Owner Of The Versace Mansion Acquires 1930's Era Miami Beach Boutique Hotel For $6 Million

The Nakash family, owner of several Art Deco hotels and South Beach’s former Versace Mansion, has acquired a 1930’s era boutique hotel located at 1350 Collins Ave. in Miami Beach. Renowned architect Wallace Tutt, who designed the Versace Mansion a few blocks away, also designed the building’s three villas. The 6,340-square-foot boutique hotel is in the middle of South Beach’s hottest resort district. The transaction was overseen by Lee & Associates South Florida President Matthew Rotolante and Associate Rodrigo Calderon and closed on April 28.

Originally constructed in 1930, the gated hotel can also be operated as a private club or residence. Property amenities include a large, landscaped courtyard with lounge couches, dining tables and a covered pool; a two-car garage and a 24-hour security system. The hotel is steps away from the beach and the many nearby restaurants, nightclubs, shops and parks.

“This property provides the buyer with another beautiful Art Deco hotel to complement its existing neighborhood portfolio. Opportunities to acquire jewels in the heart of South Beach like this do not come around often.” Said Lee & Associates South Florida President Matthew Rotolante.

PEBB and Banyan Development Acquire Seven Building Portfolio at the Research Park at Florida Atlantic University® For $37.5 Million

PEBB Enterprises and joint venture partner Banyan Development closed another major office acquisition in the companies’ home base of Boca Raton. The venture paid $37.5 million for a long-term ground leasehold interest position in the Research Park at Florida Atlantic University®, consisting of a portfolio of seven multi-tenant office buildings totaling 308,305 square feet.

The sale of the ground lease closed on April 28. The seller was an international sovereign wealth fund represented by Avison Young’s Florida Capital Markets Group. Avison Young Principal Keith O’Donnell listed the portfolio on behalf of the seller and led the off-market transaction.

PEBB and Banyan plan to embark on a substantial improvement program to upgrade the office-based research park and drive leasing activity in conjunction with the Research Park at FAU’s existing economic development team. The portfolio is currently 65% occupied. It is the only state university-affiliated research park in South Florida and considered a premier technology business incubator for the region.

Not only does the Research Park at FAU possess strong fundamentals in central Boca Raton, but it also has immediate access to a talented and motivated workforce and direct connection to the FAU campus. The Research Park at FAU allows for companies to work in partnership with FAU faculty across the University’s ten (10) colleges to collaborate and transform the property into a cutting-edge research & development park that can strengthen and diversify Boca Raton’s business community.

Collective goals are to grow and evolve the park as a leading university-affiliated healthcare and medical hub, as well as a biotech advanced engineering center, building upon a community where entrepreneurs and academic researchers come together to collaborate and develop thriving businesses. The group also sees tremendous opportunity in the fields of artificial intelligence, sensors, machine learning and others where the University already has a significant presence.

The long-term lease landlord remains the Research Park at FAU’s governing Authority, the Florida Atlantic Research and Development Authority, with a dual research and development and economic development mission, aligned with Florida Atlantic University. PEBB and Banyan have worked closely with the Research Park at FAU and will continue to work with it to pursue its mission.

“The commitment of the PEBB and Banyan teams to strengthening the tenant roster with companies focused on R&D and creating new technological and economic energy for Boca Raton and Palm Beach County is very exciting as we continue to seek to be the premier destination for innovative R&D companies in Florida,” said Andrew Duffell, president of the Research Park at FAU.

For PEBB, the acquisition continues a trend of investing in Boca Raton office properties with value-add potential. In 2021, the company purchased the 1801 Building in Midtown Boca and 5900 Building within the Park at Broken Sound.

“This is a unique opportunity to own and operate prime office space adjacent to the FAU campus,” said PEBB Enterprises President and CEO Ian Weiner. “The portfolio’s immediate access to I-95 and the Boca Raton Airport make it extremely appealing to tenants. We continue to target new investment opportunities in Boca Raton, which is underserved from an office supply standpoint.”

Located at 3600-3998 FAU Blvd., the office buildings were completed between 1998 and 2001.

The portfolio has a diverse mix of medical, technology and research businesses. Notable tenants include American Sugar Refining, Xeriant, Baptist Health Surgery Center, FAU College of Medicine Clinical Skills Simulation Center, Institute of Regenerative Medicine, Sandow Media, GenesisCare and 4ocean.

Merrick Manor Sells Out Commercial Spaces With Sales Of Prime Ground-Floor Retail Suite

Merrick Manor continues to generate strong interest from investors seeking Class A commercial real estate in Coral Gables. The luxury mixed-use building developed by the Henry Torres-led Astor Companies, has sold out the commercial spaces following the $5.44 million sale of several retail condominiums, including two units occupied by popular fitness studio Sweat 440.

