness center and spa, multiple food and beverage options, and valet parking. The building will also offer advanced air quality and filtration systems that will be part of the focus on sustainability and health.

Based in Spain, Baeza has been widely recognized for his work including winning his country’s National Prize for Architecture in 2021. Some of his notable projects include the Houses Turégano and de Blas, both in Madrid, the Gaspar House, Asencio House in Cádiz, the Olnick Spanu Museum in Garrison, New York, the BIT Center in Inca-Mallorca, the Museum of Memory of Andalucía in Granada. In 2020, he won the competition to design a new bridge over the Piave River in Belluno, Venice.

Sumaida + Khurana is led by Founding Partners Saif Sumaida and Amit Khurana. Bizzi & Partners is led by CEO Davide Bizzi and Managing Director Alessandro Pallaoro. Both firms are individually known the world over for developing some of the most significant real estate projects in the world, collaborating with critically acclaimed and architects and designers. New York-based Sumaida + Khurana collaborated with Pritzker Prize winning architect, Tadao Ando to design 152 Elizabeth Street, as well as Pritzker Laureate, Alvaro Siza for 611 West 56th Street. Bizzi & Partners, which has offices in New York, Milan, São Paulo, and Tallinn, worked with Pritzker Prize winning architect Renzo Piano to design both 565 Broome SoHo in Manhattan and Eighty Seven Park in Miami. The firm also developed the Langham Hotel in New York, designed by Charles Gwathmey.

SHVO Reveals Norman Foster-Designed Class A Office On Alton Road And Lincoln Road

SHVO has revealed plans for a Foster + Partners-designed Class A office project at the former Epicure Gourmet Market & Cafe at the intersection of Alton Road and Lincoln Road. The project will rise five stories and will feature nearly 250,000 SF of total development at 1656, 1664, 1676 and 1680 Alton Road and 1677 West Avenue. Kobi Karp of Kobi Karp Architecture & Interior Design is working with Foster + Partners as the architect of record. The project was advanced following The Miami Beach Planning Board voting in favor of transferring city land known as Alton Ct, the back alley between Lincoln Road and 17th St. to the developer.

Foster + Partners is led by Pritzker Prize-winning architect Lord Norman Foster and also designed Faena House as well as the new Safra National Bank headquarters, at currently under construction at 3050 Aventura. SHVO, led by Michael Shvo, is also redeveloping the Raleigh Hotel on Collins Avenue into a Rosewood Hotels & Resorts-branded hotel and condo tower.

Renderings via Foster + Partners

Pebb Capital and LeaseFlorida Sell Hampton By Hilton at The Continental in Miami Beach For $43.9 Million

Pebb Capital and LeaseFlorida have sold the Hampton by Hilton at The Continental in Miami Beach, Florida for $43.90 million. The sale closed on June 15 to a privately held LLC. The JV renovated the historic structure in 2016 for $25 million.

This deal is a record for the Hampton flag, marking the second-highest price per key in the brand’s portfolio and is significant for the area, which is in the midst of an evolution to become a business epicenter, allowing for the long-term growth of local industries catering to the ever-expanding clientele.

The Continental Hotel was originally built in 1948. It was converted into a condominium after the hotel closed until the JV purchased it and converted it back to its historic use as a hotel. The renovation included restoring the exterior façade to bring back the charm of the original Continental Hotel. It was kept in the original MiMo style (Miami Modern) which was the architectural style post World War II era (1945 to mid-1960s) that originated in Miami and Miami Beach. The original reception desk and pool were also restored.

Health-Focused Hotspot Pura Vida Opens New Location In Miami Beach's Sunset Harbour Neighborhood

Pura Vida continues to expand its presence across the region with the debut of its Sunset Harbour outpost. Characterized by its delicious health-driven menu and topical chic aesthetic, the esteemed all-day cafe now holds several highly coveted properties and continues its strategic expansion across the region. The opening marks the brand’s 11th location and third on Miami Beach, with more on the horizon for 2022.

Located steps away from the water’s edge, the latest Pura Vida outpost is nestled in the heart of Sunset Harbour and in close proximity to main attractions such as the Miami Beach Golf Club, Magnolia Park, and Lincoln Road. The 5,000 square foot space offers indoor seating characterized by the brand’s minimalist design elements, natural tones and light wooden finishes as well as outdoor seating lined with Pura Vida’s signature blue umbrellas.

“We feel honored to be expanding the Pura Vida family and are excited to be a part of the Sunset Harbour community. Sunset Harbour attracts a vibrant audience from all walks of life and we’re really looking forward to connecting with the locals, visitors and neighboring businesses alike.” Said Omer Horev, Chief Brand Officer and Co-Founder of Pura Vida.

