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.

Related Companies Adds To West Palm Beach Office Portfolio With Acquisition of CityPlace Tower For $175 Million

The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio with the acquisition of CityPlace Tower for $174 million, $577 PSF. The seller was the publicly traded W.R. Berkley Corp. (NYSE: WRB) who initially acquired the property in 2014 for $150 million. CityPlace Tower was developed by Related Companies in 2008 before they sold it in 2011 for $126.5 million. The Class-A office building is located at 525 Okeechobee Blvd. and rises 18-stories spanning 303,519 SF.

Tenants at CityPlace Tower include Shutts & Bowen, Greenspoon Marder LLP, Marcum LLP, Cleveland Clinic and Carlton Fields. Asking rents range from $51 to $55 SF.

In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and is building another office tower, 360 Rosemary. Following the acquisition of CityPlace Tower Related Companies is now the largest Class A office owner in Downtown West Palm beach.

Image via Mc Gowan Builders

The Kobi Karp-Designed Class-A Office The Gateway At Wynwood Powering Towards Completion

The Gateway at Wynwood, the newest Class-A office building in Wynwood’s emerging neighborhood and new office submarket, is powering towards completion in the second half of 2021 after topping off in December 2020 at 13-stories. The project, which is located at 2916 N Miami Ave., is being developed by R&B Realty Group and is designed by Kobi Karp. Plaza Construction is the general contractor. The Gateway at Wynwood will feature 195,000 SF of leasable office space, private rooftop terrace and 25,900 SF of retail space on the ground floor.

Wynwood is Miami’s newest and emerging office submarket and a hub for creative and innovative businesses. Many well known companies have already re-located office space to Wynwood including Spotify, WeWork, and Live Nation with other big names including Google, Apple Music and Dentsu looking to move into the area.

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

Deco Capital Group's Mixed-Use Office Development Eighteen Sunset Approved In Sunset Harbour

One of South Florida’s most in-demand neighborhoods is getting a new offering of residential and commercial space following the approval of Eighteen Sunset, a mixed-use development set to rise in Miami Beach’s Sunset Harbour district. Eighteen Sunset is being developed by Deco Capital Group and was designed by DOMO Architecture + Design.

The five-story building will feature street-level retail and restaurant space, two floors of Class A offices, and an exclusive top-floor penthouse residence with a private rooftop deck. Plans for the development won unanimous approval from the Miami Beach City Commission on May 12, 2021. Construction is scheduled to begin in late summer 2021, with completion anticipated in 2023.

Situated between Purdy Avenue and Bay Road, overlooking Biscayne Bay and Maurice Gibb Park, Eighteen Sunset will offer unmatched walkability and accessibility in the heart of Sunset Harbour, which has emerged as one of South Florida’s hottest lifestyle, retail and dining destinations.

“Eighteen Sunset will be a premier address for shopping, dining, working and living just as Miami Beach enjoys a surge of new residents and businesses,” says Deco Capital Group Founder Bradley Colmer. “No other building in Miami Beach offers this level of Class A, luxury office and prime retail space looking out onto the water. The penthouse residence will be an unparalleled home in the sky in the center of Miami Beach’s most exciting neighborhood.”

The crown jewel of Eighteen Sunset is a penthouse residence featuring more than 15,000 SF of interior space as well as a breathtaking rooftop pool deck. The residence comprises over 32,000 SF of private indoor and outdoor space in total. The rooftop includes a pool and hot tub, an outdoor dining room, and expansive gardens, seating and recreational areas affording the owner and their guests panoramic vistas of Biscayne Bay, the Downtown Miami skyline, and evening sunsets to the west. The penthouse owner will have private ownership and use of a ground floor foyer/lounge, as well as a private garage accommodating at least six cars on the building’s second floor, offering direct elevator access to the residence.

“The Penthouse at Eighteen Sunset will be the pinnacle of luxury and exclusivity in Miami Beach, making it unlike any private residence the city has seen,” says Oren Alexander of Douglas Elliman. “This is perfect for a buyer drawn to the idea of taking an elevator down to the ground floor and being immersed in a vibrant, walkable neighborhood that offers everything from sidewalk cafés and coffee shops, to trendy boutiques and a marina across the street. All of this is available in a building offering beautiful views and the amenities and security features of a world class building.”