Prisma Properties LLC acquired Merrick Manor commercial units CU3, CU8-9 and CU10 in a transaction that closed on April 26. ONE Sotheby’s International Realty Global Commercial Director Manny Chamizo III, the exclusive sales representative for Merrick Manor’s 20,000 square feet of prime ground-floor commercial space, brokered the sale. Merrick Manor’s ground-floor retail space is now fully leased or owned by owner/users.

Sweat 440 occupies 3,055 square feet in CU8-9. The high-intensity interval training (HITT) studio has a passionate following among its members, which range from beginners to fitness enthusiasts. Sweat 440 has locations in Florida, New York and Canada.

The 1,307-square-foot CU3 is currently utilized as the Sales Gallery for Merrick Manor’s limited inventory of available luxury residences. Located at 301 Altara Ave., next to the world-class Shops at Merrick Park and in the middle of the city’s Design and Innovation District, Merrick Manor is experiencing brisk residential sales activity and is on pace to sell out within the next six months.

M&B Dental Associates, P.A., led by renowned aesthetic dentist and decorated U.S. Navy veteran Dr. Ivan Mendoza,occupies the 1,669-square-foot CU10. M&B and Sweat 440 are part of Merrick Manor’s Health and Beauty Corridor, which also includes Anaïs Nails & Spa, Body Details, Elegance Beauty Salon and Trésor.

“Our success in curating Merrick Manor’s ground-floor retail space with a dynamic mix of tenants, which comprise the building’s Health and Beauty Corridor, played a major role in this new investment sales transaction,” Chamizo said. “The buyer recognized that prime commercial real estate like this is at a premium in Coral Gables. We are proud to produce another tremendous outcome at Merrick Manor.”

The sale to Prisma comes as another signature Merrick Manor commercial tenant, high-end furniture retailer Sierra Muebles, prepares to open its first U.S. showroom at the building in the next few months. A Peru-based retailer that has exclusive representation of the Brazilian brand in Peru and Miami-Dade County leases Merrick Manor’s largest commercial space, which totals 4,448-square-foot.

“This transaction underscores the long-term belief in our building from the real estate community,” Torres said. “Merrick Manor has an unparalleled location and commercial space that perfectly complements the building’s 227 residences.”

Black Lion Purchases Iconic Hospitality Destination In Miami Beach's South of Fifth Neighborhood

Black Lion has acquired an iconic restaurant space in Miami Beach’s South of Fifth neighborhood. The property is located at 200 South Pointe Drive, in front of the luxury Continuum Residences condo development. Black Lion is preparing to announce flagship restaurant concept which will be new to the Miami market. The property was formerly Cibo Wine Bar South Beach and is steps away from the beach and South Pointe Park. The 12,000-square-foot venue was purchased from Ian Bruce Eichner of The Continuum Company for $11.5 million, who developed the building, and brokered by Phil Gutman of PGutman, LLC and Pablo Camposano of Colliers International.

“We are excited to introduce something special to Miami Beach,” shares Robert Rivani, President of Black Lion. “Through relationships with high-caliber hospitality groups, we are able to create once in a lifetime opportunities that set the precedent for up and coming cities and curate unique lifestyle experiences at our properties. The soon-to-be-announced concept at 200 South Pointe Drive is no exception.”

The prime mixed-use retail/ restaurant space feature an open, multi-storied layout which allows for flexible design options and prominent branding opportunity with high visibility signage from two locations. Features include 19’ – 22’ ceilings, an outdoor courtyard and a rooftop lounge accessible by elevator.

This property is the latest addition to Black Lion’s growing South Florida portfolio of mixed-use, restaurant and hospitality commercial investments. Led b Robert Rivani, the company’s recently announced several Miami projects and acquisitions including Brickell Bay Boardwalk, Wynwood Jungle, Amara at Paraiso in Edgewater, new venues at Marea South Beach, and a yet-to-be-named restaurant concept on the ground level of the SLS LUX in Brickell.

Cordova Building In Fort Lauderdale Trades For $7 Million In Off-Market Office Transaction

The Cordova Building in Fort Lauderdale has sold for $7 million in an off market transaction. Southern Centers Associates I LP, led by longtime Fort Lauderdale developers and investors Kevin Buckley and Randall Kella, sold the 1500 Cordova Road property to Sunrise-based Centerline Capital Advisors. The transaction closed on April 6 and was represented Native Realty CEO Jaime Sturgis who represented both sides of the transaction.

The 29,333-square-foot office building sits on a 0.8-acre property. Willis Tower Insurance and Luke Brown Yachts are two of the building’s notable tenants. Sturgis was engaged by the seller to handle the discreet off-market disposition process.