Patrons can expect the brand’s signature quality-driven menu which includes Pura Vida’s famed All-Day Breakfast offerings showcasing a range of avocado toasts, pasture-raised egg sandwiches, wraps, bowls, raw organic Açaí Bowls and crisp and refreshing salads topped with wild ahi tuna, chicken, salmon, or vegan-lentil based adashah. Other health-focused highlights include a variety of cold-pressed juices, superfood smoothies, kombucha, artisanal coffees and an assortment of fresh-baked gluten-free and vegan sweet treats.

New to Pura Vida’s beloved menu is a distinct blue smoothie, “Coco Azul” made with blue spirulina, moringa, hemp seeds, coconut water, banana, pineapple, mango, coconut flakes; and a sweet potato base option for bowls. To coincide with the Sunset Harbour opening, Pura Vida will introduce exciting new menu items like the ‘Miami Beet’ juice, a signature croissant sandwich with Pura Vida’s egg salad and four new wellness shots; Daily Green, Eternal Youth, Immunity, and Shot of Glow which will be made available across all Pura Vida outposts.

Pura Vida Sunset Harbour is located at 1940 Alton Rd, Miami Beach, FL 33139. Hours of operation are 8AM - 4PM, daily. Ample street and public garage parking is available on Andalusia Avenue. Delivery and pick-up are available through the Pura Vida Miami app.

ArquitectonicaGEO-Designed Canopy Park Opens To Public On Alton Road In Miami Beach

Canopy Park, Miami Beach’s new three-acre community park situated between the 600 and 700 blocks of Alton Road, is now open to the public. Park-goers can enjoy open greenspaces shaded by native tree species, pedestrian trails and bike paths, an outdoor gym and dog run, a MONSTRUM-designed children’s playground, and public art displays. Designed with sustainability in mind, Canopy Park reflects how landscape architecture can serve as a green resiliency solution for coastal communities with a host of environmentally conscious features including a Maritime Hammock, bioswales, and a 25,000-gallon cistern to conserve and manage rainwater.

Additionally, Canopy Park will connect to Miami Beach’s popular South of Fifth neighborhood and complete the Miami Beach Baywalk via a new signature pedestrian bridge designed by Daniel Buren spanning the MacArthur Causeway/5th Street, creating a safe and seamless connection running from South Pointe Park north to the Lincoln Road District and east to the beachfront.

“Instead of a massive wall of rental units, we now have this exquisite greenspace in a neighborhood where no one has a backyard,” said City of Miami Beach Mayor Dan Gelber. “This park will quickly become a welcomed amenity for nearby residents and a favorite gathering spot for our entire community.”

Canopy Park was developed by TCH 500 Alton, LLC, a partnership between two of Miami Beach’s deepest-rooted real estate developers: David Martin and Russell Galbut. The development team, which is also behind the neighboring Five Park residential tower, constructed and donated the park to the City of Miami Beach’s Parks & Recreation Department as a gift to the community’s residents and visitors.

“Canopy Park will be a gateway for the City of Miami Beach, a destination for visitors, and an everyday amenity for residents, so we’ve taken the time to assemble a team of visionaries who have led some of the most transformational projects in the world,” said developer Russell Galbut of TCH 500 Alton, LLC. “We’ve created a vibrant community asset that brings people together while providing a design experience that rivals public spaces in the world’s greatest cities.”

A major design component of Canopy Park, which was imagined by landscape architect Laurinda Spear’s ArquitectonicaGEO, is a “natural play” playground by Danish design firm MONSTRUM, which is famous for creating artistic and architectural playscapes around the world. A standout element of the playground is an eye-catching slide paying homage to pioneer developer Carl G. Fisher’s cultural mascot Rosie the Elephant, an instrumental historical figure known for putting Miami Beach on the map as a luxury destination and “America’s winter playground” in the early 1920s. Infused with art and design, a distinctive sculpture by Miami-based artist Mark Handforth also enriches the outdoor space.

“Canopy Park was designed with beautiful aesthetics in mind but also serves a broader environmental purpose,” said developer David Martin of TCH 500 Alton, LLC. “The park’s innovative sustainability and resiliency attributes will benefit not only the future residents of the adjacent Five Park tower, but also the entire surrounding neighborhood.”