Eighteen Sunset’s ground floor totals approximately 15,500 SF of high-visibility, rentable commercial space, offering retail and restaurant concepts prime frontage along pedestrian-friendly Purdy Avenue. A central breezeway and cantilevered sidewalk cover will feature shaded seating areas and create seamless connectivity with Maurice Gibb Park.

Floors three and four will be comprised of approximately 32,000 SF of Class A-plus office space tailor made for finance and investment firms, family offices, technology firms, and professional service companies in the market for space offering waterfront views, proximity to Miami’s most desirable residential neighborhoods, and Sunset Harbour’s stylish mix of shops and eateries just steps away. Office tenants will have secure parking on the building’s second floor.

“Today’s office users are placing emphasis on planning and building custom-designed space in areas that are walkable, accessible, and which offer proximity to outdoor recreation. Eighteen Sunset checks all of these boxes – and more,” explains Stephen Rutchik of Colliers International. “We are finding that Eighteen Sunset’s best in class data connectivity, sustainability initiatives, private balcony spaces, and 24/7 full building generator for all tenant systems are appealing to firms looking to establish their presence in one of Miami’s most sought-after districts.”

Stephen Rutchik of Colliers International is leading leasing the Eighteen Sunset’s office space, Sara Wolfe of Koniver Stern is marketing the retail offerings, and Oren Alexander of Douglas Elliman selling the penthouse.

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

Kobi Karp-Designed Time Century Jewelry Center Secures $23.6 Million Construction Loan

Time Century Jewelry Center in Downtown Miami, led by real estate developer Yair Levy, has locked down a $23.6 million construction loan from City National Bank of Florida. The loan will fund phase 1 of the development which is scheduled to open in mid-2022. The construction crew is now working at installing a new HVAC system, building partition walls for the tenants, installing new plumbing and rewiring the electrical power system.

Time Century, formerly known as Metro Mall, is located at 1 NE First St. and spans 225,000 SF. The retail center is undergoing a $50 million renovation led by renowned architect Kobi Karp. With glass storefronts, soaring ceilings, elegant escalators and elevators, and state-of-the-art security, Time Century will be the first luxury high street retail property in Miami’s jewelry & diamond district.

Once completed, the jewelry center will offer four floors of luxury jewelry retail and wholesale space as well as four additional floors of offices. A large three-story atrium with newly designed escalators and computerized directories will seamlessly direct customers throughout all levels. Most tenants will have unobstructed signage viewable from the main floor. Customers will also benefit from Time Century’s valet parking service and the several newly-built public parking garages steps away from the building.

The wholesale retail space currently available ranges from 500 SF to 2,000 SF with rental rates ranging from $65 to $150 PSF.

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

Leading New York Insurance Broker NFP Signs Penthouse Office Lease At DiVosta Towers In Palm Beach Gardens

The New York-based leading insurance broker NFP has signed a long-term office lease to occupy the full penthouse floor and half of the 10th floor, totaling 15,010 SF at DiVosta Towers in Palm Beach Gardens. Gardens Wealth Management also signed a long-term lease for half of the sixth floor totaling 5,010 SF. The 20,020 SF of new leases brings the office towers to 85% occupied.

Gregg Carlin and Will Portfolio of CBRE represented NFP. David Browne of Cushman & Wakefield represented Gardens Wealth Management. Jon Blunk and Constance Thomas of Tower Commercial Real Estate and Darryl Kaplan of Darryl R Kaplan Company represented DiVosta Towers in both deals.

DiVosta Towers is a newly built, state-of-the-art Class A office complex located at 3825-3835 PGA Boulevard in Palm Beach Gardens. DiVosta Towers features two 11-story office buildings totaling 220,000 SF and is the city’s first new office space in nearly 10 years. The South Tower was completed in 2019 and the North Tower was completed in Q4 2020.

“The quality of construction, design and location make DiVosta Towers the premier asset in Palm Beach County,” stated Jon Blunk, president, Tower CRE. “DiVosta Towers offers everything one could want in an office address. The buildings’ ideal location means tenants have plenty of restaurants and shops within walking distance. The Palm Beach Gardens market has been asking for a top tier project like this for a long time, and these buildings have been over-improved in every way.”

DiVosta Towers has lured several financial service titans to its Class A office space, most recently welcoming Virtu Financial, which announced its expansion outside of New York City securing 10,000 SF of space in the North Tower. Other high-profile tenants include JPMorgan, Tower Hill Insurance, Comiter, Singer, Baseman & Braun, and Foresight Management.

