Galium Capital Lists Stabilized Portfolio of 35+ Single-Family Homes Across South Florida For $10 Million

Galium Capital announced today the listing of a 35+ single-family home portfolio across South Florida for $10 million. The stabilized portfolio features homes which are located across several recently built communities in cities such as Doral, Homestead, Coconut Creek, Stuart, Miami and Hialeah.

The listing comes at a time when population growth in Southeast Florida has surpassed the pace of new home construction in the past 7 years. Nationwide, appetite for single family home rentals is growing faster than that of apartment rentals and South Florida’s rental market is expected to grow faster than the national average. Single family homes are the largest residential rental asset class.

The homes are of the highest-quality in their segment, built by one of the nation’s most reputable home builders. The new construction homes, finished in 2017, feature 2-floor concrete block construction as well as ready-to-move-in finishes including stainless steel appliances, granite counters, smart home technology, keypad entry and smart thermostats. The portfolio also includes community model home which include high-end finishes and homesite premiums. The community HOA’s are approved for FHA lending to home buyers and include resort style amenities.

This one-of-a-kind investment opportunity allows the bulk buyer to purchase the homes at 7.5% below retail value and 33% below replacement cost. The portfolio also boasts a high tenant profile with an outstanding performance record of 90% + occupancy. The strong occupancy is a result of the high demand in single-family rentals in South Florida. The current owner has a strict acceptance criteria including credit score, background check and collection standards. The highly liquid product gives the owner the opportunity to obtain value through rental yield or capitalizing on the gap between acquisition price and today’s retail market value.  

For more information, please contact Galium Capital at 305-433-2008 or www.galiumcapital.com.

About Galium Capital:

Aventura-based Galium Capital owns more than $300 million in commercial assets across the United States with asset management and property management performed in-house. Galium Capital invests in multifamily residential, retail, hotels and office space. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Simon's Sawgrass Mills, The United State's Largest Outlet Mall, To Undergo Major Renovation

Simon's 2.3 million SF Sawgrass Mills, the largest outlet mall in the United States, is undergoing a major renovation as the Simon’s tries to boost brick-and-mortar shopping versus customers tendency to shop online. The renovation also looks to capitalize on Metropica, the $1.5 billion mixed-use project across the street which will feature both residential and retail components. The renovation will include a major facelift including a new entrance, the installation of public art throughout the property, new porcelain tile flooring with marble and stone accents, modern seating, an open-skylight and updating both food courts. The renovation is expected to be unveiled in 2020, the 30th anniversary of Sawgrass Mills. Sawgrass Mills has over 350 stores. Malls in operation are up 6% nationwide since 2015 with over 215 currently open to shoppers. Outlet malls have also grown with over 6.8 million SF opening since 2015.

Douglas Elliman Celebrates The Grand Opening Of Its First Coral Gables Office Location

Douglas Elliman has celebrated the grand opening of its first office in Coral Gables hosted by Jay Phillip Parker, CEO of Douglas Elliman Florida brokerage, Gus Rubio, COO of Douglas Elliman Florida brokerage and Maggie Buck, Managing Broker of Douglas Elliman’s Coral Gables office. Guests gathered at the new office located at 1515 Sunset Drive to celebrate the ribbon cutting ceremony led by Mark A. Trowbridge, President and CEO of Coral Gables Chamber of Commerce, alongside Elliman Florida executives, Jay Phillip Parker, CEO Gus Rubio, COO Maggie Buck, Managing Broker of Coral Gables and Nury Enamorado, Director of Facilities and Admins. Trowbridge closed out the evening by presenting the management team of Douglas Elliman a certified Proclamation on behalf of The Coral Gables Chamber of Commerce.

Designed by Leo A. Daly, the Coral Gables office is comprised of 4,040 SF, and houses approximately 75 agents. The office features terrazzo flooring and bright art work of the city’s most recognizable buildings to accentuate the Coral Gables aesthetic of a historical yet modernized neighborhood.

