Seven Valleys Acquires Wynwood Development Site From RedSky And JZ Capital For $26.06 Million

An entity affiliated with the New York-based RedSky Capital and London-based JZ Capital Partners has sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million. The buyer was the New York-based real estate investment and development firm Seven Valleys. The trade equates to $479 per square foot dirt value and there is currently a 2,576 square foot structure on the property. The joint venture initially acquired the property in 2016 from Goldman Properties for $30.75 million and had proposed the Forum, a 144,781 square foot mixed-use development with office and retail space designed by Enrique Norten of Ten Arquitectos.

Gatsby Enterprises Acquires DiVosta Towers Office Complex In Palm Beach Gardens For $80 Million

A joint venture led by the New York-based real estate investment firm Gatsby Enterprises has acquired the DiVosta Towers office complex in Palm Beach Gardens for $80 million. Gatsby Enterprises is led by Nadar Shalom and the complex was acquired in partnership with Master Mind LLC, led by Babak Ebrahimzadeh. DiVosta Towers was reportedly 70% leased at the time of sale with tenants including JP Morgan and the law lawfirm Comiter, Singer, Baseman & Braun LLP. The seller was represented by Tony Hollis of Hollis Realty Group. Jon Blunk of Tower Commercial Real Estate will oversee leasing of DiVosta Towers.

DiVosta Towers was the first new office complex to be delivered in Palm Beach in over a decade. Located at 3825-3835 PGA Boulevard., the project was developed by Otto DiVosta and was completed in 2019. The 6.6-acre complex features two 11-story towers topped with iconic white steel pyramid statue structures overlooking The Gardens Mall. DiVosta Towers offers 220,000 square feet of luxury Class A office space and 889 covered parking spaces with a full-time concierge, secure elevator access, 10’ ceilings, floor-to-ceiling impact glass windows, a ground-floor patio with public art and car charging stations. The South Tower features suites ranging from 2,500 - 10,000 square feet while the North Tower offers 10,000 square foot floor-plates for custom tenant build-outs.

Otto DiVosta was the founder of DiVosta Building Corp., which sold in 1998 to Pulte Homes for $155 million. DiVosta acquired the site in 2015 for $8.5 million. Gatsby Enterprises entered the South Florida market in 2019 when they acquired 800 Brickell for $125 million and is currently redeveloping the tower into a modern office building.

Miami-based Private Equity Group Galium Capital Enters The Houston Multifamily Market With The Acquisition of The Fairmont on San Felipe

Galium Capital, a Miami-based real estate investment group, has announced the acquisition of The Fairmont on San Felipe in Houston, TX. The Fairmont on San Felipe is a 361-unit institutional-grade multifamily apartment building located within the business and Galleria shopping district of Uptown in Houston. The transaction closed on September 21, 2020.

“We have had our eye on the Texas markets for some time, and we are happy to enter Houston by acquiring one of the most iconic multifamily properties in its submarket. The Fairmont on San Felipe is an institutional-grade legacy asset located in one of the most desirable areas in Houston. It is a stabilized asset with significant value add potential, and we look forward to continuing enhancing the building’s long-term performance with Greystar as our partner on the management side.” said Jacques Bessoudo, Managing Partner of Galium Capital.

The Fairmont on San Felipe was developed in 2009 and is located at 6363 San Felipe St. The property features 361 units with 41,383 SF of retail on 6.10 acres of land. The Fairmont on San Felipe was 94% occupied at acquisition with an average rent of $1.61 PSF. Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

Units at The Fairmont on San Felipe range from one to two-bedroom floor plans and 609 to 1,403 square feet. The Fairmont on San Felipe also offers residents some of the best amenities in the area including a two-story state-of-the-art fitness center with complimentary workout classes, a resident’s library with work stations, a resident’s lounge, a rooftop garden, courtyard and an outdoor living room overlooking a resort-style swimming pool as well as a second swimming pool on-site. Tenants in the retail properties provide further convenience for residents and include St. Luke’s Hospital, Cafe Adel, University Oaks and La Argentina Gelato & Coffee, amongst others.

“We are excited about our first acquisition in Houston and happy to be entering the market with such a premier asset that is stabilized while having strong upside opportunities. We see tremendous potential for growth in the Houston market as well as in this this asset, and look forward to maximizing performance for our investors during our ownership,” said Jonathan Slomianski, Acquisitions at Galium Capital.  

Jordon Emmott from National Apartment Advisors represented the seller. Matthew Wallach from Walker & Dunlop arranged the financing.

