Waterfront Coconut Grove Spec Mansion Sells For Record Breaking $65 Million

A waterfront spec mansion which is currently under construction at 3488 Saint Gaudens Road in Coconut Grove has sold for a record $65 million. The sale price includes the cost of completing the home and is the most expensive closed home sale ever in Miami-Dade County. The deed traded for $50 million, but the $65 million sale price includes the cost of completing the home.

The seller was Isaac Perez and the buyer is a Delaware LLC who financed the acquisition with a $20 million mortgage from Maxim Capital Group. Jorge Uribe of ONE Sotheby’s International Realty represented the seller and Oren Alexander of The Alexander Team at Douglas Elliman represented the buyer.

3488 Saint Gaudens Road was designed by Pacheco Martinez & Associates. The estate spans 4.3 acres which Perez acquired for roughly $24.2 million. He purchased the first three lots in the assemblage for $18 million in 2013 and later added a fourth parcel for $6.2 million in 2020.

Coconut Grove has been a hot neighborhood for ultra-luxury real estate deals. Jorge Mas sold his waterfront home known as Casa Bahia at 3085 Munroe Drive for $45.91 million and in June 2021 private equity investor Nathan Leight of Terrapin Partners sold 3500 and 3535 Curtis Lane for $48 million. Related Group’s founder Jorge Pérez recently listed his waterfront home for $33 million.

The record for most expensive home sale in Miami-Dade County was previously held by 3 Indian Creek Island Road which traded for $49.9 million in 2019.

Images via Pacheco-Martinez & Associates

Multifamily Development Site For Approved M Tower Sells For $10 Million In Downtown Miami

The New York-based Lions Group has acquired a development site in Downtown Miami for $10 million which has a project known as M Tower approved to be built. M Tower is planned to rise 53-stories and offer 440-unit apartment units, located at 56 SW 1st St and 65 SW 2nd Street. Colliers' Urban Core Division Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented the seller, the Aventura-based S2 Development, and EP Realty’s Estrella Perez represented the buyer, Lions Group, in the transaction.

“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.”

M Tower will consist of 622,783 SF of gross building area, with 25,732 SF of office space and 1,089 SF of retail. The development site also includes a parking garage owned by the Miami Parking Authority (MPA), located at 70 SW 1st St. The 16,718 SF site includes air rights, waivers, and the ability to build residential units over the adjacent parking garage. The proposed units are targeted toward students and young professionals looking for a connected urban experience, currently the largest market of downtown residents.

The project has Urban Development Review Board (UDRB) approval, which it obtained through an extensive RFP process. The entitlement provides additional air rights, waivers, and the ability to construct a residential tower over the adjacent Miami Parking Authority (MPA) garage.

Downtown Miami continues to experience robust demand as it attracts a younger, wealthier and more educated population. Downtown is the largest employment center in Miami-Dade, with more than 175,000 employees and a day-time population of 235,000. The city is home to the highest concentration of banks and financial institutions outside of Manhattan, and tourism is at an all-time high with more than 6 million visitors per year. M Tower stands to benefit from the area’s rapid population growth. Since 2010, the population of Downtown Miami has increased approximately 52% and is expected to increase another 16% by 2024.

Beach Towing Purchases Sunset Harbour Commercial Property For $6.5 Million

Longtime Sunset Harbour tenant Beach Towing has acquired a commercial property South Beach’s Sunset Harbour neighborhood for $6.5 million. The property is located at 1349 Dade Boulevard in Miami Beach and consists of a 2,600 SF building and a 17,932 SF lot.

The transaction was overseen by Colliers Urban Core Division led by Colliers' Executive Managing Director Mika Mattingly and Associate Cecilia Estevez, who represented the seller Festa Family Trust. Eric A. Gonzalez of Roca Gonzalez, P.A. was legal counsel representing the Festa Family Trust in the sale of the property.

“Sunset Harbour has undergone an incredible transformation,” said Mattingly. “This is the first neighborhood I farmed, selling a good chunk of the market’s available land at the time. The area has exploded with development since then.”

