ONE Sotheby’s International Realty Launches Pre-Listing Renovation Program ELEVATE

ONE Sotheby’s International Realty announces the launch of a white-glove, pre-listing renovation service called ELEVATE. The service offers a seamless solution that positions properties to sell for a premium price and designed to create value for the company’s clientele. ELEVATE will also help properties sell faster and avoid time sitting on the market.

“We are committed to offering our agents the best tools and luxury services in the industry to help them unlock peak value for their clients,” said ONE Sotheby’s International Realty president Daniel de la Vega. “ELEVATE is a high touch, high value program that aligns with our brand and the exceptional quality of service we offer across the board. Unlike the current financing options some other brokerages offer for pre-listing home improvements, ELEVATE handles the renovation itself from start to finish, with expert teams and no upfront costs.”

ELEVATE will allow sellers and agents to work together prior to listing a home or condo to transform the property with added value and competitive positioning. ELEVATE offers a curated team of experts for a stress-free experience. They will ensure the clients property stands out to sell at a higher price and faster than ever by assembling a team of skilled contractors to ensure all work meets superior standards to distinguish properties from the competition.

“ELEVATE is a game changer” says J. “Eddy” Martinez, sales associate at ONE Sotheby’s International Realty in Miami Beach. “I am preparing to list one of the top units at Continuum for over $10 Million and want to deliver maximum impact and value to my client. We are now working with the ELEVATE team to prepare the property for a successful launch.”

MG Developer Locks Down $16.5 Million In Equity Financing To Complete Coral Gables Luxury Townhome Projects

MG Developer, led by CEO Alirio Torrealba, has locked down $16.15 million in equity financing to complete two luxury townhome projects in Coral Gables, Biltmore Row and Althea Row. The projects are currently under construction after broking ground in February 2020. The financing was provided by PBVMF 23 LLC and was arranged by Jeffrey Donnelly and Dmitry Levkov of Colliers International South Florida.

The projects are being developed as part of MG Developer’s Biltmore Square, which features MG Developer nearby projects including apartment projects Biltmore Parc and the recently sold-out Beatrice Row. Biltmore Row features 10 townhome units and is located at 760 Valencia Ave. while Althea Row features 5 townhome units and is located at 735 Almeria Ave. Each townhome under development offers 4 bedroom floor plans and range from 4,514 to 5,524 square feet, featuring terraces, private loggias and luxurious finishes. Pricing starts just over $3 million per unit.

Bell Partners Acquires Boca Raton Multifamily Communities For $94.25 Million

The Greensboro, NC-based Bell Partners has acquired two apartment communities in Boca Raton, The Lumin at Boca Raton and Cade Boca Raton, for $94.25 million. The Lumin at Boca Raton and Cade Boca Raton are located within the Park at Broken Sound, at 5500 Broken Sound Blvd. and 950 NW Broken South Parkway respectively. The acquisition was financed by a $58.8 million mortgage provided by GIM Commercial Mortgage Loan Fund. The properties will be renamed Bell at Broken Sound. Bell Partners now owns eight apartment communities in South Florida.

5500 Broken Sound Blvd. is a 180-unit apartment complex completed in 2018 on 9.1 acres. The property was developed and sold by a joint venture between Mainstreet Capital Partners and New Century Companies and sold for $56.5 million, roughly $314,000 per unit. 950 NW Broken Sound Parkway was also completed in 2018 and features 90 townhomes on 5-acres. The property was sold by an affiliate of Bluerock Real Estate and sold for $37.75 million, roughly $419,000 per unit.

EverWest Real Estate Investors Acquires Hialeah Industrial Property In Off-Market Deal For $13.1 Million

The Denver-based real estate investment firm EverWest Real Estate Investors has acquired an 160,000 square foot industrial property in Hialeah, FL in an off-market deal. The property, which is located at 1101 E. 33rd St., an infill location in the heart of Miami’s Hialeah industrial submarket, was acquired for $13.1 million, or $82 per-square-foot. Andrew Gurewitsch of Windsor Realty Partners represented the building seller, a partnership between two local investors.

“Hialeah is a centralized location, in close proximity to Miami International Airport, major thoroughfares and sought-after labor,” said EverWest Director of Southeast Acquisitions Tyler Williams. “The building is also fully occupied with a stable rent roll, making it the perfect candidate for long-term improvements – demonstrating EverWest’s continued ability to acquire and enhance well-located industrial product in a highly competitive landscape.”

“Hialeah is a city within a city with continued strong demand across all asset classes. The property is located in one of the most robust and fundamentally strong submarkets in Miami-Dade with an exciting future,” said Andrew Gurewitsch of Windsor Realty Partners.

The Hialeah building features 18’ to 22’ clear heights with functional dock-high loading, direct rail access, heavy power and a large lot for high-volume trailer storage. EverWest plans to implement a capital improvement program while benefiting from the building’s stabilized tenancy in a submarket with strong rent growth.

The building was fully leased to two long-term tenants at acquisition; IC Industries Inc., a leading South Florida corrugated box manufacturing and delivery service, and Schwarz Partners Packaging, part of an Indianapolis-based holding company with interests in corrugated paper and packaging, with a focus on the full-circle renewable process.

