Radio Mogul Tom Joyner Sells Golden Beach Oceanfront Home For $19 Million

Retired radio legend Tom Joyner has sold his incredible beachfront villa located in the ultra-exclusive town of Golden Beach. The home, which is located on a four-block stretch at 469 Ocean Blvd. and was featured as an Architectural Digest cover story, sold for $19 million. Dina Goldentayer with Douglas Elliman represented both sides of the transaction.

The tri-level villa offers 3 bedrooms and 4 bathrooms spread over 7,340 SF. The home underwent a $7.5 million renovation in 2020 from designer Deborah Wecselman of Wecselman Design, architect Wesley Kean of KoDA, contractor Larqcon Group, and landscape architecture firm Enea. The home features ocean views from nearly ever room and a foyer transformed into an art gallery with pieces from Picasso, Robert Pruitt, Allora & Calzadilla, and Ernie Barnes; finished with a custom Bocci pendant light hanging from the ceiling over the architectural staircase.

The master bedroom occupies the entire third floor featuring stunning bathroom with a glass encased RiFRA tub in the center of the room plus a large open dark wood closet.

Outdoors features a seaside swimming pool with spacious verandas, summer kitchen, beachside louvered cabana and direct access to a private beach.

Golden Beach is the only private community with homes on the sand in South Florida. The ultra-exclusive gated community has its own police force, private beach with pavilion and beachside service, tennis courts, basketball court, multiple parks and kids playground.

Images via Mike Ruiz with Become Legendary

Electric Feel Entertainment Founder And CEO Austin Rosen Buys 6417 Pine Tree Drive Circle

Electric Feel Entertainment Founder Austin Rosen has purchased 6417 Pine Tree Drive Circle for $12.5 million after acquiring the neighboring 6401 Pine Tree Drive Circle also for $12.5 million last year. With the acquisition Rosen now has 185’ on the water and 37,135 SF of land. 6417 Pine Tree Drive Circle, Miami Beach, is a 6 bedroom, 7 bathroom house spanning 4,855 SF. The Mediterranean waterfront home was designed in 1935 by Russell Pancoast. Both sides of the transaction, which closed on July 25, 2022, were brokered by Jordan Karp of Jordan Karp LLC.

Rosen also purchased a commercial building at 235 NE 29th St. near Midtown for $5.6 million in 2021.

Electric Feel Entertainment is a music management, publishing studio and label with over 215+ billion streams. The company was founded by Rosen who is manager of Post Malone, Iann Dior, 24KGoldn, and more. He also founded EF Ventures which helps connect talent and founders of emerging brands in a variety of industries including food and beverage, tech, fashion and Web3.

DRA Advisors and CP Group Acquire Iconic Office Building 'Miami Tower' In Downtown Miami For $163.5 Million

DRA Advisors and CP Group have acquired Miami Tower, a 627,152-square-foot trophy office tower in Downtown Miami’s Central Business District for $163.5 million. Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield also arranged the acquisition financing through PGIM on behalf of the buyer, DRA Advisors and CP Group.

“Miami Tower is a hallmark icon of the Miami skyline with a storied history,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “CP Group together with DRA have a vision to elevate the asset with significant capital investment and plans for modernizations that will place Miami Tower as a category-defining option for tenants seeking the very best transit-oriented workplace solutions together with state-of-the-art on-site amenities.

Additionally, “The asset’s live-work-play environment and location in an area that has had more than $23 billion worth of recent development happening will continue to attract interest from established businesses in and outside of Florida,” said Davis, Executive Vice Chair at Cushman & Wakefield.

Located at 100 SE 2nd St., Miami Tower is a trophy asset that spans 47 stories and is currently 67% occupied while historically averaging 90% or better. The office tower features a unique triple-tiered light display and best-in-class amenities such as an on-site conference center, fitness facility, Sky Lobby and Sky Terrace event space, ground floor retail, and adjacent Hyatt Regency Miami Hotel. It’s also the only office building in Miami that is fully connected into the city’s public transit system with an integrated Metromover station, which provides nearly immediate access to Miami Central station.

Miami Tower has been a critical part of the city’s public and business community since it was built in 1987, and significant capital has been invested in renovation projects over the years to maintain it. Under new ownership, the office tower offers potential value-add through further enhancements to its amenities.