Photos via Douglas Elliman Real Estate

Metro 1 Lists Rare Development Site In Wynwood's Emerging South East Quadrant For $16.4 Million

Metro 1 Commercial has listed a rare development site in Wynwood's South East Quadrant Portfolio for $16.4 million. Metro 1’s president/CEO Tony Cho and Vice President, Andres Nava have been retained to market the corner to corner assemblage that is composed of three separate parcels totaling 29,786 SF of buildings sitting on 39,600 SF of Land. The Maker Portfolio is located in the South East Quadrant of Wynwood’s core, between 21 ST, NW 1 AVE, and NW Miami Ct. The site is zoned T5-O NRD and allows a variety of uses as the current buildings could be adaptively repurposed into office and retail uses. The site also allows for up to an 8 story project and allows as of right 136 residential units or a 273 key hotel. It also allows for a building with a total of up to 285,120 of gross development SF.

“NW 2 Ave has been the core of Wynwood since its inception, making it one of the most successful retail corridors in Miami Dade.” “However, we are starting to see important projects such as hotels and elaborate adaptive re-use project being proposed in emerging areas of Wynwood such as the southern quadrant,” stated Tony Cho, CEO of Metro 1.

The South East Quadrant submarket of Wynwood is seeing a flurry of recent activity including the announcement of the mixed-use project Wynwood Square ( 2201 N Miami AVE), the groundbreaking of The Oasis retail and office project (2335 N Miami AVE), and the acquisition of the 2217 NW Miami CT site by Quadrum Global, which Metro 1 brokered late last year. The OMNI CRA also recently acquired a site at 2035 - 2043 North Miami Avenue which it is planning a mixed-use affordable housing and retail project. The current real estate market in Wynwood has been redefined after the passing of the updated NRD zoning which has expanded the possibilities of what can be developed in the neighborhood but still carefully works to retain its industrial themed character.

Third Penthouse Goes Under Contract At The Ritz-Carlton Residences, Sunny Isles Beach For $19.75 Million

The third penthouse at The Ritz-Carlton Residences, Sunny Isles Beach, which is slated to be completed at the end of this summer/beginning of fall, is now under contract for $19,750,000. The price equates to nearly $2,600 SF at the unfinished residence (PH49/#4903), which is one of four penthouse units in the 52-story building being developed by Fortune International Group and Chateau Group. The penthouse is the third to go under contract since sales launched in January 2015, totaling more than $56 million of penthouse sales. At nearly 7,700 SF, PH49 features five bedrooms and seven and a half baths, as well as a garden terrace with a private pool and summer kitchen.

Luxury sales have been strong in Sunny Isles Beach through the start of 2019 including the $18.5 million sale of a penthouse at Jade Signature which closed Jan. 25 for $2,015 per square foot. The buyers of both the Ritz Carlton Residences, Sunny Isles Beach and Jade Signature penthouse transactions are undisclosed.

Avison Young Lists Last Development Site In Brickell Comprised Of 3 Parcels Along The Miami River

Avison Young’s Florida Capital Markets Group has been exclusively selected by a family trust ownership group to sell 99 Riverside, the last remaining development opportunity along the Miami River in Miami’s famed Brickell submarket. Adjacent to the new Brickell City Centre, the site is comprised of three parcels totaling ±2.08 acres or ±90,558 square feet at 99 S.W. 7th St., 625 S. 1st Ave., and 66 S.W. 6th St. The site is poised for a skyline-altering 80-story mixed-use project. Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations, and John K. Crotty, CCIM, will spearhead the disposition of 99 Riverside along with Principal David Duckworth, Senior Associate Brian de la Fé, and Associate Berkley K. Bloodworth.

