The Penthouse At The Mansions At Acqualina Sells For $27 Million In Sunny Isles Beach

The Penthouse located high atop the 47th floor of The Mansions at Acqualina has sold for $27 million. The residence was designed by STA Architectural Group and spans over 9,000 SF of floor-through luxury with an additional 2,500 SF outdoors. Michael Goldstein and Karina Serber Batievsky of Acqualina Realty represented the developer, Trump Group, and Viviane Wolak of One Sotheby’s represented the buyer in the transaction.

“The award-winning team at STA Architectural Group traveled the world to source the most unique and desirable materials to apply to the floors, walls, countertops, vanity tops and even the baseboards of The Penthouse,” said Michael Goldstein of Acqualina Realty. “The Penthouse offers the best of everything and is truly one of a kind showcasing the world’s finest residence.”

The Penthouse has four bedrooms, six full bathrooms, two half bathrooms, a grand salon, family room, terraces with a pool, summer kitchen and sauna. The residence is fully furnished and accessorized with a multi-million dollar custom design by Luxury Living/Fendi Casa and features marble flooring throughout including terraces, Crestron motorized window shades, intrusion monitoring system, climate controls with digital thermostats, custom-designed decorative light fixtures and ceilings up to 15’ and 30’ in some areas.

One of the most unique features is a private glass-bottom pool floats 600 feet above ground, giving a birds-eye view of the earth below providing a whole new perspective on hi-rise swimming. The pool incorporated hundreds of custom tiles hand-crafted in Wales.

The family kitchen features a La Cornue 60’’ gas range, custom-designed cabinetry with a rolling steel ladder, large center island with Kohler stainless steel sink, Sub-Zero 36’’ refrigerator and freezer, Sub-Zero 18’’ wine cooler, Miele dishwasher and Miele microwave oven. A separate catering kitchen has black granite countertops, Miele wall-mounted combo steam oven and Kohler stainless steel sink, among other features.

The Master Suite offers a midnight bar with sink, refrigerator and marble countertops, spacious his and hers dressing rooms with custom cabinetry including closets with pull-out drawers and shelves, his and hers bathrooms with onyx vanity tops, onyx steam shower enclosure, custom stone sinks with Dornbacht fixtures, under-mount air bath with custom marble surround tub, his bath with Toto Neorest one-piece toilet, her bath with Toto 600 toilet/bidet and marble floors.

The new buyers have access to private amenities including an infinity-edge salt water pool overlooking the Atlantic Ocean, landscaped gardens, daily breakfast bar, room service, private walkway connecting The Mansions to the Five-Star Acqualina Resort & Residences, private cabanas, dog-walking path, cinema with stadium seating, cigar lounge with personal humidors, golf simulator, children’s playroom, teen’s game room, resident-only Hammam and spa facilities.

The Mansions at Acqualina was developed by Trump Group, who is currently taking penthouse living to an even higher level at the ultra-luxurious Estates at Acqualina. Through an exclusive partnership the entrance lobbies at The Estates at Acqualina were designed by the late Karl Lagerfeld. The grounds of The Estates’ 5.6 acres will offer lush landscaped gardens, multiple pools, a FlowRider® wave simulator, a basketball court, a bocce court, a dog park, a soccer field, a beachfront restaurant, and five-star beach and pool services. Also available will be a 24-hour valet, 24-hour security services, a full-service resident concierge, and a house Rolls-Royce car. The North tower of The Estates at Acqualina topped off in May 2021 following the South tower which topped off in July 2020.

Imagery via Mansions at Acqualina

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Distressed Office Building In Lake Worth Auctioned On Ten-X For $5.5 Million

A distressed office building in Lake Worth, FL has successfully been auctioned on the Ten-X online auction platform as the sale reflects the low inventory yet high demand for distressed and medical office assets. JFK Medical Building, located at 4801 South Congress Ave. in Lake Worth, closed for $5.55 million in the online auction.

JFK Medical Building is a four-story, multi-tenant medical office building totaling 35,078 rentable square feet. The property is located at 4801 South Congress Ave in Lake Worth, situated in one of the two primary office nodes of Palm Beach County’s Palm Springs/Lake Worth submarkets.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Vice President Brian de la Fé; and Associate Berkley Bloodworth completed the sale of the foreclosure property on behalf of the owner, JPMCC 2006-LDP7 OFFICE 4801, LLC. BD 4801, LLC was the buyer.

