Apocalypse Manufacturing And SoFlo Customs Acquires Pompano Beach Manufacturing Facility for $10.7 Million

South Florida-based Apocalypse Manufacturing and South Florida Custom Jeeps (SoFlo Customs), known for their one-of-a-kind custom-made jeeps led by founder Joseph Ghattas, has closed on a $10.7 million acquisition of a new manufacturing facility to build and fabricate custom trucks. The 41,520-square-foot state-of-the-art facility was developed in late 2022 and is located at 2151 Hammondville Road in Pompano Beach, Florida. As a result of the off-market transaction, the new warehouse property will be used by the buyer to build and fabricate every Soflo Custom and Apocalypse 6x6 truck which will be sold off-site.

The purchase represents the expansion of the companies’ manufacturing facility from a 18,000-square-foot location in Fort Lauderdale to more than double the space at the new site in Pompano Beach. In addition to the physical expansion, the auto company plans to add approximately 35 skilled workers.

“The Hammondville Road location is perfect, as it is a brand-new facility with 16 grade-level doors and situated within a half-mile from Florida’s Turnpike and less than one mile from Interstate 95 offering convenient tri-county access,” said Viscount. “A spec building developed as an investment and marketed to rent the property’s design with a fairly narrow truck court limited the pool of potential prospects looking for industrial space but was ideal for my client, especially in a market where industrial space is scarce.”

South Florida Custom Jeeps was represented by Avison Young Principal Tom Viscount in the transaction. CBRE’s Tom O’Loughlin and Larry Genet represented the seller 1501 N Powerline LLC in the transaction.

“To move forward with the transaction, we had to work with the City of Pompano Beach to get the use of the facility approved,” explained Viscount. “We met with the city commissioners, zoning committee, and the mayor, all of whom were great to work with and unanimously agreed to the requested light manufacturing use of the building.”

SoFlo Customs has upgraded, customized and built from scratch over 3,000 Jeeps which they are famous for building with lift kits, big wheels, eye-grabbing rims and custom tailor-made leather interiors. The vehicles are sold throughout the country and internationally, with many designs exceeding hundreds of thousands of dollars. The high demand for the Apocalypse truck, which have waiting lists that consist of celebrities, athletes, and other high-profile buyers, led to the company’s search for a newer, larger facility that could accommodate the workflow. The trucks have been featured on Jay Leno’s Garage and in MotorTrend. SoFlo Customs has four stores and approximately 40 employees.

Images via South Florida Custom Jeeps

Residence At The Bristol In West Palm Beach Trades For Record $21 Million, Double Its 2019 Purchase Price

A residence at The Bristol in West Palm Beach has just closed for $21 million, double what it previously traded for in 2019 and the highest price ever paid for a single unit at the coveted residential building. Per public record, Samantha Curry with Douglas Elliman, who has sold close to $400 million at The Bristol, represented the seller. Steve Hall with Compass represented the buyer.

Unit 1901 is a rare Northeast corner residence designed by Marc Michaels features one of the building’s most sought-after floor plans mimicking a single-family home in the sky with 5,544 interior SF plus a 1,500 wraparound terrace. With chic contemporary design and the finest materials, the 4-BR plus office/ 5.1-BA showcases the most impressive panoramic views of the Ocean, Intracoastal, Palm Beach, and sparkling city lights showcased through 11-ft floor to ceiling glass surrounding the entire residence.

The residence features a stunning one-of-a-kind entertaining bar and a perfectly curated primary bedroom suite with dual bathrooms both with spectacular direct east water views, dolimiti marble, and Italian Fantini fixtures. Both of the spacious dressing rooms consist of custom closets built with the finest materials. The residences also offers a state-of-the art kitchen featuring top of the line Gaggenau appliances, Snaidero Italian cabinetry, and 100-bottle Sub Zero wine refrigerator. Additional highlights include immaculate built-ins, bespoke furnishings, an enhanced Crestron Smart Home technology with automated control of everything from lighting, shades, sheers, music, thermostat, and more.

The Bristol is located at 1100 S Flagler Driveand has succeeded in setting a new standard for ultra-luxury living in West Palm Beach. The tower is renowned for its most impressive 5-star amenities and attention to detail including on-site professional concierge, two spas, beauty salon, waterfront fitness center, 75-ft resort-style swimming pool, club lounge and dog park. Two house vehicles equipped with a driver, gated entrance, and 24-hour valet and front desk.

Images via Shawn Hood Media

Triple-Lot Waterfront Estate In Hallandale's Golden Isles Sells For Record $10 Million

An expansive triple-lot residence in the gated Hallandale community of Golden Isles located at 101 Holiday Drive sold for $10 million, setting a new benchmark for the neighborhood as the highest price ever paid for a single-family home. The sale also breaks the record as the highest price ever paid for a single-family home in the City of Hallandale. The highest previous record sale within Golden Isles closed in April of 2022 for $6,395,000.