American Landmark Acquires 624-Unit Multifamily Portfolio From RADCO For $100.5 Million

American Landmark has acquired the recently renovated Radius Winter Park and Ashford at Feather Sound communities in Casselberry and Clearwater, FL from the Atlanta-based RADCO Companies. The 624-unit portfolio traded for $100.5 million and the transaction was overseen by CBRE. Radius Winter Park features 336 apartment units and sold for $51.5 million and Ashford at Feather Sound features 276 apartment units and sold for $49 million. The properties will be renamed Onyx Winter Park and Fairways at Feather Sound.

Radius Winter Park is located in Casselberry, FL, just 10 miles north of Orlando. The lakeside community was developed in 1983 and features a suite of amenities including a pool, BBQ and picnic area, playground, dog park, pet spa, indoor fitness center and internet café. Units range from studio to two-bedroom floor plans.

Ashford at Feather Sound was developed in 1985 and is located near I-275 just across the bay from Tampa in Clearwater, FL. The lushly landscaped property features two lakes, a heated pool, hot tub, sundeck, a grilling and picnic station, fitness center, tennis courts, scenic walking paths and an equipped pet park. Units are available in one- and two-bedroom layouts.

Jon Paul Pérez Is Named President Of The Related Group As The Next Generation Of The Pérez Family Takes the Helm

Jorge M. Pérez and the Related Group have announced the appointment of Jon Paul Pérez as president of the organization, following more than a year of planning alongside Related’s distinguished leadership team. Following the transition, Jon Paul stands poised to continue Related’s legendary track-record of transforming neighborhoods across all sectors, and ultimately expand the firm’s more than four decades of success.

“Jon Paul has shown time and again he has the passion and vision to carry forward what I started more than 40 years ago,” said the Pérez family patriarch Jorge Pérez, who will continue as Chairman & CEO. “He brings the same tireless energy that defined my early years, but more importantly, injects a new way of thinking that will expand the business far beyond anything I could’ve imagined. There’s no one better suited to take Related into the future.”  

Formerly Related’s executive vice president, Jon Paul has already established himself as a market maker, leaving his stamp on the nation’s most competitive markets and navigating several once-in-a-generation industry shifts.

“This position comes with a great sense of pride and responsibility, not only to my father, family and our exceptional team of associates, but also to the communities we serve,” said Jon Paul. “Each of Related’s developments, from affordable to luxury, are known for catalyzing growth and opportunity and I look forward to continuing this commitment, while expanding the boundaries of what a private developer can accomplish.”

Since joining Related Group in 2012, following a five-year tenure at NY-based Related Companies, Jon Paul has played a growing leadership role, personally spearheading the expansion into Miami’s popular Wynwood neighborhood, where the team is working to deliver several major mixed-use projects and transform the area into a true live-work-play neighborhood. He also led the development of Residences by Armani/Casa, an award-winning luxury condominium developed in partnership with fashion icon Giorgio Armani and Dezer Development.

“I speak for the entire executive committee when I say Jon Paul is well prepared to start this next chapter,” said Adolfo Henriques, Related Vice Chairman, and trusted advisor to the Pérez family. “Much like his father, he’s grown to become a driving force, with relentless determination to achieve his goals. But I’m most heartened to see him developing his own unique style, seamlessly channeling the firm’s historic strengths into innovative directions. We stand proudly behind our new leader.” 

Jon Paul is currently working with leaders across the affordable, market-rate, international and luxury divisions to kick-off the next generation of Related properties.  Among these are Solemar, set to bring a new level of design and luxury for Pompano Beach; Ritz Carlton Tampa, a marquee project for the city’s prime waterfront; Boulevard at West River, a multi-towered project within the 120-acre West River redevelopment also in Tampa; SLS Tulum, a condo-hotel hybrid and the next phase of Related’s international expansion; and in Related’s continued commitment to Miami, the first of three towers at 444 Brickell Avenue; and some of the largest affordable housing developments in the country in the Brickell Avenue neighborhood, Miami River and Liberty City.

He is also working to accelerate the organization’s innovation efforts, which include strategic investments in disruptive technologies, forging industry partnerships and recruiting promising talent. Recent milestones include signing on as an early adopter for The International WELL Building Institute’s WELL Health-Safety rating; partnering with Livly to build a completely digital rental experience; and rolling out a Related Living smartphone app across the firm’s condo and rental portfolio.

Outside of Related, Jon Paul is continuing the Pérez family tradition of civic leadership, serving on the Wynwood BID and playing a key role in the organization's Marketing and Economic Development Committee. As part of his position, Jon Paul works with other BID members to ensure future developments respect Wynwood’s established persona and contribute to the neighborhood’s ongoing evolution. Additionally, Jon Paul serves as an Advisory Board Member of Urban Land Institute’s Southeast Florida/Caribbean chapter and is an active Board Member of Big Brothers Big Sisters and the United Way Young Leaders. He is currently a member of YPO and, together with his siblings, plays an active role in the Perez Family’s philanthropic endeavors. 