“As REO [real estate owned] distressed asset inventory remains low, the 30-percent-occupied JFK Medical Building represented a significant investment opportunity at a considerable discount to replacement cost,” said Crotty. “The asset’s recent renovations, coupled with it’s proximity to the JFK Medical Center, will provide the buyer with tremendous upside from lease-up opportunities.”

Located within a half-mile of the main campus of the JFK Medical Center, a 486-bed medical and surgical facility, and HCA East Florida-affiliated hospital, JFK Medical Building boasts excellent frontage, access, and visibility on Congress Avenue, and is just one mile west of Interstate 95. Over the past two years, ownership invested over $500,000 in major capital expenditure work including, new elevator cabs, a new common-area HVAC system, new flooring in the lobby, a resealed parking lot, new exterior landscaping, refaced monument signage, and a partial ceiling tile replacement.

Leasing activity has been strong in Palm Beach County to date in 2021, with strong in-migration coming from the Northeast contributing to the market’s economic growth. As a result, average base rents the county continue to climb and are among the highest in the country, according to Avison Young.

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MG3 Developer Acquires Doral Concourse From DRA Advisors For $96 Million

The Aventura-based MG3 Developer has acquired Doral Concourse from DRA Advisors for $96 million. The price equates to roughly $399 PSF and the asset was 95% leased at the time of sale. Tenants include General Mills, Greenberg Traurig, Starboard Cruise Services and Onboard Media. DRA Advisors was represented by Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Gordon Messinger of CBRE in the transaction.

The 245,803 SF office property was developed in 2001 and sits on 5.2 acres located at 8400 NW 36th St. DRA Advisors acquired the six-story property in 2014 for $54,186,668 as part of a six-property portfolio they acquired for $131.7 million.

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Mixed-Use Development '29N' Revealed In Wynwood At Former Site Of Rubell Family Collection

A development partnership between L&L Holding Company, CARPE Real Estate Partners, and Fortis Design + Build have revealed 29N, a mixed-use project which feature rental apartments, office space, ground floor retail and micro retail. The project is to be developed on the former site of the Rubell Family Collection at 95 NW 29th St. and is designed by Gensler Architects.

29N will bring 523 residential units; 200,618 SF of office space; 26,372 SF of retail space; and 668 parking spaces. Apartment units would range from 504 SF studios to 1,093 SF two-bedroom residences. The project will also feature 30,000 SF of rooftop space and 22,000 SF of open space on the ground floor with a plaza and pedestrian promenade which is open to the public and designed by James Corner Field Operations. The project is currently under review by the Wynwood Design Review Committee.

Tour A Record Breaking West Palm Beach Waterfront Estate Which Just Sold For $15.057 Million

Steve Bendat of Aquantis Group has once again broken the record for most expensive single family home sale in West Palm Beach after his project at 6717 S Flagler Dr closed for $15.057 million. The record breaking sale comes just over two years after Bendat first broke the record with his project at 2914 Washington Road, which sold in May 2019 for $11.5 million. 6717 S Flagler Dr was listed in May 2020 as the most expensive home in West Palm Beach to ever hit the market, priced at $17,750,000 with Burt Minkoff of Douglas Elliman. The price was reduced to $16,750,000 and went into contract within 30 days of the reduction. Chris Leavitt of Douglas Elliman represented the buyer in the transaction which closed on July 8, 2021.

Designed by developer Steve Bendat and architect David Lawrence, 6717 S Flagler Dr is an estate compound that maximizes the tropical nature of South Florida, overlooking the spectacular Intracoastal with views of the ocean. The home has the feature to run completely on solar power energy with electrical service tied to a solar panels that are capable of net zero metering.

6717 S Flagler Dr spans 15,000 SF spread over three-stories. The home features an interior “floating” glass staircase, an outdoor stainless-steel circular staircase, an all-glass indoor elevator with back-lit onyx surround, a commercial exterior elevator, six bedrooms, nine bathrooms, and two powder rooms. There is also a theater room, a dedicated gym, a private guest house, a home office, and a four-car air-conditioned garage.

Other features include the finest finishes such as custom hidden base and door surrounds with a Reglet system throughout, 10 foot solid core doors with Tactus hidden hinges, walnut and lacquer cabinetry, backlit Illuminated stone wine cellar and glass elevator shaft, polished steel, walnut and glass floating staircase, LED ceiling cove lights, even a glass fronted spa overlooking the Intracoastal.

Outdoors features lush landscaping with a pool with jacuzzi, multiple patios over each floor, and a rooftop deck complete with a summer kitchen. The home also features a coveted private dock across S Ocean Blvd. on the Intracoastal Waterway.