Berkshire Hathaway HomeServices EWM Realty top-producer Scott Patterson closed a record-breaking transaction, working with both the buyer and seller in the sale. The buyer is from Israel and the seller is from Mexico.

The two-story, 10,123-square-foot home sits on a 38,844-square-foot lot, marked by a point-lot that boasts the Intracoastal on one side and a canal on the other. It also has 420+ feet of seawall with southeast views facing Golden Beach, ideal for accommodating large yachts.

“This remarkable property represents a distinct opportunity for our area, and it has been a privilege to bring the deal to fruition,” said Patterson. “Setting a record of this magnitude underscores the unmistakable draw of our market, and how savvy homebuyers fully appreciate the sheer value of these waterfront properties -- from their size and scope to their setting.”

The grounds are extensive, complete with waterfront covered terraces, a heated pool and jacuzzi, and a large backyard. Adding to the property’s uniqueness, it is located in a ‘no wake’ zone with no fixed bridges to the Atlantic Ocean, making it all the more enticing for boating enthusiasts.

Images via Berkshire Hathaway HomeServices EWM Realty

Limestone Asset Management and Orion Real Estate Acquire Pinecrest Retail Center For $70.5 Million

Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, has acquired Colonial Palms Plaza, a retail center located in the Pinecrest area at 13601–13621 S Dixie Highway, Miami, FL, 33176, for $70.5 million on Dec. 23, 2022. Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.

The 188,389-square-foot property encompasses seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread, Miller’s Ale House, and more.

“With the purchase of Colonial Palms Plaza, we are pleased to continue expanding our holdings in the upscale area of Pinecrest,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “This purchase confirms our commitment to the South Dixie corridor.”

Kevin Sanz, president of Orion Real Estate Group, led the buyer group, Orion Colonial Plaza LLC. “Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” Sanz said. “This was an amazing execution by our team, and we are excited to acquire this high-performing center with a superior national tenant roster.”

In March 2021, Limestone and Orion closed on Pinecrest Town Center, approximately one mile away from Colonial Palms Plaza for $32 million. Located at 12651 South Dixie Highway, Pinecrest, FL 33156, Pinecrest Town Center is a mixed-use retail and office property. In September 2022, Limestone began a $4 million renovation of the property, with a slated completion date of Q2 2023.

Pinecrest is a suburban village in Miami-Dade County, located south of downtown Miami and Miami International Airport. It is one of Florida’s most affluent neighborhoods. More than 101,670 residents, with an average household income of $149,442, reside within a 3-mile radius of the property. The average home listing price for Pinecrest/Palmetto Bay is $1 million+. With a high quality of life and vast acre lots, major business executives and professional athletes have long been attracted to Pinecrest with many new Florida residents flocking to the area since the COVID-19 pandemic.

Brick & Timber Collective Acquires Wynwood Office Building Cube Wynwd For $62 Million

Brick & Timber Collective has acquired Cube Wynwd, an office building in Miami’s hot Wynwood neighborhood, from Tricera Capital and Alex Karakhanian’s LNDMRK Development for $62 million. The transaction closed on December 13 and Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000 SF office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal. Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Berkadia’s Scott Wadler and Mike Basinski secured a $36.18 million loan on behalf of the buyer Brick & Timber Collective. This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMRK acquired the property in April of 2021. JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only.

The Tricera Capital and LNDMRK Development partnership acquired Cube Wynwd in 2021 from Red Sky Capital when Scott Sherman was still with firm. Sherman has since left and founded Torose Equities. The Class A office building was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Prior to completing the disposition, the Tricera and LNDMRK partnership finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976 SF fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

CBRE’s Eric Groffman, Cameron Tallon, Emily Brais and Randy Carballo served as landlord representatives in the Northeastern lease. Colliers International South Florida Stephen Rutchik and Tyler de la Peña and Colliers International Greater Boston’s John Carroll represented the tenant.

Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

Image via Richard Novak

Sabal Development Acquires Miami Beach Spec Home Site Overlooking La Gorce Country Club Golf Course

The Miami-based Sabal Development has closed on a 12,000+ SF development site which overlooks the La Gorce Country Club golf course for $4.2 million. The property is located at 5440 La Gorce Drive in Miami Beach and will be developed into a Choeff Levy Fischman-designed tropical modern spec home. Florida Realty of Miami, Corp. represented the buyer, Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. Jean Echemendia of Douglas Elliman represented the seller, Justin Yoshimura.

“We are very excited about this purchase and the incredible custom home that will be developed on the double lot,” said Nicolai. “The property has gorgeous, wide golf course views that will complement the luxury living experience that we are bringing to life.”