Beach Towing has operated an automobile storage and towing company at the property since 1986. The towing company began operations when the property was within an Intensive Commercial District (C-6), which grandfathered the company in when the zoning was changed three years later to Commercial Medium Intensity (C-5). Beach Towing operates as a legal, non-conforming business.

Sunset Harbour has been one of South Florida’s most in-demand neighborhoods in Miami. Miami Beach developer Ronny Finvarb recently acquired a 10,200 SF Sunset Harbour site at 1790 Alton Road for $4 million. Down the road Eighteen Sunset, a mixed-use residential and commercial building featuring office space and an ultra-luxury penthouse, is currently being developed by Deco Capital Group.

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.”

Singapore-Based PRIME US REIT Acquires One Town Center Office In Boca Raton For $99.5 Million

The Singapore-based Prime US REIT has acquired the One Town Center office building in Boca Raton for $99.5 million. The sale price equates to $520 PSF and a 5.8% CAP rate. The seller was a joint venture between the buildings developer, the Boca Raton-based CP Group, who is the property manager and developed the building under their former name Crocker Partners, and New York City-based Siguler Guff & Co. CP Group was represented in the transaction by CBRE Vice Chairman Chris Lee, EVP José Lobón, VP Amy Julian, financial analyst Andrew Chilgren, and associate Royce Rose. The California-based KBS assisted the buyer in procuring the deal.

CP Group will continue to manage the property which was over 95% leased at the time of sale. Prime US REIT plans to renovate the common areas, lobby and restrooms.

One Town Center is a 191,294 SF office building developed in 1991 by Thomas Crocker. and located at 5355 Town Center Road. It last traded in 2014 for $81 million but was only 34% occupied at the time of sale. One Town Center rises 10-stories and features 709-parking spaces along with tenant amenities which include a café, restaurant, full security system, balcony access and a fitness center.

Image via CP Group

Todd Michael Glaser Sells South Ocean Boulevard Palm Beach Oceanfront Estate For $28.5 Million

Real estate developer Todd Michael Glaser has sold an oceanfront Palm Beach estate for $28.5 million. Located at 870 S Ocean in Palm Beach's coveted Estate Section, the home is currently undergoing renovations which are slated for completion in late 2021. Chad Carroll with the Carroll Group at Compass represented the buyer while Suzanne Frisbie with the Corcoran Group represented Glaser.

870 S Ocean spans 6 bedrooms and 7.5 bathrooms spread over 7,589 SF. The redevelopment is being designed by DOMO DESIGN + ARCHITECTURE and when complete the mediterranean style home will offer the most lavish luxury finishes and a spectacular beachfront cabana and pool.

Todd Michael Glaser has been extremely active in South Florida’s ultra-luxury spec home market over the past several years. In Palm Beach Glaser is currently developing 10 Tarpon Island which he recently launched for $200 million. He is also redeveloping the former estate of the late disgraced financier Jeffrey Epstein. In Miami Glaser and his partners Randall, Robins and Fryd recently acquired the former estate of “Sábado Gigante” host Don Francisco for $23.8 million. He is also developing 37 Indian Creek which just launched for $55 million, 6015 North Bay Road, 163 Bal Cross, 386 Golden Beach Drive and a myriad of other ultra-luxury spec mansions and owner reps homes.

Imagery via Suzanne Frisbie

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Former Owner of Club Space Acquires South Beach Multifamily In South of Fifth For $5.567 Million

Louis Puig, the former owner of Club Space, has acquired a multifamily property in Miami Beach’s South of Fifth neighborhood and plans to convert the space into a boutique hotel. Puig payed $5.567 million for 333 Jefferson Ave., a gated 24 unit multifamily property which was developed in 1939. The multifamily property sits on two lots spanning .32 acres. The current structure is 12,371 SF but zoning allows for over 21,000+ SF.

Susan Gale & Serena Joaquim with ONE Sotheby's International Realty represented the seller, 333 Jefferson Holdings. Gema Ruiz of Cedano Realty Advisors and Jose Maria de Guzman represented Puig, the buyer.

Puig plans to renovate the property and will offer a mix of studio, one-bed and two-bed units licensed for short-term rental.