The property is uniquely designed to be Hurricane resistant, built with extra-large footers, reinforced steel, poured concrete floors, and concrete-filled block, making the home virtually indestructible and soundproof. The home is also pre-wired with fiber optic cable capable of transmitting 8K video to every room and patio. There’s also a whole house 70Kw generator at the ready in case of emergency. All recessed lighting is the highest end Tech Lighting Element fixtures.

Images via Douglas Elliman

Finvarb Group Adds To Deerfield Beach Assemblage With Acquisition Of Mixed-Use Property For $9.3 Million

Ronny Finvarb’s Finvarb Group has added to their Deerfield Beach assemblage with the acquisition of a mixed-use property at 233-245 N. Ocean Dr. in Deerfield Beach for $9.3 million. The 60,310 SF property was developed in 1988 and features a mix of office and retail tenants including Remax, 4D Gelateria, RNR Securities and Umberto’s Pizza. It was 97.2% leased at the time of transaction. The seller was Atlantic Pavillion Holdings who acquired the property in 2012 for $2.7 million.

233-245 N. Ocean Dr. is located adjacent to a 41,679 SF parking lot and JB’s on the Beach, a 9,000 SF beachfront restaurant located at 300 NE 21st Ave. which Finvarb Group acquired in March 2021 for $11 million. The most recent acquisition completes a complex transaction for the entire assemblage which totaled $20.4 million and was financed with a $14.2 million acquisition loan from Apollo Bank.

The Miami Beach-based Finvarb Group is led by hospitality and real estate investor Ronny Finvarb and one of the fastest-growing real estate development companies in the nation. Finvarb Group has developed and owns hotels in Miami Beach as well as different parts of Florida, Arizona and Texas. They recently completed the Kobi Karp-designed Kimpton Palomar South Beach which features Osteria Morini Miami Beach, a trendy, high-end Italian restaurant operated by the award-winning Altamarea Group.

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Related Group Sells Former Headquarters in Downtown Miami For $24.08 Million

Related Group has sold their former headquarters in One Miami after moving to their new headquarters which they recently completed in Coconut Grove. Located at 315 S. Biscayne Blvd. the 34,341 SF office and restaurant building sold for $24.08 million to the Mexico-based Zentrix Industries Limited. The transaction was financed with a $12 million loan provided by Apollo Bank. The transaction was overseen by David Wigoda and Sean Kelly of CBRE, who represented Related Group.

The five-story commercial building was developed by Related Group in 2006. The property features 136 parking spaces faces the waterfront, situated at the entrance to the Miami River. The building comprises two top floors of office space, one floor of restaurant space, one floor of enclosed parking and the ground level features the lobby and additional parking. Both the office and restaurant spaces are being actively marketed for leasing. The property is in the heart of one of Miami’s most desirable commercial neighborhoods, with the mammoth Met Miami’s mixed-used development across from the property and next door the new luxury condo project Aston Martin Residences on the rise.

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The Gateway at Wynwood Signs First Office Lease With Oncology Biopharmaceutical Company Veru Inc.

The Gateway at Wynwood has signed its first office lease as the office building is nearing completion. The developer of The Gateway at Wynwood, R&B Realty Group just signed an eight-year lease with Veru Inc. Veru (NASDAQ:VERU) is an oncology biopharmaceutical company with a focus on developing novel medicines for the management of prostate and breast cancers. The company will occupy 12,155 SF of space on the border of the iconic Wynwood and Midtown Miami neighborhoods. The new lease will more than triple Veru’s current office space.

R&B Realty was represented by Colliers South Florida’s Executive Managing Director Stephen Rutchik, Director Tom Farmer and Director Tyler de la Pena. Veru was represented by JLL’s Vivian Gonzalez.

Scheduled to take occupancy in Q1 2022, The Gateway at Wynwood will be Veru’s new Miami-based global headquarters, moving from an existing office space in Wynwood. Veru has also expressed interest in taking occupancy as soon as The Gateway at Wynwood, which is currently under development, is delivered. The project, being developed by New York-based R&B Realty Group, is scheduled for completion in Q4 of 2021.

“We are excited that Veru chose our new Class A office building for their global headquarters,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “This lease highlights the increasing demand for quality office space in the Wynwood area. The Gateway at Wynwood is uniquely positioned with unmatched accessibility to the Midtown and Wynwood neighborhoods, and all of the amenities they have to offer, as well as proximity to the bay and downtown Miami.”

The Gateway at Wynwood will offer about 195,000 SF of leasable Class A office space and nearly 25,900 SF of prime street-level retail space. Designed by renowned Architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking.

