Black Lion Investment Group Acquires Former Katsuya Space In SLS LUX Hotel & Residences Brickell For $13.5 Million

Black Lion Investment Group has acquired the former Katsuya space in the SLS LUX Hotel & Residences in Brickell from The Allen Morris Company and Related Group for $13.5 million. The 11,412 SF restaurant suite is located at 8 SE 8th St. and includes the S Bar component as well. The space can accommodate up to 180 diners and also features an outdoor patio and an exclusive private dining area. Black Lion Investment Group plans to bring in a world-class flagship restaurant to the space which they expect to open in late 2021 or 2022. The off-market transaction was overseen by Fabio Faerman and Sebastian Faerman of FA Commercial with Fortune International Group.

Black Lion Investment Group is led by Robert Rivani and has spent $38 million in Miami over the past sixty days, including the Wynwood Arcade and Amara at Paraiso. They also own the Brickell Bay Boardwalk where another restaurant concept is planned.

“Miami, and Brickell in particular, is on a trajectory to evolve into the Manhattan of the Southern United States. Black Lion is thrilled to be part of Miami’s growth story by bringing even more world-class food and beverage offerings to Miami’s already thriving dining and nightlife scene,” said the firm’s president, Robert Rivani. “We’re exuberant about redeveloping this prized restaurant space in one of the hottest markets in the country.” Mr. Rivani continued, “When you examine what people are most willing to get out of the house and spend time and money on post-pandemic, it’s largely the hospitality experiences that simply cannot be recreated at home. We’re betting on Miami’s year-round residents and visitors continuing that trend indefinitely, enjoying the unique atmosphere of this cosmopolitan city throughout the year. We’re working to identify the restaurant concept that best complements Brickell’s vibrant, electrifying spirit, whether that’s a flagship location of an existing high-end brand or an entirely new chef-driven vision.”

SLS LUX Hotel & Residences is a luxury hotel-condo tower which was completed in 2018 and co-developed by The Allen Morris Company with Related Group. The developers announced the complete sell-out of the 450-unit luxury tower in February 2018. SLS LUX Hotel & Residences is located just steps from Brickell City Centre in Miami’s Brickell neighborhood at 801 S Miami Ave. The building was designed by Arquitectonica offers a mix of 450 residences and 78 hotel suites that blend exquisite décor by Yabu Pushelberg. SLS LUX Hotel & Residences also features world-class art throughout the building and exclusive lifestyle amenities and services including a spa, gym, lower pool deck, rooftop pool, outdoor theatre, rock climbing wall and tennis court.

Images via The Allen Morris Company

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Joint Venture Led By Tricera Capital Acquires One Clearlake Centre Office Tower In West Palm Beach For $60.7 Million

A joint venture between Scott Sherman’s Tricera Capital, NDT Development, New England Development and Rockpoint Group have acquired the One Clearlake Centre office tower in West Palm Beach for $60.7 million. The seller was a joint venture between the Dallas-based real estate investment firm Velocis and CREC who had initially acquired the property in 2017 for $42.3 million. The property was 62% leased at the time of sale and the transaction was overseen by JLL. Tenants include Intech Investment Management, Coastal Wealth, Truist Financial, KRES Commercial, Northwestern Mutual and Day Pitney.

One Clearlake Centre was developed in 1986 on a 3-acre site at 250 South Australian Avenue. The building rises 18-stories and spans 221,079 SF of rentable space with a 669-space parking garage. One Clearlake Centre was renovated in 2019 and features tenant amenities a gym, lounge and cafe.

The West Palm Beach office market has seen quite a bit of movement recently. In January 2021 the New York-based Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and in May 2021 acquired CityPlace Tower for $175 million. In June Related Companies also acquired a 50% stake in the Esperanté Corporate Center from the New York-based RedSky Capital, the London-based JZ Capital Partners owns the remaining 50%.

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Broward Plaza Retail Center In Davie Sells For $12.8 Million

Broward Plaza, a 74,300 SF retail center in Davie, FL, which includes a Miami Grill outparcel, has sold for $12.8 million. El-Ad Broward Plaza LLC, an entity of El-Ad National Properties, acquired the 8.18-acre site from Saber Griffin Two, LLC. The transaction was overseen by Adam Tiktin of Tiktin Real Estate Investment Services (TREIS), who represented both the buyer and the seller. The closing took place June 25th and was financed with a $9 million loan provided by Ladder Capital.

