PROFILE Exclusive Podcast Season 1 Episode 6 Featuring Dev Motwani of Merrimac Ventures

Season 1 Episode 6 of the PROFILE Exclusive Podcast by PROFILEmiami features Dev Motwani of Merrimac Ventures. Dev serves as Managing Partner of Merrimac Ventures, a Fort Lauderdale based real estate firm that focuses on value-add investment and development opportunities. Property types owned and operated include hotels, condos, retail, office and rental apartments primarily in South Florida but also throughout the United States.

Dev is also Founder and Managing Partner of Ramesh Properties, a distressed real estate investment fund focused on opportunistic investments in residential and commercial development sites throughout South Florida. He currently oversees nearly $750 million in development projects. Current projects include the Four Seasons Hotel and Private Residences, The Gale Boutique Hotel and Residences, as well as Las Olas Riverfront, all in the Fort Lauderdale area.

Dev is Founder and Managing Partner of Chieftain Residential, a yield-oriented distressed residential fund purchasing single-family homes, and residential land, primarily in the Southeast US and Texas. The fund aims to balance current income opportunities through the rental markets for its single-family home inventory, while also targeting capital appreciation in single family homes and land as the US Residential Market continues to rebound.

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.

This Podcast is Presented By:

Bay Harbor Islands Home Sells For Record $12 Million To Co-Founder of Dreampact Ventures

Real estate records continue to be set all across Miami. The co-founder of venture capital and private equity firm Dreampact Ventures Fued Sadala has purchased 9814 West Broadview Drive in the Bay Harbor Islands for $12 million, a record for a waterfront sale in the neighborhood. The transaction was overseen by Devin Kay of Douglas Elliman, who represented the seller, Orsan Properties and had listed the property for $12.5 million. Orsan Properties is led by Matty Oren and Yaniv Sananes who acquired the property in 2018 for $4 million. The previous record for a waterfront sale on the Bay Harbor Islands was held by 9540 West Broadview Drive which sold for $11.5 million in December 2020.

9814 W Broadview Drive offers 8-bedrooms, 9-bathrooms and spans 7,098 SF. The home was built in 2002 and has been fully-renovated with the finest finishes. Inside the residence offers a chef’s kitchen, dining room, home office, and master-suite with a private lounge and double walk-in closets. Outdoors the residence features a pool, spa and new seawall with a 60’ dock.

Images via Douglas Elliman

For more information about homes in the Bay Harbour Islands, private showings or purchasing/ leasing information please fill out the form below:

The Residences at Uptown Boca Trades For $230 Million In Florida's Largest Multifamily Deal In 2021

The developers of Uptown Boca, Boca Raton’s first new retail and Class-A multifamily project to open in West Boca Raton in over 20 years, have sold The Residences at Uptown Boca to the Atlanta-based multifamily real estate investment, development and management company, Cortland for $230 million. The project was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital. This transaction marks Florida’s largest multifamily deal in 2021 and the highest price per square foot for a garden-style product in Florida, to date. Cushman & Wakefield’s South Florida Multifamily Institutional Properties Group, led by Robert Given, Zach Sackley, Troy Ballard and Neal Victor, brokered the transaction.

“As lifelong Boca Raton residents and local developers, it has been truly special to create such a unique project for our local community. Our team devoted countless hours and meticulous attention to detail in developing what we consider to be one of South Florida’s premier mixed-use communities,” said Alex Rosemurgy, CEO of Rosemurgy Properties. “The Residences at Uptown Boca provides an unparalleled living experience that includes best-in-class amenities and a carefully curated restaurant and retail component just steps from our residents’ front door. Our lease-up success represents the distinct quality of the project in the South Florida market.”

The Residences at Uptown Boca, which opened in 2020, is a seven-building multifamily development managed by Park Partners Residential. Offering 456 Class-A luxury rental apartments, the development features one, two, three and four-bedroom units ranging in size from 718 SF to 1,737 SF. Just steps from The Residences, Uptown Boca’s retail component provides 179,000 SF of shops and fifteen different dining retailers. The developers of the project will remain the owners of the retail component of Uptown Boca.

"We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher. Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell," said Rick Giles, president of Giles Capital Group. "We have made every effort to create great experiences for our residential and retail customers, and we wish continued success to the new owners of this unique development."

Located at 9560 Glades Road on the corner of Glades Road and 95th Avenue South, just east of US441/SR7, Uptown Boca is a 38-acre project bringing a curated “shop, dine, live” experience to the area. The development provides residents with walkability to dining, entertainment and living options all within one vibrant local destination.

“The sale of The Residences of Uptown Boca culminates years of planning and execution by our partners Giles Capital, Rosemurgy Properties and Schmier Property Group. We are extremely proud of the community they have developed and the results for our investors,” said Hunter Jones, Principal for Wheelock Street Capital.

The Residences at Uptown Boca offers a number of amenities including a 24-hour fitness center with TRX and an indoor/outdoor CrossFit area, a yoga, spin and stretching room, a 24-hour business center that includes 3 private conference rooms, and 24-hour package pick-up lockers and cold storage. The project also includes a resident theater and entertaining lounge, a kids’ gaming and activity area, rideshare pick-up lounge, 3 dog parks, as well as a soccer field and customized 9,570 SF playground.