By vacating roads passing between the parcels, 99 Riverside has the potential to expand by up to ±32,720 square feet for a total site area of ±123,278 square feet, allowing for multiple scheme options. The site is zoned as T6-48B-O, permitting the construction of mixed-use structures of up to 80 stories including ±800 to ±1,400 residential units, hospitality, retail, and office, depending on the final lot area. The current tenants at 99 Riverside that operate out of the existing structures would offset holding costs for a new investor. Termination clauses in current tenants’ leases provide maximum flexibility for a developer to time new project construction.

“In the heart of Miami’s business community and urban core, Brickell is one of South Florida’s best-known submarkets and home to many marquis developments over the past decade,” said Fay. “With all three parcels assembled for sale for the first time, 99 Riverside represents a once-in-a-lifetime investment opportunity with several options for the construction of a skyline-altering high-rise on Brickell’s only large development site available and the last along the Miami River.”

Across all asset classes, new construction in Brickell regularly commands some of the highest rental rates in South Florida. The submarket also reported the lowest office vacancy, highest lease rates, and positive absorption in Miami’s urban core. The activity further speaks to the growing demand for mixed-use projects offering residential, hospitality, and lifestyle amenities for the bustling area.

“Enviably positioned directly along the Miami River on the north side and the MetroRail on the west side, 99 Riverside’s future high-rise development will feature unobstructed water and city views, high walkability, and convenient connectivity to the rest of the city,” said Crotty. “The MetroRail and MetroMover provide quick access to downtown destinations as well as more distant stops such as the Miami-Dade Government Center, Brightline Station, Medical District, and Miami International Airport to the north; and Coconut Grove, University of Miami, and Dadeland Downtown District to the south.”

Publix Receives Construction Permit For New Location In Downtown Miami At 3 MiamiCentral

Publix has received a construction permit to begin work on their newest supermarket location at Three MiamiCentral, just one block from MiamiCentral Station. Publix will buildout their 27,935 SF location in the ground floor retail space of the recently completed building which also features 90,000 SF of Class A office space and parking. Construction costs are estimate around $3.3 million and Hawkins Construction will be the General Contractor on the project. Three MiamiCentral was the first building to open as part of the 11-acre, mixed-use MiamiCentral initiative by Florida East Coast Industries in Downtown Miami.

Legacy Asset Development Site On Biscayne Boulevard In An Opportunity Zone Hits The Market In Edgewater

A rare ±3.04-acre development opportunity spanning a full city block at 1700 Biscayne Blvd. in Miami’s prestigious Edgewater area has hit the market. Avison Young’s Florida Capital Markets Group has been exclusively selected to market and sell the property which is uniquely located in an Opportunity Zone which also happens to be ranked in the top 1 percent in the U.S. in terms of population growth and total retail sales. The property is in the Arts & Entertainment District (previously the Omni) blocks north of downtown Miami.

Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations, and John K. Crotty, CCIM, will spearhead the disposition of 1700 Biscayne along with Principal David Duckworth, Senior Associate Brian de la Fé, and Associate Berkley K. Bloodworth.

“1700 Biscayne Boulevard will allow an investor-developer to make a permanent impact on the Miami skyline with a legacy-defining asset built on one of the last large development sites available in the city’s urban core,” said Fay. “The property’s generous T6-36B-O zoning designation will permit the construction of an impressive mixed-use high-rise of up to 60 stories consisting of 500 residential units per acre or 1,000 hotel keys per acre as well as office and retail space.”

“One of Miami’s hottest up-and-coming submarkets, Edgewater commands some of South Florida’s highest rental rates across all property types,” said Crotty. “We’ve already received intense interest from potential buyers attracted to the 1700 Biscayne investment’s tremendous tax incentives in a rare, well-located Opportunity Zone with exceptionally favorable zoning codes.”

In addition to the expected strong return on investment in the residential and retail components, the lack of meaningful office and hospitality inventory in the immediate area underscores 1700 Biscayne’s potential to become an irreplaceable trophy development. The increasingly popular lifestyle destination that Edgewater has become has seen little to no new office product in recent years and is deficient in the stock of 4- to 5-star full-service hotels offered in nearby Miami Central Business District neighborhoods.