Imagery via Eduardo Schneider

Ades Family Foundation Acquires Miami Shores Site To Build A Private, Non-Profit Jewish Day School

The Ades Family Foundation has acquired a 3.9 acre assemblage in an opportunity zone near Miami Shores for $5.3 million. The foundation plans to build a 60,000 square foot private, non-profit, Jewish day school which is anticipated to open in 2023. The transaction was overseen by Jamie Rose Maniscalco with Apex Capital Realty, who represented both the buyer and the sellers, the Peroni Family Trust and Sunshine Realty Enterprise. The assemblage is located at 855, 975 and 995 Northwest 95th Street as well as a second assemblage located at 900, 910 and 920 Northwest 96th Street. The Ades Family Foundation is a philanthropic foundation led by Daniel Andes, managing partner and CIO of the Aventura-based Kawa Capital Management.

Avison Young’s Florida Capital Markets Group Oversees Sale Of Concept II Towers In Lake Worth

Avison Young’s Florida Capital Markets Group has overseen the sale of Concept II Towers in Lake Worth for $10.9 million to local real estate investor Allen Chelminsky. The 6.6-acre complex, located at 2290-2328 10th Ave., features a pair of office towers which were developed in 1985. The recently renovated complex offers a total of 96,674 square feet of office space overlooking Lake Worth. The seller, KAS Lakeworth, was represented Avison Young’s Florida Capital Markets Group lex by David Duckworth, John K. Crotty, Michael T. Fay, Brian C. de la Fé, Emily Brais and Berkley Bloodworth. KAS Lakeworth acquired the property for $7.4 million in 2015.

“The buyer for Concept II Towers secured an outstanding value-add office asset which consistently performed well during the pandemic and increased occupancy to 82.5%,” said Duckworth. “Situated in an ideal central Palm Beach County location with Lake Worth in the midst of revitalization, the property boasts strong in-place cash flows with a synergistic mix of quality medical and professional tenants, and there is and tremendous upside potential through lease-up.” 

“The Concept II Towers sale is a sign of growing investor confidence in the commercial real estate market,” said Crotty. “Many investors are looking to get back to the business of buying assets that fit their overall strategy. The office market remains incredibly resilient, and collection rates are tracking similarly to pre-pandemic levels.” 

Check Out Laszlo Fazekas of LF Homes’ Personal Residence Complete With Mini Golf And Night Tennis

16121 Aberdeen Way in Miami Lakes, the personal home of LF Development CEO Laszlo Fazekas, hits the market for $4.495 million with Douglas Elliman. The home is a unique contemporary glass dome complete with exterior sporting activities. Miami Lakes attracts many famous home owners as this property once belonged to Florida Senator, Bob Graham.

The home is 6,391 sq.ft. built pavilion style, with a glass ceiling ‘bringing the outdoors in,’ and features 5 bedrooms, 5 bathrooms and 1 half bath. The entrance to the home is greeted by two 12-foot faux Cherry Blossom trees that were imported from South East Asia, along with two salt water fish tanks ranging between 600-700 gallons. The entrance in itself is exquisitely unique, but that is not all the home has to offer. You will also notice details such as the Canadian walnut doors, Cromie Polvere Porcelain tiles and Miele kitchen appliances. The home also contains a ten person media room, home office, breakfast lounge, fireplace sitting room, sun parlor and gourmet kitchen by Italkraft.

The estate also offers a range of sporting activities. You will find a custom 6-home mini golf course, hardcourt tennis court with LED lights for the night, a pool and lastly a 14 Car Motorcourt. Views from the exterior overlook Don Shula’s famous golf course adding to the exclusivity of the estate. 16121 Aberdeen Way is listed with Luis Dominguez of Douglas Elliman.

Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Retail Building In Miami Shores

Miami-based real estate investment firm Tricera Capital, led by Scott Sherman and Ben Mandell, and Alex Karakhanian’s LNDMRK Development have teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property for $4 million on Sept. 30.

The venture obtained a $2.5 million loan from First National Bank of South Miami for the acquisition.

The acquisition is a desirable long-term investment with Walgreens is signed to a long-term single-tenant lease for the 14,850-square-foot building. Tricera and LNDMRK purchased the property at an attractive land basis, offering significant upside through future redevelopment or re-leasing the existing building. The property is adjacent to a Publix supermarket on a stretch of Biscayne Boulevard that generates substantial traffic.

“We are thrilled to partner with Alex and LNDMRK once again on this new investment,” said Tricera Co-Founders and Managing Principals Scott Sherman and Ben Mandell. “This acquisition underscores our firm’s unique ability to identify and execute on off-market opportunities in urban core neighborhoods.”

“It is exciting to expand on our successful partnership with Tricera,” Karakhanian said. “This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio.”

Miguel Pinto and Jamie Maniscalco of APEX Capital Realty represented both the buyer and seller in the off-market transaction.

In addition to the 9020 Biscayne acquisition, Tricera and LNDMRK are collaborating on several investments and developments including partnering with Related Group to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space in Wynwood. The joint venture acquired the project site, a former Coca Cola plant, in September 2019. Tricera and LNDMRK are also jointly developing a luxury retail project in Miami’s Design District.