Tour A One-Of-A-Kind Sky Mansion Triplex Which Just Sold For $30 Million At Continuum South Beach

A one-of-a-kind, combined three unit “Sky Mansion” condo at Continuum South Beach in Miami Beach’s exclusive South-of-Fifth neighborhood has sold for $30 million. Unit 3602-3604 in Continuum South was listed on the market just 52 days before selling for a record most expensive price per square foot in the building at roughly $3,645 PSF. The residence is also the fourth most expensive condo ever sold in Miami Beach. The sale follows a trend of closings of large, luxury condos in Miami and follows the sale of Continuum developer Bruce Eichner's own unit in April for $35 million.

The triplex in Continuum South spans three combined units on 36th floor resulting in 8,229 SF with an additional 3,704 SF of outdoor balconies. The residences offers 6 bedrooms and 5.5 bathrooms with a two-story master suite, two kitchens and a theater. The home also features 300-degree views and two story windows with luxurious custom design and finishes throughout.

The residence was listed with Sheila Michelle Rojas of Brown Harris Stevens and Constantin Gorges of Compass. Talita Pinheiro of Compass represented the buyer.

The sellers, William M. Osborne III and Karen H. Bechtel, are former Morgan Stanley Managing Directors, art collectors and philanthropists. While living in the home during Covid-19 the couple established Meals for Heroes, a non-profit to provide hospital emergency rooms and ICUs, EMS and first responder teams, and mobile testing centers with dinner cooked and prepared by local Miami restaurants and caterers.

Photography by Jerome Louden / Courtesy of Sheila Michelle Rojas / Brown Harris Stevens Miami

For more information about Continuum South Beach, private showings or purchasing/ leasing information please fill out the form below:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PROFILE Insider: The Crypto Revolution Versus The Evolution Of Blockchain In Real Estate Part 1

When it comes to understanding cryptocurrency and blockchain, nearly the entire world is in the dark. Bitcoin is stored on the first blockchain and was first released in 2009. Although over the past decade both Bitcoin and blockchain have became more mainstream, the crypto and blockchain worlds are still in their infancy. The real estate world has been forced to adapt faster than most as the demand to use cryptocurrency for real estate transactions has “gone to the moon,” and blockchain developers have created digital databases that streamline and secure every aspect of the real estate industry.

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

As Miami and Crypto have rapidly become synonymous, in honor Miami Crypto Week and following a PROFILEmiami Instagram Story Poll in which 41% of our followers reported investing in cryptocurrency, we wanted to make sure that none of the PROFILEmiami community was in the dark when it came to blockchain, cryptocurrency and real estate. In this three part PROFILE Insider series we will explore the differences between blockchain and cryptocurrency, how both apply to the real estate industry and how Miami is working towards becoming the center of what could be crypto’s “golden age.”

Part 1: Blockchain versus Cryptocurrency

Understanding the difference between blockchain and cryptocurrency is essential. A blockchain is a publicly distributed digital ledger that is managed by a peer-to-peer network using cryptography. It is comprised of an ever-growing list of records which tracks the history and dates of transactions, ownership or occurrences of anything or any process stored on that blockchain.

Each record is known as a “block,” and can store the data of anything from Bitcoin to a real estate deed to a property and its history to the tracking of food from farm-to-table. Each block is timestamped and once stored cannot be modified without modifying all ensuing blocks.

The blockchain was invented by Satoshi Nakamoto in 2008 and that specific blockchain became the public transaction ledger for the world’s first cryptocurrency, Bitcoin. To date Satoshi Nakamoto is unidentified and it is unknown if the name represents a person or a group.

A cryptocurrency is a medium of exchange of digital assets which are denominated as “coins,” which represent ownership of that digital currency. A coin is a verifiable record stored on a decentralized blockchain of cryptography. Cryptocurrencies appeal to many due to being decentralized from governments and the central banking systems. Different cryptocurrencies include Bitcoin, Ethereum, Dogecoin, Ripple (XRP), Tether, Aave, Internet Computer, Bitcoin Cash, Litecoin, Polygon, amongst thousands of others known as “altcoins.”