Coral Rock Development Group & Arena Capital Holdings Break Ground On Pura Vida Hialeah

Miami-based Coral Rock Development Group and Arena Capital Holdings have broken ground on Pura Vida Hialeah, a nine-acre mixed-use project set to be the first of its kind in Hialeah in more than 20 years. When complete, the project will transform the area’s aging retail and residential offerings with the first new sleek contemporary designed vertical towers, and will boast a vibrant mix of popular restaurants, shops and other conveniences while providing an exceptional pedestrian-friendly lifestyle, adding a much-needed benefit to the densely populated community.

Held on April 25th at the future site of Pura Vida Hialeah, the ceremonial groundbreaking was hosted by the project’s development team, comprised of industry veterans Stephen A. Blumenthal, David Brown, Victor Brown and Michael Wohl of Coral Rock Development Group, as well as Oscar Rodriguez, Ana Rodriguez and Sebastian Roiter of Arena Capital Holdings. Dozens of industry leaders, project partners, top city officials and numerous other dignitaries were in attendance including City of Hialeah Mayor Carlos Hernandez, Hialeah City Council President Vivian Casals-Munoz and City of Hialeah Councilman Paul Hernandez, who all provided remarks to celebrate this project milestone.

Mayor Carlos Hernandez commended the developers for their vision and acknowledged how Pura Vida Hialeah is already sparking other innovative developments in the city. Known as the City of Progress, Mayor Carlos Hernandez said “Hialeah is the new Brooklyn.”

“We’re incredibly proud to officially break ground on Pura Vida Hialeah,” said Stephen Blumenthal, principal of Coral Rock Development Group. “A new paradigm for living in Hialeah, we’re extremely pleased that Pura Vida Hialeah will be a positive catalyst and usher in a new era in the community.”

“This is an exciting beginning to what will soon be an extraordinary and vibrant urban environment for Hialeah,” said Michael Wohl, principal of Coral Rock Development Group. “We’re very grateful to Mayor Carlos Hernandez and the City of Hialeah who have supported us in making this community-driven development a reality.”

Located at 2901-3099 W 16th Avenue and 1571 W 29th Street, Pura Vida Hialeah will feature 3-eight-story residential towers consisting of 260 apartment units, with one tower offering approximately 11,000 SF of ground floor retail; as well as three separate outparcels consisting of approximately 40,000 SF of commercial retail space. Floorplans for market rate residential apartments range from 538 SF to 1,099 SF, ranging from studios, one, two, and three-bedroom units. Featured amenities will include a resort-style pool, state-of-the-art gym, BBQ area, dog park, and 24-hour security staff for the convenience of residents. Confirmed retail tenants include a Wawa convenience store and gas station, representing one of the first outposts in Miami-Dade County for the rapidly expanding chain, a Taco Bell restaurant, a Dollar Tree store and a two-story YouFit Health Club.

Sunset Place Redevelopment Proposal Finally Gets Approved By South Miami

Nearly two years after the South Miami voted against the redevelopment of Sunset Place, the city has now approved the proposal after a special commission meeting where the South Miami City Commission voted unanimously to approve ordinances that allow will give the go-ahead to the developers to revitalize the aging mall. A partnership between Federal Realty Investment Trust, Grass River Property and The Comras Company will redevelop the 500,000 SF shopping mall into a mixed-use development with a renovated 440,000 SF mall, 32,000 SF of office space, 2 apartment buildings with 414-units and a 182-room hotel.

The developers have agreed to several climate change resistant modifications to the proposal including rooftop solar panels, a reflective or white roofing system, green roofs and the elimination of underground parking. The developers will also fund $250,000 to the city for a new streetscape on Sunset Drive, $1.5 million for pedestrian safety measures and a public amphitheater.