For more information about commercial sales or leasing in South Florida please fill out the form below:

TriStar Capital and RAL Development Acquire Final Piece Of Wynwood Assemblage For $13 Million

David Edelstein’s TriStar Capital and RAL Development, led by Robert Levine, have closed on the final piece of their 72,000 SF Wynwood assemblage where an office campus is planned. The development partnership paid $13 million for a 31,250 SF site at 2701 NW 5th Ave., financed by a $12.1 million mortgage provided by Comerica Bank. The property currently has a 20,239 SF building that will be demolished to make way for an office campus that includes the adjacent 39,732 SF lot at 2661 NW 5th Ave. which TriStar Capital acquired in 2018 for $18 million. Combined the assemblage totals 70,932 SF and cost $31 million.

The developers are planning to build a modern, technologically advanced office campus targeted at Miami’s fast growing tech sector. The campus will feature two Arquitectonica-designed mixed-use 8-story office towers with roughly 300,000 SF of Class A office space.

Images via TriStar Capital

One Of The Largest Multifamily Portfolio's Assembled In Miami's Little Haiti Trades For $11.6 Million In Off-Market Transaction

One of the largest multifamily portfolios ever assembled and sold in Miami’s fast-growing Little Haiti neighborhood has sold for $11.6 million. Secamar LLC sold Buena Vista Gardens, the 89-unit portfolio at 5601 NW First Ave., to Bowery Properties, led by Thomas Neary. The transaction was overseen by DWNTWN Realty Advisors Executive Skyler Marinoff who represented both the buyer and seller in the off-market transaction. City National Bank provided acquisition financing to the buyer which closed on July 23.

“I am thrilled to complete this transaction, which underscores our firm’s creativity, strong relationships and role as a market leader,” Marinoff said. “Little Haiti is seeing significant multifamily investment activity in conjunction with the neighborhood’s overall expansion. Large-scale development in the pipeline for Little Haiti and surrounding neighborhoods will further fuel investor interest.”

PROFILE Exclusive Podcast Season 1 Episode 5 Featuring Robert Rivani of Black Lion Investment Group

Season 1 Episode 5 of the PROFILE Exclusive Podcast by PROFILEmiami features Robert Rivani, Founder and President of Black Lion Investment Group. Based in Los Angeles, CA, Black Lion Investment Group is a real estate investment firm focused on development and redevelopment of retail, hospitality, office, and mixed-use assets in several high-growth markets such as Arizona and South Florida. Black Lion recently acquired several high-profile properties in Miami, spending over $38 million in just 60 days while acquiring Wynwood Arcade, Amara at Paraiso and the former Katsuya space in SLS Lux Brickell Hotel & Residences. As President of Black Lion Investment Group, Robert is responsible for acquisitions, strategic direction, sourcing investment opportunities, capital markets and operations for the firm. Black Lion plans to deploy $50-100 million in additional capital in South Florida in the coming months.

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.

This Podcast is Presented By:

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.

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

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.

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

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.

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

Witkoff And Monroe Capital Acquire Cancelled Marriott Maquis Miami Worldcenter Site For $94 Million

The New York City-based real estate investment group Witkoff, led by Steve Witkoff, and the Chicago-based Monroe Capital have acquired the site of the now cancelled Marriott Marquis Miami Worldcenter from MDM Group for $94 million. The 4.7 acre site is located at 700 North Miami Ave. The property is entitled to develop 60+ stories and for a mix of residential, hospitality and commercial. The transaction was overseen by Manny De Zárraga of JLL and was financed with floating-rate financing which was arranged by Dustin Stolly and Jordan Roeschlaub of Newmark and provided by Mack Real Estate Credit Strategies.

The Miami-based MDM Group, which is led by Ricardo Glas and Luis Pulenta, had planned to build a 1,700-key Marriott Marquis hotel and 600,000+ SF expo center as part of the $4 billion, 27-acre Miami Worldcenter mixed-use development. MDM Group initially acquired the site for $45.25 million in 2017 from Nitin Motwani who is Managing Partner of Miami Worldcenter Associates, the master developer of Miami WorldCenter. News of the cancellation of the Marriott Marquis Miami Worldcenter accompanies news of the property’s sale.

As the largest private development underway in Florida, Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 SF of retail, restaurant and entertainment space. The first restaurant tenants were recently announced after Miami Worldcenter Associates completed leases with Chicago-based steakhouse concept Maple & Ash, etta, Laurel Brasserie and El Vecino. All four concepts are expected to open in 2022.

Two residential buildings have been completed at Miami Worldcenter including the 60-story PARAMOUNT Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 SF of retail has been completed with tenant build-out work set to commence in 2021, and another 130,000 SF is currently under construction and nearing delivery. Construction is nearing completion at ZOM’s 43-story Bezel Miami Worldcenter residential tower and at the 351-room citizenM hotel, both of which are expected to open later this year.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail, making Miami Worldcenter one of the largest and most-connected transit-oriented development in Florida.

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