Galium Capital owns and manages a portfolio in excess of $350 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. The Fairmont on San Felipe is Galium Capital’s second acquisition of 2020 after the group closed on the 1333 Main St. office assemblage in the Downtown CBD of Columbia, SC. in March 2020.

Reuben Brothers Acquires 25% Stake In The JW Marriott Miami Turnberry Resort & Spa

The British-based private equity and investment firm, Reuben Brothers, led by David and Simon Reuben, have acquired a 25% stake in the JW Marriott Miami Turnberry Resort & Spa from Jeffrey Soffer’s Fontainebleau Development. The price of the transaction was undisclosed. The JW Marriott Miami Turnberry Resort & Spa recently completed a $300 million renovation including the addition of 300 hotel rooms, a 3,000-visitor capacity waterpark known as Tidal Cove Waterpark and the expansion of its convention center. The hotel property is one of the largest in South Florida, featuring 685 hotel rooms and a 36-hole golf course. Reuben Brothers and Fontainebleau Development are reportedly exploring additional partnerships on investments.

Cardone Capital Acquires Port Royale Apartments In Fort Lauderdale Via Crowdfunding Campaign

Cardone Capital, led by the “10X Rule” author and founder of the 10X Movement Grant Cardone, has acquired the Port Royale Apartments in Fort Lauderdale in one of the largest crowdfunding real estate deals to ever close in South Florida. Port Royale Apartments features 533 units located on the Intracoastal Waterway at 3101 Port Royale Blvd. and 3201-3300 Port Royale Drive in Fort Lauderdale. The property spans over 36 acres with a private marina. The property also has development rights to build an additional 292 units.

The deal closed for roughly $130 million, although the closing price has not yet been made public. The acquisition was financed with a $79.24 million, 10-year interest only loan at 2.3% from CBRE Multifamily Capital. The transaction was completed by the transfer of the Delaware-registered Port Royale Propco LLC. from Waterton Residential LLC to Cardone Capital, avoiding the need to pay documentary stamp taxes. Cardone Capital led a successful crowdfunding campaign for the equity piece, reportedly raising a $50 million. The Chicago-based Waterton Residential was the seller who was represented by Robert Given of Cushman & Wakefield. Waterton Residential initially acquired the apartment complex for $94 million in 2015.

Port Royale Apartments was originally developed in 1991 and renovated in 2016. Units range from one-bedroom, one-bathroom 540 SF units asking $1,400 per month up to two-bedroom, two-bathroom 1,000 SF units asking $2,247. Units include wood plank-style floors, full equipped kitchens, ceramic tile flooring in kitchens and baths, Juliette balconies, in-unit washer/dryers and walk-in closets. Amenities include a car wash area, residents lounge, outdoor barbecue and dining area, gated entrance, storage units and walking paths.

Cardone Capital now has 8,275 residential units and 26 properties in its portfolio. The Aventura-based real estate investment firm as raised over $440 million through crowdfunding to-date. Cardone Capital plans to be aggressive in multifamily acquisitions over the next several months, expecting to close on another $350 million in transactions.

Bar Invest Group Acquires Visions at Willow Pond Multifamily Community In West Palm Beach For $56.23 Million

The Miami-based private equity group Bar Invest Group, led by Jacques and Herve Barbera, have acquired the Visions at Willow Pond apartment community in West Palm Beach for $56.23 million. Visions at Willow Pond, which is located at 4860 Sandstone Lane, was built in 1987 and was fully renovated in 2013. The 300 unit community spans 14.3 acres and 347,790 square feet of total development, breaking down the acquisition cost to roughly $187,433 per unit. The acquisition was financed with a $36 million loan provided by BankUnited NA.

Visions at Willow Pond features a fitness center, tenant lounge, tennis courts and a community swimming pool. The property was reportedly 95% occupied at the time of acquisition and traded at a 4.8% cap rate. The seller was the New York City-based Axonic Capital who was represented by Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of ARA Newmark.

Over the past year Bar Invest Group has become a major player in the South Florida multifamily sector having also acquired the 405 unit Sunny Lake apartment community in Fort Lauderdale. Since the formation of Bar Invest Group USA in 2001, the firm has partnered with Constructa Group for the development and delivery of Mary Brickell Village in addition to having developed or acquired over 1,500 apartments homes and 600,000 square feet of retail with a total investment in excess of $400 million.

