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

The Alexander Team Oversees $19.9 Million Record Setting Sale Late Shoe Mogul Bob Campbell's Boca Raton Waterfront Estate

The late shoe mogul Bob Campbell’s Boca Raton waterfront estate has sold for a record setting $19.9 million with both sides of the transaction overseen by Oren Alexander of The Alexander Team at Douglas Elliman. The ultra-lavish mega-mansion closed for $17.9 million, but the total came to $19.9 million including the furniture. The sale breaks the record for highest priced single family home sold in Boca Raton.

Located at 819 Orchid Drive, the residence spans 13,000 SF of living space spread over 9 bedrooms and 14 bathrooms. The property made a mark when it first came to market representing a fresh departure from expected Boca Raton luxury. The spectacular contemporary residence on an oversized Intracoastal Waterway lot offers 343’ of water frontage and 270-degree views.

The estate incorporates extraordinary amenities such as four infinity pools, extensive private dockage, an upstairs bar, a green roof, atrium-like interiors, formal and catering kitchens, and a waterfall descending from the roof, this estate offers privacy and over-the-top luxury at a breathtaking scale. The interior features soaring walls of glass which open the living spaces to vast vistas, while each of the 9 bedrooms, including the dedicated primary suite wing, open directly to outdoor space.

Bob Campbell was chairman and chief executive officer of footwear giant BBC International, whose brands include Cole Haan, Polo Ralph Lauren, Tommy Hilfiger and Nine West. Campbell made history in the shoe industry multiple times during his career, he was the man behind the 2000s craze of the childrens shoe “Heelys” and in the 90s he brought lighted kids shoes to market taking the sneaker scene by storm, with ten million pairs sold in the first year alone.

Imagery via Douglas Elliman

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.

WeWork Co-Founder Adam Neumann Buys Bal Harbour Marina Properties For $44 Million

Ousted WeWork Co-Founder Adam Neumann has acquired two home sites on the Bal Harbour Marina for $44 million. Neuman recently sold his estate in Northern California for $22.4 million and joined the influx of wealthy investors moving to South Florida. The off-market transaction was overseen by Tony Imbesi, who represented the seller, and Brett Harris of Douglas Elliman represented the buyer.

The double-lot property spans 50,000 SF and offers 360’ of waterfront with multiple boat slips. A 14,500 SF home is under construction on one lots which Neuman plans to finish.

Neuman purchased the property from real estate investor Joseph Imbesi, who also owns the former site of the Bal Harbour Yacht Club which is listed for $65 million on the tip of the Bal Harbour Marina. Imbesi purchased the shares of the Bal Harbour Club in the 1990s for $19,000,000. The Bal Harbour Club owned 5.5 acres on the beach, where Oceana Bal Harbour is now located and 10 acres on the bay, where the $65 million lot of land sits. The properties were owned by the proprietary members of the club and they wanted to sell so Imbesi bought all of the individual shares to gain control of the company and the assets that it owned.

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Related Companies Acquires 50% Interest In Esperanté Corporate Center In West Palm Beach

The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio after partnering into the Esperanté Corporate Center. Related Companies acquired a 50% stake in the office tower from the New York-based RedSky Capital, the London-based JZ Capital Partners owns the remaining 50%. The property was roughly 80% leased at the time of closing. The Red Sky Capital and JZ Capital Partners joint venture initially acquired the property in 2016 for $125.75 million.

The Esperanté Corporate Center spans 256,100 SF of Class A office space on a 2.1-acre site at 222 Lakeview Ave. in Downtown West Palm Beach. The property was initially developed in 1989. Tenants include Merrill Lynch, Bank of America and Raymond James. The vacant suites are being marketed by Tower Commercial Real Estate.

Related Companies is the largest Class A office owner in Downtown West Palm Beach. In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and in May 2021 acquired CityPlace Tower for $174 million. Related Companies is also developing the 360 Rosemary office tower and has approvals to break ground on another waterfront office tower, One Flagler, which is expected to break ground in October.

Images via Tower Commercial Real Estate

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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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Tour A One-Of-A-Kind Sky Mansion Triplex Which Just Sold For $30 Million At Continuum South Beach

A one-of-a-kind, combined three unit “Sky Mansion” condo at Continuum South Beach in Miami Beach’s exclusive South-of-Fifth neighborhood has sold for $30 million. Unit 3602-3604 in Continuum South was listed on the market just 52 days before selling for a record most expensive price per square foot in the building at roughly $3,645 PSF. The residence is also the fourth most expensive condo ever sold in Miami Beach. The sale follows a trend of closings of large, luxury condos in Miami and follows the sale of Continuum developer Bruce Eichner's own unit in April for $35 million.

The triplex in Continuum South spans three combined units on 36th floor resulting in 8,229 SF with an additional 3,704 SF of outdoor balconies. The residences offers 6 bedrooms and 5.5 bathrooms with a two-story master suite, two kitchens and a theater. The home also features 300-degree views and two story windows with luxurious custom design and finishes throughout.

The residence was listed with Sheila Michelle Rojas of Brown Harris Stevens and Constantin Gorges of Compass. Talita Pinheiro of Compass represented the buyer.

The sellers, William M. Osborne III and Karen H. Bechtel, are former Morgan Stanley Managing Directors, art collectors and philanthropists. While living in the home during Covid-19 the couple established Meals for Heroes, a non-profit to provide hospital emergency rooms and ICUs, EMS and first responder teams, and mobile testing centers with dinner cooked and prepared by local Miami restaurants and caterers.

Photography by Jerome Louden / Courtesy of Sheila Michelle Rojas / Brown Harris Stevens Miami

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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.

Black Lion Investment Group Acquires Bayfront Amara at Paraiso Property For $12.1 Million From Related Group

The Los Angeles-based Black Lion Investment Group has acquired the trophy waterfront restaurant building Amara at Paraiso, located at 3101 NE 7th Ave., from Related Group. The deal was overseen by Fabio Faerman and Sebastian Faerman of FA Commercial with Fortune International Group, who represented both Black Lion and Related Group in the transaction. Amara at Paraiso is a 12,300 SF commercial property and is one of the only free-standing restaurants in Miami located directly on Biscayne Bay. James Beard Award winning chef Michael Schwartz’s Genuine Hospitality operates the popular indoor-outdoor dining space.

“We are thrilled to be a part of the vibrant retail and fine dining experiences that are making Miami the go-to destination in a post COVID-19 world. We believe this is the first step in a multi-faceted approach to creating new experiences within the Miami community,” said Robert Rivani, President of Black Lion Investment Group.

The unique Class A experiential retail and dining facility was built by Related Group as part of the 11-acre Paraiso District, which the development firm delivered in 2018. The Paraiso District consists of the 384-unit Paraiso Bayviews, the 357-unit Paraiso Bay, the 317-unit Gran Paraiso, the 276-unit One Paraiso, and seven standalone townhomes at Paraiso Bay Homes.

Black Lion Investment Group’s portfolio of properties in Florida includes the recently 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 Genuine Hospitality Group

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