In a transaction the transfer of the value between each party gets validated and stored on a new block, leaving behind a signature known as a private key, or seed. The validation process, known as “mining,” occurs when a transaction is broadcast to the cryptocurrency network and the transaction is confirmed by high-powered computers solving extremely complex computational math codes which maintain the validity of the ledger of transactions. As the computers solve the codes successful miners will produce cryptocurrency as a reward. Cryptocurrencies can be traded directly from wallet to wallet but also be traded similar to stocks or exchanged for Fiat currency such as the US dollar or other cryptocurrencies on exchanges such as Coinbase, FTX and Kraken.

Cryptocurrencies are stored on digital wallets. There are two types, a “hot wallet” and a “cold wallet.” Hot wallets are run on internet-connected devices such as phones or computers. They are very easy to use and transact with as they are usually an app on your phone, but for this reason they also lack security and can be easy to hack or physically forced access in a theft. Top hot wallets include the Coinbase Wallet, Electrum and Exodus.

“Cold wallets,” also known as “hard wallets,” are fully offline devices that are not connected to the internet, therefore much more secure. Many look like a usb drive or a smartphone, which store the user’s private keys on the secured piece of hardware. A 24-word recovery code is the only back-up for the private keys once transferred onto the hardware wallet. One of the most popular is the Ledger Nano S and Ledger Nano X wallets which use a proprietary OS designed to provide the highest level of security to protect your crypto assets.

Between the top three popular cryptocurrencies, Bitcoin is seen as an investment-grade asset similar to gold and has the potential to become the first global currency; Ethereum is a complex blockchain which is evolving to become the first global computing platform; and Dogecoin, multi-billionaire Crypto enthusiast and Tesla and SpaceX CEO Elon Musk’s favorite coin. Dogecoin is a “memecoin” meaning it was started as a joke but is now considered by some to be a legitimate investment asset.

As of June 6 2021 Bitcoin had a market cap of $676.13 billion, Ethereum of $314.56 billion and Dogecoin of $48.14 billion. Bitcoin has reached as high as $64,829 per coin in April 2021 before dropping down to the mid-$30,000’s in May 2021. Etherem reached a high of $4,380 in early May 2021 before retreating to the mid-$2,000’s. The cryptocurrency markets continue to grow in populating amongst both institutional investors and retail traders and something as a simple tweet from Elon Musk can send the crypto markets into a frenzy.

Stay tuned for Part 2 of our three part PROFILE Insider series where we will explore both cryptocurrency and blockchains application to real estate.

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

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

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

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

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

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

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

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

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

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

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

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

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

Imagery via Genuine Hospitality Group

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

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

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

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

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

PROFILEmiami And Master Brokers Forum (MBF) Launch Partnership For Cross-Promotional Collaboration

The Miami Master Brokers Forum (MBF), a home-grown network of the area’s elite real estate professionals, and PROFILEmiami, a leader in South Florida residential and commercial real estate news, events and content, have launched a unique cross-promotional collaboration designed to raise awareness and business development opportunities for the two organizations.

Under the agreement, select MBF member listings will be branded and showcased on PROFILEmiami’s web site, weekly newsletter, and social media platforms, while individual members will also be featured and profiled on a monthly basis. Master Brokers will also receive generous discounts on PROFILEmiami’s advertising products and services, special invitations to events, and the two organizations will be presented as sponsors at each other’s events and gatherings.

“There is clearly shared DNA between our two organizations, and we are excited to enter into this innovative agreement,” said Iliana Abella, Miami Master Brokers Forum chair. “Our driving motivation is to always deliver leading-edge value to our members, and we see an enormous opportunity to supercharge the promotion and reach of their listings across PROFILEmiami’s extraordinarily successful platforms.”

“We launched our platform in 2016 with the goal of creating a one-stop destination for South Florida real estate news, events and content, and this ‘win-win’ collaboration with the highly respected MBF is a strong extension of that objective,” said Demetri Damacus, founder of PROFILEmiami. “By showcasing these Master Broker listings, our readers will preview some of the finest properties in South Florida’s competitive luxury residential sector, and also meet some of the top producers in their market.”

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

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

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