Tricera Capital And Merrimac Ventures Close On Society Las Olas Retail Acquisition

Tricera Capital and Merrimac Ventures have acquired the ground-floor retail space within the newly developed Society Las Olas mixed-use project in downtown Fort Lauderdale developed by PMG. The purchase of the prime 301 SW First Ave. space closed on Aug. 27. The venture purchased the retail for $3.8 million, while also acquiring 40 parking spots as part of the transaction.

Society Las Olas is the premier mixed-use project along the revitalized Riverwalk in the heart of downtown Fort Lauderdale. Tricera’s partner, Dev Motwani-led Merrimac Ventures, has been a driving force in the neighborhood’s reemergence. Merrimac acquired the former Las Olas Riverfront complex and brought in PMG to develop Society on a portion of the property before partnering with Tricera to acquire and curate the retail component.

Merrimac also owns the adjacent property and operates the Wharf Fort Lauderdale and Rivertail with Breakwater Hospitality Group. Tricera and Merrimac own a total of ~16,500 square feet of retail at Society, with ~8,500 square feet of prime space still available. Nearly half of the space is already home to numerous first-to-market tenants of national prominence. 

Thompson Hospitality, one of the largest retail food and facilities management companies in the country, is leasing over 6,000 square feet of space that will house the company’s popular Matchbox Restaurant and Big Buns Damn Good Burger Co. After an initial $14 million investment earlier this year, Thompson Hospitality has fully acquired the Matchbox Brand and strategically expanded the concept into emerging markets. Since 2003, the Washington, D.C.-based chain has provided a quintessential neighborhood gathering place for communities.

With 11 locations across the U.S. and more on the way, Matchbox’s menu is centered around fresh, premium ingredients, offering something for everyone, from wood-fired pizzas and mini burgers to simple, yet refined main courses, and a full bar featuring specialty cocktails, local beer and wines from around the globe.

Thompson is also bringing its latest venture, Big Buns Damn Good Burger, to Society. Big Buns is a fun-casual restaurant specializing in burgers, burger bowls, shakes, craft beer and cocktails. The restaurant is inspired by a true love for burgers and beer, and the belief that eating out should feel like a fun backyard party with delicious food, ice-cold drinks and good friends.

Pura Vida Miami, the popular Miami casual health food restaurant, is leasing an ~1,600-square-foot space. Society Las Olas marks the first ever Fort Lauderdale location for Pura Vida, which strives to bring healthy food and a sense of community to each of its South Florida locations.

“Fort Lauderdale continues to offer great opportunities for us to expand our presence in the market,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “We are thankful to be able to close this deal mid-pandemic with confidence and plan to continue our efforts in the area.” 

“Bringing these exciting concepts to downtown Fort Lauderdale continues our company – and my family’s – long history of enhancing the city we are fortunate to call home,” Merrimac Ventures President and CEO Dev Motwani said. “The tenants we are securing at Society nicely complement Wharf and Rivertail and will help make this area the focal point of the Riverwalk.”

Taurus Investment Holdings To Redevelop Civica Center Into Medical Space

The Boston-based Taurus Investment Holdings has acquired the Civica Center for $30.5 million in Miami’s hot Allapattah neighborhood. The Civica Center is located at 1050 NW 14th Street at the entrance to Miami’s Health District, which is home to a large concentration of medical firms and institutions including the University of Miami Leonard Miller School of Medicine. The Civica Center broke ground in 2014 and was developed by the Swerdlow Group. The two-story retail property was sold with an adjacent parking lot and the deal also included a small office building. The Dallas-based Rockpoint Group was the seller.

Tenants at Civica Center include 7-Eleven, Au Bon Pain, Burger King, Chicken Kitchen, Dunkin’ Donuts, Flavors, Food Court, Gateway Dental, Jimmy John’s, La Estancia, Optical Boutique, Panera Bread, Pasha’s, Quest Diagnostics, Salsa Fiesta, and Smoothie King, amongst others.

Taurus has been agressively acquiring life-sciences and medical buildings and plans to convert the 0.77-acre parking lot into a giant 460,000-square-foot medical office building. It also plans to expand the existing 47,000-square-foot retail building into a 62,500-square-foot retail and medical office property. Taurus expects to start work on the redevelopment in the next 24 months.