We Florida Financial Sells Fort Lauderdale Site to AutoNation for $11.8 Million

AutoNation has acquired a Fort Lauderdale site from We Florida Financial for $11.8 million. The 71,307 square foot property features prominent frontage on South Federal Highway in the heart of Fort Lauderdale. The property is located on 1300 S. Federal Highway plus 617 and 705 N.E. 14th St with maximum exposure to passing traffic. The transaction was overseen by Cary Cohen, Executive Vice President, and Christina Stine Jolley, Vice President & Dir. Of Business Development of Blanca Commercial Real Estate, who represented the seller.

“Given the current real estate market in South Florida, this offering presented the rare opportunity to acquire a site with a prime location,” said Cary Cohen. “Even with interest rates rising, we received several bids on the site and continue to experience tremendous activity,” he adds.

The property offers a close proximity to La Olas Boulevard, some of Florida’s most beautiful beaches, Fort Lauderdale International Airport, Port Everglades, and is at the core of the city’s residential communities..

AutoNation is one of the largest dealers in the nation with $25.8 billion in revenue in 2021. Its sales have been growing in recent years and automobile prices have been climbing.

Prestige Imports CEO Brett David Closes On Biscayne Boulevard Site Expanding Prestige Campus In North Miami

Brett David, CEO of Prestige Imports, has acquired 15090 Biscayne Blvd in North Miami for $4,698,000. Formerly the Arch Creek Animal Clinic, the 24,102 SF property will be redeveloped and utilized to complete Prestige Imports’ nearly 10-acre campus on Biscayne Blvd in North Miami. Prestige Imports is one of North America’s leading factory authorized Lamborghini dealerships as well as an internationally-renowned dealership for luxury, exotic, and supercars, including Aston Martin, Bentley, Bugatti, BMW, Ferrari, Jaguar, Karma, Koenigsegg, Lamborghini, Lotus, Maserati, McLaren, Mercedes-Benz, Pagani, Porsche, Range Rover, and Rolls-Royce.

“My family and I are extremely excited to acquire this piece of property. Located on the corner of 151st and Biscayne boulevard, this property represents the final piece of the puzzle for the completion of the Prestige Imports campus that we have been growing over the years. The campus is now nearly 10 acres on Biscayne boulevard. We are excited for the next steps as we look to redevelop this land in a community that we love,” said Brett David.

The Prestige Imports campus sits at just under 10 Acres on Biscayne Blvd in North Miami Beach. The campus is located right across from SoLe Miami, the 190 Acre development created by Jamie LeFrak & Jackie Soffer. Prestige purchased their original 3 Acre property on Biscayne in 1983 for $319,000.00. Zoned for 150’, 15 stories of vertical development, these sites are being planned for a large development which will house a brand new Prestige Imports facility as the ground floor tenant. Brett David purchased the Prestige Imports showroom, previously a Walgreens, in 2016 for $12.5M.

The David family also controls the North side parcel of 151st & Biscayne, approx. 80,000 SF, which houses their new car wash & restaurant concept; Prestige Auto Spa & Treesome Natrual Foods as well as announcing their newest development of Prestige Energy completed development 4th quarter this year. The property also has tenants such as TruLeaf & Express Auto Lease. This North parcel will also be apart of the development. Brett David also owns the historic Gourmet Diner site at 13951 Biscayne Blvd. which is newly leased to world renown bakery chain, Marie Blanchere which is currently being renovated. Plans to open this location will be Q4 this year.

“Over the years witnessing the real estate in which the David family has accumulated on Biscayne Blvd. is nothing short of fantastic. The growth in our city of North Miami Beach is upon us with some of the largest developers in the United States entering the city, I know Brett David’s plans for this site will be iconic & timeless while continuing to house the world-famous Prestige Imports!” Said Mayor Anthony F. DeFillipo, North Miami Beach Mayor.

MG Developer Acquires 33 Alhambra Circle In Downtown Coral Gable, Plans New Luxury Condominium Alhambra Parc

MG Developer, one of the most active developers in Coral Gables, has acquired a parcel of land at 33 Alhambra in Coral Gables’ Northside entrance and has announced plans to build a new mixed-use condominium community. Named Alhambra Parc, the project will feature with 33 luxury condominiums and retail on the ground floor. This acquisition was made in partnership with VYV, a real estate development group with headquarters in Peru, that also partnered with MG Developer to build Gables Village.