Sabal Development plans to build an over 6,000-square-foot single-family home with 5 bedrooms and 5 bathrooms on the double lot, which is located on the private La Gorce Golf Course. The spacious home will include three parking garages, an elevator, pool and hot tub, outside barbeque area, media lounge and a pond. The property will feature architecture by famed architect Ralph Choeff of Choeff Levy Fischman. Sabal Luxury Builder is expected to break ground on the home in April 2023, with an estimated completion in December 2024.

Largest Penthouse In The United States Sold At Waldorf Astoria Residences Miami

The crown-jewel penthouse at Waldorf Astoria Residences Miami, which will become the largest penthouse in the United States high-atop Miami’s first supertall tower, has sold for an undisclosed price. The five-story, 33,000+ square foot “Mansion in the Sky” will be the tallest residential unit south of Manhattan. The sale was spearheaded by PMG Residential agent Paul Lash, who represented both the developer and the buyer.

The transaction marks an auspicious first for the future of real estate in Downtown Miami. The undisclosed buyer sought out an exclusive residential property, and he worked closely with Lash and the development team to design what will constitute the crown jewel of both the buyer’s personal real estate portfolio and the Miami skyline.

When finished, this one-of-a-kind “Mansion in the Sky,” suspended 1,050 feet in the air, will occupy the top five floors of the tower and enjoy unprecedented views as far as the eye can see. With just under 34,000 square feet, the residence will boast 10 bedrooms, 11 and ½ baths, and ceiling heights as high as 25 feet. Its impressive repertoire of over-the-top amenities will include, but not limited to: a wall-street-style trading room, safe room, billiards entertainment area, private movie theater, screening room equipped with two 90-inch theater screens, 3 wine cellars, full-scale bar, wellness center furnished with state-of-the-art equipment, massage rooms, infrared sauna, and a 20-car garage to house the owner’s extensive car collection. The mega-penthouse also exclusively possesses the tower’s private roof deck. On the roof, one will find: a large pool, swim-up tiki bar, 3 cabanas, an outdoor gym, and a multi-purpose court built for racquetball, pickleball and basketball. As of today, other features are being finalized for the owner.

“This penthouse sale is an indicator of the strength and tenacity of the luxury real estate market in Miami, and just how special Waldorf Astoria is to buyers and brand enthusiasts,” said Ryan Shear, Managing Partner of PMG. “We are confident in the continued momentum at Waldorf Astoria Miami, and know the property will completely elevate the standard of luxury living as we know it.”

Waldorf Astoria Residences Miami officially broke ground on October 27th, 2022 with completion slated for 2026.

PMG, along with partners Greybrook, Mohari Hospitality, S2 Development and  global hospitality company Hilton, have set out to create a landmark beacon for the city of Miami, marking Waldorf Astoria’s first entry into the Miami market. The vision is to bring an architecturally stunning structure to Miami’s iconic Biscayne Boulevard with meticulously designed residences and unparalleled services for residents and future guests of the hotel to enjoy. As the first supertall tower in Florida and the tallest residential building south of New York, Waldorf Astoria Miami looks forward to anchoring a new era for this magic city.

Located at 300 Biscayne Boulevard, the architecturally awe-inspiring Waldorf Astoria Miami will feature nine spiraling, offset glass cubes designed to be evenly stacked and wrapped in what can be referred to as a “glass skin,” distinguishing the property’s architecture from anything else on the East Coast. The tower’s concept design is led by Sieger Suarez Architects, in collaboration with renowned architect Carlos Ott, who worked in tandem to create an iconic structure in Downtown Miami offering 360-degree views of Downtown Miami, Miami Beach and the Atlantic Ocean. The developers also partnered with award-winning interior design firm BAMO, which prides itself on creating captivating environments that flow, function and make people feel welcome, at ease and inspired to live and dream more fully. The property will consist of 360 private residences, in addition to guestrooms and suites within the five-star hotel. Signature spaces will include Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a spa and fitness center.

Robert Rivani's Black Lion Investment Group Expands South Beach Holdings With One Ocean Acquisition For $12.25 Million

Real estate investor Robert Rivani’s Black Lion Investment Group has expanded their South Beach holdings with the acquisition of the ground floor restaurant space in One Ocean, a 50-unit luxury condominium building in Miami Beach’s exclusive South of Fifth neighborhood. Rivani paid $12.25 million for the space which offers an indoor area of 10,404 SF and an outdoor area of 3,588 SF. The property is at the intersection of South Pointe and Ocean Drive, surrounded by high-end retail and residential towers including Continuum South Beach and Apogee. Additionally, the property is just a short walk from the South Pointe Park and the beach, with restaurants like Planta, Nikki Beach, Pura Vida, Carbone, Joe’s Stone Crab, Lucky Cat by Gordon Ramsay, Milos, Jia, Intimo, Fogo de Chao, Papi Steak, and Prime 112 just steps away. The transaction was overseen by Fabio and Sebastian Faerman of FA Commercial who represented Black Lion. Rivani plans to bring a world-class restaurant from a global hospitality brand to the space.