Centerline actively purchases and manages income-producing assets in South Florida. The company was launched in 2013 to continue the legacy of predecessor Centerline Homes, a prolific homebuilder that was acquired by Standard Pacific.

The Cordova Building sale is Native’s second significant closing in the past few days. Sturgis and Senior Associate Dan Ross represented the sellers in the $11 million sale of the future site of Advantis Station at Flagler Village on March 31. The duo brought together four different property owners to complete that transaction.

“From complex land assemblages to trophy office buildings, we are making significant deals happen in a tight market with limited inventory,” Sturgis said. “With the off-market Cordova Building sale, we identified the right buyer to execute quickly and allow the seller to have a smooth exit. We are actively looking for more inventory to help sellers realize maximum value for their properties.”

North Miami Beach Financial Center In Opportunity Zone Trades For $9.3 Million

The North Miami Beach Financial Center, a 2.47-acre site featuring a two-story Regions Bank building located in an opportunity zone at 16051 W. Dixie Highway in North Miami Beach, has sold for $9.3 million. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam J. Tiktin and Greg Matus of Franklin Street’s Florida Investment Sales Team represented the seller in the transaction.

North Miami Beach Financial Center was originally constructed in 1972. The SAE Institute has been a tenant of the Regions Bank building since 2002. The property features strong fundamentals including 675 feet of frontage along West Dixie Highway, easy access, sufficient parking and an excellent location. Situated two blocks from the signalized intersection of Biscayne Boulevard and NE 163rd Street, the site experiences traffic counts of 49,500 and 43,500 per day respectively

Office Building On Ponce de Leon Boulevard In Coral Gables Trades For $14 Million

An office building located on Ponce de Leon Boulevard in Coral Gables has traded for $14,050,000 in a value add, off-market deal. The 7-story, 87,134 SF office building was mostly vacant at the time of sale and is located at 2000 Ponce De Leon Blvd. The property features 7,500 SF of ground-floor retail space and 100 parking spaces. 2000 Ponce de Leon Blvd. was acquired Westside Capital who plans to renovate the building including common areas and elevators before leasing out the property and occupying the 7th floor penthouse. The seller was the Kronfle family who acquired the land in 1996 for $840,000 and developed the building in 2000. Fabio Faerman and Sebastian Faerman of FA Commercial oversaw both sides of the transaction.

Coral Gables has seen high demand and a good deal of development activity for commercial real estate recently. In February Constellation Group paid $10 million for two single-story office buildings that they plan to redevelop into a 75,000 SF office building. In December Fortress Investment Group acquired Bancorp’s headquarters building for $135 million in a sale-leaseback and Terranova acquired an office building at 93 Miracle Mile for $6.8 million. Agave Holdings is also developing The Plaza Coral Gables, a mixed-use mega-project. To start off the year

Wynwood Annex Sells For $49 Million To New-To-Miami-Market San Francisco-Based Buyer

Related Group and East End Capital have sold Wynwood Annex for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors Co-Founders Devlin Marinoff and Tony Arellano P.A., who represented both the buyer and the seller. The milestone transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market and represents the culmination of many years of organic, artistic and eclectic development efforts in Wynwood led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.

Related Group and East End Capital developed Wynwood Annex and retailed DWNTWN Realty Advisors to lead the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market.

Following the successful lease-up effort Wynwood Annex attracted unsolicited offers from investors from all over the country. DWNTWN ran an off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $49 million sale.

“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”

“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Recent notable transactions include UOVO Storage Deluxe’s acquisition of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Leading Crypto Firm Blockchain.com Signs Lease At Tricera Capital and LNDMRK Development's Cube Wynwd

Leading crypto firm Blockchain.com has finalized a lease to occupy the top two floors of Tricera Capital and LNDMRK Development’s Cube Wynwd as its new Miami office. The ~22,000-square-foot lease brings Cube Wynwd to full occupancy less than 10 months after Tricera and LNDMRK acquired the Class A, 100,000-square-foot office and retail building. The deal also gave Blockchain.com naming rights for the building. Blockchain.com, one of the most widely used consumer crypto products and the leading institutional solutions provider, will soon begin designing its permanent office on the seventh and eighth floors.

Danet Linares, Tere Blanca and David Valdez of Blanca Commercial Real Estate, Inc. represented Blockchain.com in the Cube Wynwd lease. JLL’s Eric Groffman, Cameron Tallon and Edward Quinon represented Tricera and LNDMRK.

“We are thrilled to welcome Blockchain.com to Cube Wynwd and the Wynwood neighborhood,” said Tricera Co-Founder and Managing Principal Ben Mandell. “Blockchain.com’s leadership shares our long-term belief in Wynwood, which still has vast potential on top of the incredible growth and activity that has already occurred.”