Miami's First Large Scale Opportunity Zone Development Tops Off At 18-Stories in Downtown Miami

Co-developers The Estate Companies (EIG) and PTM Partners (PTM) have announced the topping off of the 230,430-square-foot, 18-story, 360-unit luxury rental development, Soleste Grand Central (Soleste Grand). Located at 218 NW 8th Street, steps from MiamiCentral Station in Downtown Miami, Soleste Grand represents Miami’s first large-scale opportunity zone real estate development.

“We are thrilled to have reached this significant construction milestone and look forward to delivering an exceptional development to the Downtown marketplace,” stated Robert Suris, managing principal, The Estate Companies. “Soleste Grand Central offers an elevated collection of health and wellness offerings, social components, and cutting-edge amenities at an attainable price point. We are confident this development will set a new standard for luxury rental properties in the area.”

The contemporary-style building was designed by Caymares Martin with interiors by ASG Interior Design. Apartments range in size from approximately 442 to 1,082 square feet and in studio, one-, two- and three-bedroom layouts. Residences also offer modern kitchens with custom cabinets, quartz countertops and designer lighting. Residences include dual master suites, spacious walk-in closets, private balconies and a full size washer and dryer. 

Soleste Grand offers nearly an acre of unparalleled indoor and outdoor amenity space for tenants to enjoy. For a peaceful retreat, a relaxing drink, or outdoor movie viewing, the ninth floor deck provides open lounge areas and summer kitchens that overlook the downtown Miami skyline. The fourth floor features 20,000 square feet of amenities, including a state-of-the-art fitness center with virtual trainers, dedicated yoga and Pilates room, and areas for high intensity interval training programs. Post-workout, residents can enjoy the resort-style pool deck or indulge at the spa with relaxation rooms, sauna and massage therapy rooms. The indoor club room offers billiards, shuffleboard, a large communal living room and viewing area that can be modified for intimate or large group events. The two-story marble-clad lobby offers a professionally programmed co-working space for residents, communal seating areas surrounded by indoor foliage, and a cafe with flexibility for event use.  

“By combining PTM and The Estate Companies’ deep knowledge and expertise in multifamily development, we have been able to develop a Class-A product that we intend to bring to market at a price point that is accessible to renters who have been priced out of many other recent new Class-A developments in Miami,” stated Michael Tillman, CEO, PTM. “On top of that, we have layered in novel amenity and technology offerings that are unlike others we have seen to date in the Miami marketplace and are excited to deliver a desirable home for our future residents.” 

 “The Estate Companies and PTM have a shared vision for the property and what today’s consumer is looking for,” added Jeffrey Ardizon, principal, The Estate Companies. “We believe we have implemented features our tenants value most. The daily conveniences of technology and large open spaces have gained priority, especially during the last few months.”   

Slated for completion in Q1 2021, Soleste Grand Central is a transit-oriented development. In addition to its close proximity to the MiamiCentral Brightline Station, the community is also near the Metrorail, Metromover, bus lines and soon, the Tri-Rail commuter rail. The project is also situated adjacent to I-95, the multi-billion-dollar Miami World Center, and the Downtown Miami office corridor.  

The Estate Companies Acquires Former Ramada Hotel in Hialeah for $15.25 Million

The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has announced the $15.25 million acquisition of a five-acre site occupied by a former Ramada Hotel at 1950 W. 49th St. in Hialeah. The closing took place August 7th with $11.5 million in financing arranged by LV Lending, a local private lender. The loan was facilitated by Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending on behalf of 1950 Hialeah Holdings, LLC, an entity of The Estate Companies (EIG). 

The non-operational 258-room Ramada hotel was originally constructed in 1970 with expansions completed in 1973, 1979 and 1988. The site is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit, providing extremely high visibility and accessibility.  

“We are thrilled with this acquisition as it presents a rare opportunity to own all the fundamentals we look for in an asset,” stated Jeffrey Ardizon, principal, The Estate Companies. “The site is situated on arguably the City of Hialeah’s busiest corridor and main artery. The City of Hialeah is a market with very high barriers to entry, strong demographic support and close in proximity to some of the largest employment hubs in South Florida. In addition, the area offers great walkability with a variety of social, dining and entertainment options, including the Westland Mall, just a short distance away.”

Ardizon added, “The distressed hotel sector has created investment opportunities that firms like ours are ready and able to capitalize on. Not all sites are created equal, and buyers need to be nimble and flexible in order to ensure repurposed assets meet the current market demands.” 

“We take our hats off to Camilo Niño and his team at LV Lending who arranged our financing in such a short period of time,” Ardizon added. “They were seamless in their execution and a pleasure to work with on this transaction.”