Broward Plaza is located at 4803-4963 S. State Rd. 7 in Davie. The retail center is anchored by BrandsMartUSA, Dollar General, and Big Chef. The property had a total of 17 tenants and was 96% occupied at the time of sale. The buildings were constructed in 1975. The Miami Grill was renovated in 2017.

Broward Plaza is located on the southwest corner of South State Road 7 and Griffin Road. The property has excellent visibility with traffic counts in excess of 55,000 vehicles per day along South State Road 7 and over 30,000 vehicles per day along Griffin Road.

The Estate Companies Sells Recently Completed Soleste Alameda Multifamily Development In West Miami For $83 Million

The Estate Companies (EIG) has sold Soleste Alameda, a recently completed luxury eight-story development with 306 rental units at 6320 SW 8th St. in West Miami. Dallas-based Westdale Real Estate Investment and Management (Westdale) acquired the asset for approximately $83 million. Soleste Alameda was completed in Q2 2020 and was over 90% leased at the time of sale. The closing took place June 22nd.

“Soleste Alameda leased up during the height of the pandemic, which presented its own set of challenges throughout the industry,” stated Jeffrey Ardizon, principal, The Estate Companies. “However, Soleste Alameda continued to perform well throughout, a testament to demand to the submarket and strong fundamentals all around.”

This is the second development that The Estate Companies sold to Westdale this year. In April, Westdale acquired the newly completed Soleste Twenty2 in West Miami for $97 million.

The Soleste Alameda community features a variety of studios, one and two-bedroom units outfitted with sleek modern kitchens, stainless steel appliances, elegant porcelain floors, contemporary chrome fixtures, washer and dryer, private balconies, and oversized impact-resistant windows and sliding glass doors.

Like all projects within the Soleste Living brand portfolio, Soleste Alameda is a highly amenitized development curated with a vast collection of health and wellness offerings, social components and pet-friendly features, including a tropical pool deck with sundeck and private cabanas, state-of-the-art fitness center with yoga and spin studios and on-demand fitness programming, secured parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. A resident entertainment lounge with a cybercafé, al fresco dining and grilling areas provide additional entertainment and comfort for residents.

The Estate Companies is one of the most active multifamily developers in Florida. The firm is nearing completion on Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. Development is underway on Alture Westland, a hotel conversion in Hialeah, as well as luxury developments in North Miami Beach, Dania Beach, and Spring Gardens within Miami’s health district, among others

Allen Morris Company's AMS Hospitality And Black Salmon Joint Venture Acquire Circa 39 Hotel In Miami Beach For $25.5 million

AMS Hospitality, the affiliate hospitality group of The Allen Morris Company, and Miami-based national commercial real estate investment firm Black Salmon have acquired the 97-key Circa 39 Hotel in Miami Beach for $25.5 million. Located at 3900 Collins Avenue, the Art Deco-style Circa 39 Hotel is across from the iconic Miami Beach boardwalk and housed within two buildings, which include a surface lot across the street. Melissa Rose of JLL Capital Markets arranged the financing for the acquisition. The transaction was overseen by Samuel Heskiel of Beachfront Realty and Miguel Pinto of Apex Capital Realty.

The asset will undergo a multimillion-dollar renovation which will reposition it as an upper-upscale, independent lifestyle hotel with a reimagined pool deck and new internationally recognized food and beverage concepts. It is strategically located in the growth path of mid-Miami Beach. Highgate, a leading real estate investment and hospitality management company in the U.S., Caribbean, and Latin America, has been selected to provide property management services for the hotel.

“The acquisition of Circa 39 Hotel is an extremely positive step in the evolution of AMS Hospitality,” said W. Allen Morris, Chairman & CEO of The Allen Morris Company and Principal of AMS Hospitality. “We are delighted to once again be partnering with Black Salmon, as our joint teams continuously explore new opportunities.”

The acquisition of the Circa 39 Hotel marks the most recent acquisition for the group as part of its plans to acquire $300 million in hospitality assets across the U.S. The two firms have additional assets under contract throughout the southeast United States. The partnership between AMS Hospitality and Black Salmon leverages the key strengths and expertise of both firms across the disciplines of acquisitions, asset management, and capital raising.

“Miami has always been a target market of ours for investment given its long-standing, global recognition as a preferred travel destination, now reinforced by its ability to rebound quickly in the pandemic.” said Jorge Escobar, managing partner and co-CEO of Black Salmon. “Our strategy of identifying boutique, select-service hotels allow us to provide the capital to reposition the property, increasing revenue and elevating the guest stay.”