In 2021, Blockchain.com announced its intentions to relocate its national headquarters from New York to Miami and aggressively hire throughout the local Miami job market. It also committed to make a significant investment to support the South Florida STEM community.

“As Miami solidifies its status as a mecca for crypto, we couldn’t be more excited to announce the location for planting our permanent roots in the city,” said Peter Smith, Blockchain.com CEO. “The speed at which our business is growing matches that of Wynwood and Miami itself, creating the perfect backdrop for us to continue scaling worldwide from our very own Blockchain.com building.”

Tricera and LNDMRK purchased Cube Wynwd, which also includes ground-floor retail space and a verdant rooftop terrace occupied by popular Japanese restaurant Kissaki, in an April 2021 off-market transaction. The 222 NW 24th St. Cube Wynwd, the neighborhood’s first boutique office-over-retail building, was just ~35% occupied at the time of Tricera and LNDMRK’s acquisition.

The joint venture partners rapidly stabilized the building with a compelling mix of tenants, including Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

Coworking operator Spaces occupies about 30% of the office space and about 1,700 square feet of the retail space in Cube Wynwd’s lobby. Renowned chef Gabriele Bonci’s Rome-based Bonci Pizza and Mini Market are among the existing retail tenants. The building features loft-style office space with expansive floorplates.

“Cube Wynwd is a case study for how we identify off-market opportunities and move quickly to execute our hands-on ownership approach,” Tricera Co-Founder and Managing Principal Scott Sherman. “We are proud of the building’s dynamic tenant roster, with Blockchain.com joining numerous new-to-market companies. Wynwood will continue to experience intense corporate relocation demand from the technology and finance sectors.”

Tricera and LNDMRK are frequent collaborators on real estate investments and developments. The companies are partnering with The 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 on a former Coca-Cola plant in Wynwood.

Image via Richard Novak

Miami-Based Private Equity Firm Iconic Equities Launches With Industrial Development Site Acquisition

Iconic Equities, in partnership with Trinity Capital Advisors, has announced the closing of 239 Jedburg Road in Charleston, roughly 115 acres of land located in the Summerville submarket. The firms plan to develop approximately 780,000 square feet of Class A logistics warehouses. Iconic and Trinity will commence development of the 621,000 square foot cross-dock building and the 158,000 square foot rear-load building this summer. Completion is anticipated to be in the Spring of 2023, with JLL’s Lee Allen and Kevin Coats slated to handle the leasing.

Tim Bishop, previously Director of Acquisitions at Thor Equities founded Iconic Equities about a year ago to focus on acquiring and developing logistics warehouses, Industrial Service Facilities (ISF), multifamily, and mixed-use commercial properties throughout the United States that are poised to benefit from e-commerce growth and population migratory patterns in a post-Pandemic world.

Iconic is in the process of rolling out an infill Industrial Service Facility (ISF) program with an institutional capital partner, focused on markets such as: New York City, New Jersey, Los Angeles, South Florida, Houston, Columbus, Phoenix, Atlanta, Savannah, Charleston, and Dallas. These assets will include truck terminals, trailer storage, container storage, fleet maintenance yards and equipment maintenance yards. The firm is targeting to raise $100 million of equity towards the strategy.

Brian Rosen, who most recently served as the Chief Investment Officer for Accesso Partners in Miami. During his tenure, Accesso acquired over 11 million square feet of real estate. Rosen leads the firm’s multifamily and office platform. Robert Fitzgerald, who previously focused on capital markets at a South Florida-based hedge fund and has been with Bishop since the firm’s inception, focuses on acquisitions and capital markets.

Ty Wiest, who previously worked at Prologis has joined the team as well and will be opening Iconic’s Los Angeles office and leading acquisition efforts on the West Coast. Wiest worked on the Industrial Property Trust acquisition and worked on an additional $900m in transactions while at Prologis. Michael McGraw, also based in Los Angeles, joins the firm from Industrial Realty Group, a national warehouse developer with over 100 million square feet under management across 31 states. While at IRG, McGraw worked on approximately $500m in transactions.

At Thor, a $10 billion assets under management investment company led by Joseph Sitt, Bishop was instrumental in taking the firm into markets like Austin, Nashville, Raleigh-Durham and Dallas. During his tenure, Thor became one of the most active buyers of logistics and life sciences properties in both the US and Europe.

“Our acquisition strategy at Iconic is both highly data-driven and highly adaptable in nature – right now, logistics is the hottest asset classes in real estate, from both a capital markets and tenant demand perspective–so that has been most of our focus,” said Bishop. “We’re acquiring and developing everything from big box warehouses to last mile facilities to outdoor storage facilities – all engineered to capitalize on the momentum from logistics growth over the next 5 years.”