Veru, which also has offices in London and in Malaysia, is focused on the development and commercialization of novel medicines for management of two of the most prevalent cancers globally – prostate cancer and breast cancer. Based on positive clinical trial results, Veru also has an agent being evaluated in an ongoing Phase 3 clinical trial for the treatment of hospitalized patients with moderate to severe COVID-19 who are at high risk for acute respiratory distress syndrome. Veru’s new lease at The Gateway at Wynwood will triple the company’s existing Miami footprint to accommodate its rapid growth and planned future growth.

“Veru is a biopharma company dedicated to the development and commercialization of novel cancer drugs for prostate and breast cancers. As a high-tech company, we view both The Gateway at Wynwood and the Wynwood neighborhood itself as the perfect fit for Veru, as both are also cutting edge,” said Dr. Mitchell Steiner, Chairman, President and CEO. “We believe that Wynwood’s eclectic mix of commerce, culture, restaurants and technology provides the ideal location to enable Veru to continue to grow and flourish as a global leader in oncology therapeutics.”

Wynwood has developed into a new office submarket in Miami, creating competition for more established office markets such as downtown Miami, Brickell, Aventura and Coral Gables. Several big-name companies have made Wynwood their home, such as Spotify, Live Nation and Founders Fund. Other companies looking at the area include Google, Dentsu and other creative marketing agencies.

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AMLI Residential Breaks Ground On The Arquitectonica-Designed Multifamily Development AMLI Wynwood

AMLI Residential has broken ground on AMLI Wynwood, a mixed-use multifamily development which is one of the largest projects to break ground in the trendy neighborhood as new zoning has attracted multifamily developers. AMLI Wynwood is designed by Arquitectonica and will rise 8-stories, spanning 550,000 SF of total development. AMLI Wynwood will feature 316 luxury apartment units with 33,821 SF of ground floor commercial space and 388 parking spaces. Amenities will include a rooftop pool deck, yoga lawn, dog park and barbecue area. John Moriarty & Associates is the general contractor for the project. AMLI Wynwood is located at 70 NW 25th St. on a 2.18-acre site which AMLI Residential acquired for $35 million in January 2020 from David Edelstein.

McGuire Development Company Acquires The Atrium West Office Building In Sunrise For $12.1 Million

The Buffalo, NY-based McGuire Development Company has acquired the Atrium West office building in Sunrise, FL. Atrium West is a 99,870 SF office building situated on 8.78 acres at 7771 W. Oakland Park Blvd. in Sunrise, Florida. Atrium West represents McGuire Development Company’s first Southeast Florida acquisition.

The transaction was overseen by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Vice President Brian de la Fé; and Associate Berkley Bloodworth, who represented the seller, Douglas Pike Associates, LLC. Brian Askey, AVP Florida Real Estate at McGuire Development represented the buyer throughout the transaction. George Vail, Principal with Avison Young, secured the debt for the buyer, an affiliate of McGuire Development Company.

“Atrium West represented an opportunity for a savvy investor to acquire a South Florida asset priced below replacement cost and generate significant cash flow,” said Duckworth, who also spearheaded the previous sale of the asset in 2015. “The buyer was attracted to the property’s solid tenancy at 81% occupancy, as well as its excellent value proposition to office tenants seeking a high-quality building without the high rental rates currently quoted in the nearby Plantation and Sawgrass Corporate Park submarkets.”

“While our family has invested in a variety of opportunities in Florida over many years, we are drawn to Atrium West and other synergistic opportunities because of the sustained population growth and business friendly climate of South Florida. As a Fort Lauderdale Resident I feel the positive impact of growth in the community and I look forward to continuing to participate in the success of the region,” said Jim McGuire, CEO of McGuire. McGuire Real Estate Services of Florida will be providing leasing services for the property. The company continues to actively pursue investment opportunities with the intent to grow.

“There was exceptional interest from multiple lenders for this deal,” said Avison Young Principal George Vail, who secured the $8.9 million loan for the buyer. “This is especially due to the best-in-class sponsorship and to the property’s location in South Florida, which has continued to see accelerated growth as companies have relocated to the area en masse since the COVID-19 pandemic.”

Conveniently located in Central Broward County, Atrium West is just minutes from Florida’s Turnpike, Sawgrass Expressway, and Interstate 95. Area amenities include Sawgrass Mills Mall and many restaurant and banking locations. Fully renovated in 2015, some of the building’s attributes include picturesque interior and exterior landscaping, a sculpture fountain and modern furniture throughout the lobby, and plentiful parking which can accommodate just about any parking requirement.

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