“VYV is grateful and feels very proud of the joint venture that it has built with MG and our plans are to grow in South Florida with the support of MG,” said Cesar Paniagua, Director of VYV.

Knighthead Funding, LLC, a private mortgage lender based in New York, provided the loan. Executive Directors Jeffrey Donnelly and Dmitry Levkov of Colliers International financed this project.

“We are truly proud to further our partnership with MG Developer and VYV for this second site in Coral Gables,” said Brian Sullivan, Vice President of Knighthead Funding, LLC. “We are also very proud to be growing our portfolio of properties in South Florida.”

“We are excited to be partnering with Knighthead Funding for another project in Coral Gables,” said Alirio Torrealba, CEO of MG Developer. “We are grateful to our partners for trusting in our vision for the City Beautiful, and our commitment to elevate the City with each and every project we build,”

The new development will rise close to Downtown Coral Gables’ financial district and will be in walking distance to Giralda Plaza and several restaurants, shops and entertainment venues.

The acquisition further anchors MG Developer’s presence in Coral Gables. Alhambra Parc will complement the existing Biltmore Square enclave, and Gables Village which is in its pre-sale phase and has a new sales gallery is located at 2990 Ponce de Leon Boulevard, Suite 101. When completed in 2024, Gables Village will consist of duplexes, townhouses, and condominiums and integrate gardens and courtyards throughout an entire block, with 50 percent of the site to include lush landscaping and hidden parking garages.

Pebb Capital and LeaseFlorida Sell Hampton By Hilton at The Continental in Miami Beach For $43.9 Million

Pebb Capital and LeaseFlorida have sold the Hampton by Hilton at The Continental in Miami Beach, Florida for $43.90 million. The sale closed on June 15 to a privately held LLC. The JV renovated the historic structure in 2016 for $25 million.

This deal is a record for the Hampton flag, marking the second-highest price per key in the brand’s portfolio and is significant for the area, which is in the midst of an evolution to become a business epicenter, allowing for the long-term growth of local industries catering to the ever-expanding clientele.

The Continental Hotel was originally built in 1948. It was converted into a condominium after the hotel closed until the JV purchased it and converted it back to its historic use as a hotel. The renovation included restoring the exterior façade to bring back the charm of the original Continental Hotel. It was kept in the original MiMo style (Miami Modern) which was the architectural style post World War II era (1945 to mid-1960s) that originated in Miami and Miami Beach. The original reception desk and pool were also restored.

Pebb Capital And LeaseFlorida Sell Trophy Miami Beach CVS For $17.73 Million

Pebb Capital, in a partnership with LeaseFlorida, has sold a trophy retail condominium asset on Miami Beach for $17.73 million to California-based Cove Capital Investments. CVS Health (CVS), the largest national pharmacy health care provider and a publicly traded company, is the long-term tenant, which signed a 25.5-year lease in May 2021.

Cushman & Wakefield’s National Net Lease Group, led by Blake Tagmyer, Brandon Price and Greg Mason, facilitated the sale. Emerald Creek Capital arranged $13.3 million of financing for the buyer.

Delivered in 2019, the two-story, 8,896-square-foot retail condominium property at 4000 Collins Ave. is situated under a four-story parking garage that was constructed from the ground up by the seller. It is adjacent to the historic Hampton Inn at The Continental, a 100-key Hampton by Hilton hotel at the same address that is owned, operated and was renovated in 2019 by Pebb Capital and LeaseFlorida for $25 million.

Located just one block from the ocean, CVS is at the prime intersection of Collins Avenue and 41st Street, one of Mid Beach’s busiest corridors, with daily traffic count in excess of 70,000 vehicles. There are over 2,700 hotel rooms and 6,000 residential units within a five-mile walking radius. A mile west is Mount Sinai Medical Center, one of South Florida’s largest hospitals with more than 4,000 employees and 672 beds.

“The key to retail is consistent traffic, and there’s a surplus of that at this busy corridor,” said Todd Rosenberg, co-founder and managing principal of Pebb Capital. “This sale proves the continued success of opportunistic investments with positive real estate fundamentals.”

Images via Alex T Photo

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.

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.”