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Automotive Management Services Acquires Jaguar Fort Lauderdale Property For $11.8 Million

An entity tied to the West Palm beach-based Automotive Management Services has acquired the Jaguar Fort Lauderdale property for $11.8 million from the Fort Lauderdale-based AutoNation (NYSE: AN). The transaction was overseen by Chase Deuschle of CBRE. Automotive Management Services is one of the largest privately held automotive dealership firms in the United States.

The dealership was developed in 2004 and features a 107,019 SF structure on a 2.51-acre site. The dealership has the capacity to hold up to 1,200 cars. Located at 6606 N Andrews Ave., the dealership is visibly exposed to I-95. AutoNation first acquired the property in 2017 for $14 million. The dealership was previously known as Alpine Jaguar.

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The Penthouse At The Mansions At Acqualina Sells For $27 Million In Sunny Isles Beach

The Penthouse located high atop the 47th floor of The Mansions at Acqualina has sold for $27 million. The residence was designed by STA Architectural Group and spans over 9,000 SF of floor-through luxury with an additional 2,500 SF outdoors. Michael Goldstein and Karina Serber Batievsky of Acqualina Realty represented the developer, Trump Group, and Viviane Wolak of One Sotheby’s represented the buyer in the transaction.

“The award-winning team at STA Architectural Group traveled the world to source the most unique and desirable materials to apply to the floors, walls, countertops, vanity tops and even the baseboards of The Penthouse,” said Michael Goldstein of Acqualina Realty. “The Penthouse offers the best of everything and is truly one of a kind showcasing the world’s finest residence.”

The Penthouse has four bedrooms, six full bathrooms, two half bathrooms, a grand salon, family room, terraces with a pool, summer kitchen and sauna. The residence is fully furnished and accessorized with a multi-million dollar custom design by Luxury Living/Fendi Casa and features marble flooring throughout including terraces, Crestron motorized window shades, intrusion monitoring system, climate controls with digital thermostats, custom-designed decorative light fixtures and ceilings up to 15’ and 30’ in some areas.

One of the most unique features is a private glass-bottom pool floats 600 feet above ground, giving a birds-eye view of the earth below providing a whole new perspective on hi-rise swimming. The pool incorporated hundreds of custom tiles hand-crafted in Wales.

The family kitchen features a La Cornue 60’’ gas range, custom-designed cabinetry with a rolling steel ladder, large center island with Kohler stainless steel sink, Sub-Zero 36’’ refrigerator and freezer, Sub-Zero 18’’ wine cooler, Miele dishwasher and Miele microwave oven. A separate catering kitchen has black granite countertops, Miele wall-mounted combo steam oven and Kohler stainless steel sink, among other features.

The Master Suite offers a midnight bar with sink, refrigerator and marble countertops, spacious his and hers dressing rooms with custom cabinetry including closets with pull-out drawers and shelves, his and hers bathrooms with onyx vanity tops, onyx steam shower enclosure, custom stone sinks with Dornbacht fixtures, under-mount air bath with custom marble surround tub, his bath with Toto Neorest one-piece toilet, her bath with Toto 600 toilet/bidet and marble floors.

The new buyers have access to private amenities including an infinity-edge salt water pool overlooking the Atlantic Ocean, landscaped gardens, daily breakfast bar, room service, private walkway connecting The Mansions to the Five-Star Acqualina Resort & Residences, private cabanas, dog-walking path, cinema with stadium seating, cigar lounge with personal humidors, golf simulator, children’s playroom, teen’s game room, resident-only Hammam and spa facilities.

The Mansions at Acqualina was developed by Trump Group, who is currently taking penthouse living to an even higher level at the ultra-luxurious Estates at Acqualina. Through an exclusive partnership the entrance lobbies at The Estates at Acqualina were designed by the late Karl Lagerfeld. The grounds of The Estates’ 5.6 acres will offer lush landscaped gardens, multiple pools, a FlowRider® wave simulator, a basketball court, a bocce court, a dog park, a soccer field, a beachfront restaurant, and five-star beach and pool services. Also available will be a 24-hour valet, 24-hour security services, a full-service resident concierge, and a house Rolls-Royce car. The North tower of The Estates at Acqualina topped off in May 2021 following the South tower which topped off in July 2020.

Imagery via Mansions at Acqualina

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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.

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