With increasing vaccination rates nationally, and South Florida’s easing of COVID-19 restrictions, the return of leisure travel is evidenced by rising hotel occupancy rates. Miami is among the top 35 hotel markets in the country and has become a popular destination for travelers from the Southeast, Midwest, and California.

AMS Hospitality has a billion-dollar acquisition and development pipeline including the recently completed $87 million UNC Charlotte Marriot Hotel & Conference Center in North Carolina and the under construction Kimpton Midtown Union Hotel with MetLife in Atlanta. Black Salmon has a nearly half a billion-dollar portfolio, which includes prime office, senior housing, and hospitality assets.

The Texas-Based LYND Acquires 234-Unit Parc Place Multifamily In Miami For $40.08 Million

The San Antonio, TX-based LYND continues its robust investment activity in South Florida with the acquisition of a 234-unit garden-style apartment community in Miami. The Texas-based multifamily investor, developer and operator paid $40.08 million for the Parc Place Apartments, located at 17600 NW 5th Ave., in an off-market transaction that closed June 8, 2021.

“Parc Place is the exact kind of value-add investment opportunity we specialize in,” said Constantine Scurtis, president of Lynd Acquisition Group, LYND’s investment division. “Taking a well-located property in an economically strong metropolitan area and utilizing our best-in-class management platform to make upgrades, and boost performance on behalf of our investors.”

Built in 1972, Parc Place features one, two and three-bedrooms units with an average unit size of 737 SF. While the property has undergone some renovation over the years, LYND plans a significant rehab of both living spaces and common areas. LYND has earmarked a minimum of $2.25 million to upgrade the interiors, gym equipment, the pool area, add outdoor grilling stations, and introduce other new amenities.

LYND has managed more than 11,800 units in Florida over its history, owning more than 6,500 of them. The company has spent over $180 million in hard-construction costs over the years in renovation work.

“We are very bullish on Florida, especially South Florida,” said A. David Lynd, LYND’s CEO. “When you look at what’s happening in the region, several companies are moving here creating jobs. Good jobs mean good renters.”

“Sellers know we have strong investment partners, the ability to close quickly and that we can execute on everything we say we can do,” said Scurtis who has closed more than $1 billion of investment in multifamily and commercial properties while at LYND.

“It’s very advantageous when your partner is from South Florida and grew up there,” said Lynd. “This allows Constantine to use all of his resources and contacts to source opportunities for us. We expect to continue to increase our holdings in the market in a big way.”

This is the second LYND acquisition in South Florida in 2021. On March 17, 20201, it bought a 280-unit garden-style apartment community in Margate for just over $50 million. LYND is investing $4 million on renovations. With the Parc Place closing, LYND has now made over $400 million in value-add acquisitions over the past year-and-a-half in Florida and Texas.

Black Lion Investment Group Acquires Wynwood Arcade From East End Capital for $13.25 Million

Less than one week after closing on the Amara at Paraiso restaurant property on Biscayne Bay, the Los Angeles-based Black Lion Investment Group has now acquired the luxury class A property Wynwood Arcade from East End Capital for $13.25 million. The transaction was overseen by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors, who had listed the property for $14.5 million. Wynwood Arcade was 65% leased at the time of sale with trendy tenets such as the popular Salty Donut, Ooh Raw, No. 3 Social, OSME and Edit Mode.

Located at 43-75 NW 23rd St., the 23,000 SF luxury retail property was developed as an adaptive reuse project by East End Capital in 2016. The redevelopment of the former warehouse won numerous architectural awards, including the American Institute of Architects Award of Excellence for Adaptive Re-Use and an AIA Merit Award for Excellence in Architecture.

“This trophy property represents another key investment in Black Lion’s Miami expansion after our recent acquisition of Amara at Paraiso,” said Robert Rivani, President of Black Lion Investment Group.

Rivani is planning transform the Wynwood Arcade with a $1 million renovation led by Kobi Karp Architecture & Interior Design. The renovation and updates will include the addition of outdoor dining areas on the ground floor and rooftop. Rivani is also planning to bring a new nightlife concept to the rooftop.

Wynwood is a must see for tourists and locals and is known for its instagramable murals and one-of-a-kind dining and retail experiences. Conveniently located in the heart of Miami’s Wynwood neighborhood, the property represents a prized parcel of real estate in one of the hottest markets in Florida. Known for its vibrant cultural scene, art, and eclectic nightlife.