DiVosta Towers offers tenants luxury office space with an abundance of amenities for tenants to enjoy. Features include a full-time concierge with controlled elevator access, 10-foot ceilings, floor-to-ceiling impact glass windows, car charging stations, separate tenant controlled air conditioning units for each space, a beautiful ground floor patio that can be used for meetings and events, public art and unobstructed panoramic views from the upper floors. The covered garage provides easy access and reserved parking, convenient to both buildings, with wide aisles and 4:1 parking ratio.

DiVosta Towers was acquired by Gatsby Enterprises, a New York-based real estate firm led by principal Nader Shalom, and Master Mind LLC, led by Babak Ebrahimzadeh in September 2020 for $80 million.

Hedge Fund Mogul Steven Cohen's Point72 Asset Management Signs Lease At Nuveen's 701 Brickell

Point72 Asset Management, a hedge fund led by legendary hedge fund mogul and owner of the New York Mets, Steven Cohen, has signed a lease at Nuveen Real Estate’s 701 Brickell office tower. Point72 Asset Management, which has over $20 billion in assets under management, leased 9,000 SF in the 33-story, 648,708 SF building. The Cushman & Wakefield team led by Brian Gale, Andrew Trench and Ryan Holtzman represented Nuveen in the deal while Point72 was represented by Mitchell Millowitz and Neil Goldmacher of Newmark. The Stamford, Connecticut-based firm is also opening an office at 360 Rosemary in West Palm Beach.

701 Brickell spans offers views of Biscayne Bay and features modern, sophisticated amenities and services including 24-hour state-of-the-art security measures, on-site management, private fitness center, conference facility, full service beauty salon, and a covered parking garage. The building is LEED Gold Certified, Energy Star Rated and a USGBC LEED Gala Verde Award Winner.

Point72 Asset Management was founded in 2014 after SAC Capital converted its investment operations into a family office in 2014. In 2018, the firm reopened to outside investors following a two-year ban against managing outside capital. Point72 Asset Management currently has over 1,650 employees and 12 global offices including in New York City and San Francisco.

The announcement comes on the heels of private equity and venture capital heavyweights Thoma Brown, Founders Fund and Atomic all signing leases to move to Miami. Miami Mayor Francis Suarez has aggressively used Twitter to launch a viral effort to attract financial and technology firms from New York City and Silicon Valley. Goldman Sachs has reportedly been mulling moving a portion of their company to South Florida along with the New York Stock Exchange. Colony Capital, Elliott Management Corp., Blackstone, Virtu Financial, Boston Private, Florida Funders, Novo, Palm Drive Capital, Wealthspire Advisors and Citadel have all moved to South Florida, have opened or are in the process of opening and office.

Private Equity Powerhouse Thoma Bravo Signs Long Term Office Lease At OKO Group's 830 Brickell

The San Francisco-based Thoma Bravo has announced a milestone in its expansion to Florida as Miami continues to attract some of the largest tech, financial and investment firms to its growing epicenter. Thoma Bravo, which is one of the country’s largest private equity firms focused on the software sector, has signed a lease for 36,500 SF of space in 830 Brickell. Cushman & Wakefield represented the development partnership between OKO Group and Cain International while CBRE represented Thoma Bravo.

“I am so excited to welcome Thoma Bravo to our great city and I want to congratulate the team on finding a home in one of the most cutting-edge buildings in the Brickell neighborhood,” said City of Miami Mayor Francis Suarez. “I have thoroughly enjoyed getting to know Orlando and I know that he and his firm share our vision for a Miami that sits amongst the most innovative and adaptive cities in the world.”

Thoma Bravo Founder Orlando Bravo relocated to Miami late last year, and Partner Chip Virnig and other existing members of the Thoma Bravo team have already moved to the Miami region to begin extending the firm’s business and brand. Thoma Bravo is excited to grow its Miami presence through the recruitment of new and diverse talent in the region and to tap into the region's rich and growing community of tech entrepreneurs.

“Miami’s rich diversity and fast-growing technology and business hubs make it the ideal location for Thoma Bravo as we expand our business,” said Orlando Bravo, Founder and a Managing Partner at Thoma Bravo. “I want to thank Mayor Suarez for his support and encouragement in our decision to establish a new presence in Miami. We look forward to driving growth and innovation in the region as well as doing our part to contribute to the vibrant local community.”