Canopy Park’s sustainability and resiliency features include:

• Vegetation, Biodiversity and Native Plant Communities: Canopy Park boasts lush, sustainable landscaping comprising nearly 40 different plant and tree species. There have been 221 trees and 121 palms newly planted in the park, of which 80 percent are native, and 100 percent are low maintenance and tolerant of drought. The incredibly varied plant biodiversity not only beautifies the area, but also performs incredibly important roles that will help balance ecosystems, mitigate soil erosion, decrease urban heating effects, provide habitats for threatened animals, and protect watersheds from destructive floods.

• Maritime Hammock and Habitat Restoration: In addition to the extensive tree canopy throughout the park, a Maritime Hammock, consisting of 2.6 times the required ground cover by code, anchors the north end of the park. The hammock offers crucial shade from the year-round sun, captures carbon and toxins from the air, and diminishes the urban heat island effect, cooling the surrounding area. It also restores natural habitats, regenerates roosting areas, and provides feeding opportunities for birds, bats, native bees, and other pollinators. Canopy Park aims to replicate the original tropical forests once found in Miami Beach to reinforce an original and stable ecosystem in the area.

• Irrigation, Water Conservation, and Rainwater Management: A weather-based irrigation controller and rain sensors limit watering during the rainy season. A 25,000-gallon cistern captures excess runoff during major storm events and irrigates plantings throughout the year, with a capacity to irrigate the park completely on collected rainwater for one week before needing replenishment. Green infrastructure solutions like bioswales and rain gardens allow for proper site filtration and management for all of the rainwater that enters the site. The resulting effect is that 90% of the stormwater is captured and diverted before it ever reaches Biscayne Bay, protecting wild grasses and native species from harmful debris and pollutants.

• The Million Orchid Project: In addition to the stunning greenery, Canopy Park is home to hundreds of vibrant, native orchids as part of The Million Orchid Project. Once an abundant, natural flower proliferating across Miami Beach, orchid numbers have dwindled as the City of Miami Beach has developed and expanded. To address this problem, The Million Orchid Project, the National Orchid Garden, and the Fairchild Tropical Botanic Garden – alongside local volunteers and the park’s development team – joined forces to propagate and plant over 600 wild orchids throughout the park grounds to reinstate the majestic flower in Miami Beach.

• Next door, development is currently underway at Five Park, an iconic 48-story luxury residential tower that will offer unparalleled five-star amenities, including Miami Beach’s premier resident-only members club, The Canopy Club. The project is estimated to be completed in 2024.

• Approved plans for the site also include The Miami Beach Canopy Bridge, a signature pedestrian bridge spanning 5th Street designed by international artist Daniel Buren. The Miami Beach Canopy Bridge – subtitled Walking Under, Along, and On the Colors: work in-situ by Daniel Buren – will complete the Miami Beach Baywalk, creating a safe and seamless connection running from Southpointe Park North to the Lincoln Road District and East to the beachfront. The Miami Beach Canopy will become an instant landmark for Miami Beach and a beloved work of public art that guides pedestrians along a rainbow of colorful shadows. Construction of the pedestrian bridge is expected to get underway in 2023.

Images via World Red Eye

Pebb Capital And LeaseFlorida Sell Trophy Miami Beach CVS For $17.73 Million

Pebb Capital, in a partnership with LeaseFlorida, has sold a trophy retail condominium asset on Miami Beach for $17.73 million to California-based Cove Capital Investments. CVS Health (CVS), the largest national pharmacy health care provider and a publicly traded company, is the long-term tenant, which signed a 25.5-year lease in May 2021.

Cushman & Wakefield’s National Net Lease Group, led by Blake Tagmyer, Brandon Price and Greg Mason, facilitated the sale. Emerald Creek Capital arranged $13.3 million of financing for the buyer.

Delivered in 2019, the two-story, 8,896-square-foot retail condominium property at 4000 Collins Ave. is situated under a four-story parking garage that was constructed from the ground up by the seller. It is adjacent to the historic Hampton Inn at The Continental, a 100-key Hampton by Hilton hotel at the same address that is owned, operated and was renovated in 2019 by Pebb Capital and LeaseFlorida for $25 million.

Located just one block from the ocean, CVS is at the prime intersection of Collins Avenue and 41st Street, one of Mid Beach’s busiest corridors, with daily traffic count in excess of 70,000 vehicles. There are over 2,700 hotel rooms and 6,000 residential units within a five-mile walking radius. A mile west is Mount Sinai Medical Center, one of South Florida’s largest hospitals with more than 4,000 employees and 672 beds.

“The key to retail is consistent traffic, and there’s a surplus of that at this busy corridor,” said Todd Rosenberg, co-founder and managing principal of Pebb Capital. “This sale proves the continued success of opportunistic investments with positive real estate fundamentals.”

Images via Alex T Photo