“South of Fifth is one of the hottest neighborhoods in the world and we wanted to own another piece of it,” said Robert Rivani. “I have assembled a powerhouse portfolio of fine dining hospitality locations along South Pointe Drive totaling over 50,000 square feet. Our vision is to impact the industry with our foothold in the market and proven track record for conceptualizing unique lifestyle experiences and bringing in global brands–kickstarting a domino effect that will set the precedent for future cities to follow.”

Rivani now controls what he has dubbed “Restaurant Row” on South Pointe Drive which includes roughly 19,000 SF at the nearby Marea which he acquired for $19 million and the 12,000 SF restaurant space at Continuum South Beach for $11.5 million, which announced Catch as their future tenant today.

Rivani specializes in acquisition and ownership of flagship restaurant properties, having quickly expanded his South Florida holdings with the acquisition of over $100 million in commercial real estate assets across South Florida. Black Lion’s recent acquisitions include the restaurant space in Marea which features Kosushi and RED Steakhouse as tenants, the restaurant space in One Thousand Museum, SLS LUX’s restaurant space which now features Gekko by David Grutman and Bad Bunny, Continuum South Beach which today announced Catch as its future tenant, the Amara at Paraiso space which features the bayfront Amara restaurant operated by Chef Michael Schwartz, Wynwood Jungle which will soon welcome Fables Supper Club and the soon-to-open Delilah at the Brickell Bay boardwalk.

Development Site In Miami's Little River Neighborhood Trades For $13.3 Million

Little River has been a hotspot for investment and yet another significant transaction has as an undisclosed buyer acquired a development site for $13.3 million. The sale included 2.2 acres on NE 2nd Ave in the northern section of Little River, located at 8038 NE 2nd Ave. Gridline Properties’ Broker and Principal Alfredo Riascos represented the seller, Thomas Conway of Conway Commercial Real Estate. Tony Arellano of DWNTWN Realty represented the buyer. The buyer nor its plans were disclosed citing confidentiality.

“Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” said Riascos.

Creative neighborhoods like Little River have been the focus of a lot of attention and recent capital inflows. DWNTWN Realty Advisors and Gridline Properties worked together seamlessly on a complex transaction that will have a positive impact on Miami and the Little River neighborhood. Population and job growth are fueling the demand for housing and neighborhoods as the City of Miami continues to grow. Despite the economic headwinds, Miami seems to be positioning itself as a safe haven for capital investments and quality of life upgrades for employers and individuals.

Conway recently sold the neighboring Ebb & Flow retail strip center comprised of two buildings on two lots for $18.15 million in July 2022. Riascos represented Conway in the Ebb & Flow transaction as well. The all-cash deal marked one of the largest single transactions in Little River for value-add creative retail.

“In recent months, the Northeast Second Avenue corridor of Little River has received remarkable attention from investors and developers seeking to capitalize on the emerging retail and development taking place between 79th and 84th Street," said Riascos. “This property may be one of the last remaining sites that offers institutional size and scale for future development along NE 2nd avenue. We are excited to be part of the tremendous growth and continued success of Little River.”

A hub for re-adapted industrial buildings, Little River has attracted an array of creative and design-oriented businesses that have identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

Alchemy-ABR Investment Partners Close On Wynwood Development Site For $18 Million

Alchemy-ABR Investment Partners, a fully integrated New York based real estate development and investment firm, have closed on a development site at 18 NW 23rd Street in Wynwood for $18 million. The property spans 36,079 SF and the acquisition represents Alchemy's first residential project in Florida. Israel Discount Bank provided financing for Alchemy-ABR Investment Partners to purchase the vacant lot from The Salvation Army, which is located across the street from The Salvation Army Family Store and Donation Center’s Wynwood location.

The mixed-use site will be developed into a 12-story luxury residential building with 186 units, multiple retail spaces, and a parking garage. Local architects Arquitectonica and MKDA have been commissioned to design the building with construction commencing in 2024.

“We are thrilled to announce that 18 NW 23rd Street will be our first residential development in Miami, Florida. Alchemy-ABR has a strong presence in the commercial real estate market in South Florida and we are looking forward to bringing our years of real estate expertise to the residential market, which is currently facing great demand. We are looking to design and build a best-in-class mixed use project that will add to the fabric of one of the most dynamic walkable neighborhoods in the Southeast,” said Joel Breitkopf, Co-Founder & Partner of Alchemy-ABR Investment Partners and Brian Ray, Co-Founder & Managing Partner of Alchemy-ABR Investment Partners in a joint statement.