Currently under construction, 830 Brickell is an AS+GG-designed 55-story trophy Class A-plus office building located in the prestigious Brickell Financial District. The project is a joint venture development between Vlad Doronin’s OKO Group and Cain International and is expected to be delivered in 2022.

830 Brickell will feature spectacular only-in-Miami panoramic ocean and city views, floor-to-ceiling windows, column-free spans, state-of-the-art digital infrastructure with Wired certification and a LEED Silver certification due to its progressive environmentally efficient design. The tower offers tech-forward, first-class amenities including an upscale rooftop restaurant and bar, a sky lobby with a nearly 2,500 SF health and wellness center and first-class conference facility, a 14th floor outdoor terrace designed by Enea Landscape Architecture, valet parking, electric vehicle charging stations, cafés and white-glove customer service including a 24-hour concierge.

“830 Brickell is the perfect home for Thoma Bravo Miami given its location in the city’s thriving business center and proximity to some of Miami’s best outdoor spaces,” said Chip Virnig, a Partner at Thoma Bravo. “We look forward to joining Miami’s growing finance and technology communities and providing a culturally enriching environment for our employees in this exciting new chapter for our firm.”

Thoma Bravo will occupy roughly 36,500 square feet on the two top floors and establish a state-of-the-art, flexible workspace to accommodate the firm’s growing employee base. Thoma Bravo expects to open its office at 830 Brickell in the fourth quarter of 2022, following the completion of construction. Thoma Bravo’s Miami-based employees have already begun working from a temporary office space.

Images via OKO Group/Cain International

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

Tricera Capital And Alex Karakhanian's LNDMRK Development Acquire Cube Wynwd For $28 Million

Scott Sherman and Ben Mandell’s Tricera Capital in partnership with Alex Karakhanian’s LNDRMK Development have acquired the recently completed Class A office building Cube Wynwd for $28 million. The transaction was financed with $19.6 million in financing split between a senior loan from Amerant and a mezzanine loan from Glacier Credit Strategies which were arranged by Scott Wadler of Berkadia. Cube Wynwd was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

The building is located at 222 NW 24th St. in Wynwood. Cube Wynwd was designed by Arquitectonica and rises eight stories and offering 100,000 square feet of commercial space. Coworking operator Spaces had leased roughly 30% of the property prior to the sale. The New York-based restaurant group Kissaki also recently signed a lease for the rooftop restaurant space. Other tenants include local retailer ILLIMIT and Bonci Pizzeria.

For more information about commercial leasing at Cube Wynwd, private showings or availability/ pricing information please fill out the form below:

Aztec Group Arranges $15 Million Sale Of Miami Gardens Office

Aztec Group, Inc., a Miami-based real estate investment and merchant banking firm, has announced that Peter Mekras and Brell Tarich have arranged the $15,350,000 sale of Lincoln Square, a 116,560 square-foot suburban office complex located at 18405 NW 2nd Avenue in Miami Gardens, Florida. Lincoln Square was built in 1980 and features two 5-story office buildings on 5.78-acres with frontage on SR-7 (441) just one mile north of the Golden Glades Interchange.

Aztec Group was engaged by Miami-based, TM Real Estate Group to run a broad marketing process to sell the property at the end of 2020.  After sourcing and underwriting numerous competitive offers, Aztec assisted the Seller with selecting the buyer, Preminger Investments.  The buyer assumed the existing $11,500,000 CMBS loan secured by the property with a fixed interest rate of 4.86% and approximately 8 more years of amortizing term.  

“Despite the economic impacts of Covid-19, market concerns with current office utilization, and the added challenge of a buyer assuming a CMBS loan, Aztec and TM Real Estate Group were able to execute a successful sale process for Lincoln Square.” said Peter Mekras, President of Aztec Group.  TM Real Estate Group sold Lincoln Square and the adjacent Washington Square for a combined $21,450,000 after acquiring the two-property portfolio, five years ago for a combined $12,600,000. 

The Aztec Group team remains active in the Florida Real Estate Market with over $385 million in recently completed sales, joint venture equity, and debt financing transactions for rental apartment communities, retail, hospitality, office, senior housing, and land.