Black Lion Investment Group’s portfolio of properties in Florida includes the recently acquired Amara at Paraiso commercial property as well as the 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 Black Lion Investment Group

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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.

Miami-Based Private Equity Group Galium Capital Expands Houston Portfolio with Acquisition of 431-Unit Tate at Tanglewood

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Tate at Tanglewood in Houston, TX. The Tate at Tanglewood is a 431-unit institutional-grade multifamily apartment building in Galleria District of Houston. The transaction closed on May 27, 2021.

“We are excited to expand our multifamily portfolio in Houston with the acquisition of Tate at Tanglewood. The asset is of great quality and has tremendous potential for improvement, so we look forward to continuing to build its long-term performance with our management partner, Greystar” said Jacques Bessoudo, Managing Partner of Galium Capital.

The Tate at Tanglewood is a luxury apartment community which was developed in 2016 and is located at 5880 Inwood Dr, Houston, TX 77057. The property features 431 units and offers top-tier amenities on 5.3 acres of land. Tate at Tanglewood was 85% occupied at acquisition with an average rent of $1.65 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 Tate at Tanglewood range from one to three-bedroom floor plans and 647 SF to 1,462 SF. Residences feature wood plank flooring, granite slab countertops, stainless whirlpool gold series appliances and full-size washer and dryers. Select homes feature two-story loft layouts, barn-style sliding doors, rustic brick arches, 11 ft. concrete ceilings, vertical showers and private yards.

Residents will have access to world class amenities such as a 24-hour clubhouse, state of the art fitness facility including a yoga/spin room with personalized training programs, resort style pool, golf simulator and a private dog park with pet salon station.

“Tate at Tanglewood is an institutional grade community located within one of the best residential areas in Houston with strong upside opportunity. During our ownership we plan to achieve a significant increase in the building’s occupancy and overall performance and expect to see outsized returns as the Galleria submarket continues to grow exponentially” said Jonathan Slomianski, Director of Acquisitions of Galium Capital.

David Mitchell and Tip Strickland of Newmark represented the seller and secured the debt for the buyer.

Galium Capital, owns and manages a portfolio in excess of $515 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. The Tate at Tanglewood is Galium Capital’s second acquisition in the Galleria-district of Houston, TX after the group closed on the 361-unit institutional grade multifamily property, Fairmont on San Felipe, in September 2020.

PROFILE Exclusive Podcast Season 1 Episode 3 Featuring Scott Sherman of Tricera Capital

Season 1 Episode 3 of the PROFILE Exclusive Podcast by PROFILEmiami features Scott Sherman, co-founder and Managing Partner of Tricera Capital, which he founded with Ben Mandell in 2017. Based in Miami, FL, Tricera Capital is a private equity real estate investment firm focused on value-add, urban retail investments within the United States. Tricera has acquired over 25 retail and mixed-use assets totaling roughly 1.7 million SF, with roughly $200 million assets under management.

Tricera Capital is currently developing The Dorsey in Wynwood, in partnership with Related Group and LNDMRK Development, as well as redeveloping the former Palm Beach Post campus into The Press, a mixed-use office and retail property in West Palm Beach. Other current developments include Soleste Cityline Apartments, Paseo Miami and 4112 NE 1st Ave. in Miami Design District. Tricera Capital also recently acquired The Cube in Wynwood as well as the Las Olas Riverfront.

As Managing Partner of Tricera, Scott is responsible for strategic direction, sourcing investment opportunities, capital markets and operations for the firm. Previous to launching Tricera, Scott was Vice President of Acquisitions at Thor Equities, where he completed in excess of $2 Billion of closed deals. Prior to Thor, Scott was the Director of acquisitions at Becker Brothers.

The PROFILE Exclusive Podcast by PROFILEmiami, the leader in South Florida residential and commercial real estate news and content, profiles and gets intimate with the movers and shakers in the South Florida real estate industry. Throughout the series we will interview and get inside the minds of South Florida's top developers, investors, brokers, architects, designers, etc. The PROFILE Exclusive Podcast is hosted by Demetri Demascus Co-Founder of PROFILEmiami and Director of Business Development at private equity group Galium Capital as well as Katya Demina, Co-Founder of PROFILEmiami and Development Associate at development firm Royal Palm Companies.