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Two South Florida Condominium Properties Sell for $12.6M

19 Jan 2015, 10:43 pm

By Balazs Szekely, Associate Editor

Franklin Street completed two bulk sales totaling 178 units recently. The Tampa-headquartered commercial real estate firm’s Regional Managing Partner Deme Mekras and Senior Director Elliot Shainberg represented the buyers as well as the sellers in the sale of  Windward Lakes Condominiums in Pompano Beach, and Southwood Condominiums in South Miami-Dade.

Located at 4001 West McNab Road in Pompano Beach, the 104 one-, two- and three-bedrooms units at Windward Lakes Condominiums were sold for $9.6 million. The value of the transaction translates to approximately $92,308 per unit. The 276-unit lakeside property was originally developed as a rental apartment complex in 1992 and was later converted to condominiums.  Its amenity package includes a pool, detached garages, clubhouse, BBQ area and a fitness center. The seller was a Massachusetts-based privately owned investment fund that took ownership of the homes in a foreclosure action and rented them out while the market recovered.  The buyer is an affiliate of a Hollywood, FL-based investment company, Hon Capital LLC.

The 74 one- and two-bedroom residences at Southwood Condominiums sold for a price of $41,075 per unit, adding up to $3.039 million. Located at 11050 SW 197th Street in Miami, the community includes 144 homes in total. There were eight different sellers involved in the transaction with RAK Investment LLC owning the majority of the units, 53 in number. The buyer, whose identity is undisclosed, now owns more than 50 percent of the property, and this puts it in control of the condominium association, according to Mekras. The new ownership will renovate the interiors and common areas in order to boost the current $700-per-month average rent on new leases and renewals. The buyer also owns around 500 other residential units in the area.

Photo credits: Franklin Street

Stiles and Prudential Real Estate Advisors Drop $108M on Ft. Lauderdale Office Tower

8 Jan 2015, 5:22 pm

By Eliza Theiss, Associate Editor

New River Center

New River Center, a 281,713-square-foot Class A trophy office tower in downtown Fort Lauderdale, was sold for $108 million or $383 per square foot.

The institutional-quality asset was picked up by a joint venture formed by Prudential Real Estate Investors (PREI) and Stiles Property Fund (SPF). SPF was launched in 2011 by Stiles, a full-service commercial real estate firm. New River Center is the first office property Stiles has acquired through SPF. Previous SPF acquisitions have targeted retail shopping centers located throughout Florida. New Rover Center was disposed by Invesco Ltd., which marketed the trophy asset through HFF L.P.

Located on Las Olas Boulevard, New River Center, also known as 200 East Las Olas, sits at the center of Fort Lauderdale’s CBD. The 20-story office center currently boasts an 86 percent occupancy rate, which Stiles plans to increase by implementing its best asset management practices through Stiles Leasing and Management. Current blue chip tenants include Fifth Third Bank, Brinkley Morgan, Akamai, Yum! Brands and Stearns Weaver.

Sitting on 1.4 acres in Fort Lauderdale’s financial district, New River Center was originally developed in 1990 by Stiles. It features 12 stories of Class A office above eight stories of parking totaling 675 spaces and 15,000 square feet of street-level retail. Designed by architectural firm Cooper Cary, the property is Energy Star rated. It features an on-site café, full-service banking, sweeping views of downtown Fort Lauderdale and the New River. It is within walking distance of retail, restaurants, courthouses and government offices.

The 24/7 environment in downtown Fort Lauderdale is contributing to a thriving market with strong employment growth and lower vacancy rates,” said Stiles President Doug Eagon. “Most of the new jobs being created are in the downtown urban areas of South Florida,” he added.

Click here for additional South Florida market data

Image courtesy of Stiles

New Hampton Inn & Suites Breaks Ground in Midtown Miami

22 Dec 2014, 7:38 pm

By Balazs Szekely, Associate Editor

The joint venture behind the new Hampton Inn & Suites hotel in Midtown Miami recently announced to begin the construction of the 151-room property. Mayan Properties partnered with 3H Group Hotels and Arti Hersi, Inc. for the development.

Founded in 1994, Miami-based Mayan Properties is a fully integrated real estate investment merchant bank, one of the region’s most active private real estate investment and development firms that takes pride in a portfolio of over 60 commercial and residential properties throughout the U.S.

Located at the intersection of Biscayne Boulevard and Northwest 35th Street near the Miami Design District, along the City’s thriving Biscayne Boulevard corridor, the new Hampton Inn & Suites will include 4,400 square feet of retail space at street level and an eight-story parking garage. It joins a network of 2,000 Hampton Inn hotels around the world.

“Guests will benefit from the perks the Hampton brand offers, including a 100 percent satisfaction guarantee, daily complimentary hot breakfast and the Hilton Honors rewards program,” said 3H Group Hotels CEO Hiren Desai.

Boaz Ashbel, principal of Mayan Properties added: “The glaring void in the market is a mid-range hotel brand stylishly designed, which is where our Hampton Inn & Suites will meet demand from commercial and leisure visitors seeking a comfortable place to stay in a convenient location.”

The project’s architect is Israel Bigelman and Kobi Karp is in charge of exterior architecture. Monioni Design has been entrusted with the interior design, while Michael Comras of the Comras Company is handling the leasing of the retail space. Chattanooga, Tennessee-based  3H Group Hotels is under contract to operate the hotel.  The development is expected to open in the first quarter of 2016.

Photo credits: Kobi Karp Architecture and Interior Design, Inc. 

Robert DeNiro, Chef Nobu and Meir Teper Bring Back the Eden Roc to Miami Beach

15 Dec 2014, 4:25 am

By Balazs Szekely, Associate Editor

Nobu Hotel at Eden Roc Miami Beach opens its gates to the public in the second half of next year according to a recent announcement released by Nobu Hotels and Eden Roc Miami Beach. Academy award-winner Robert DeNiro, Hollywood producer Meir Teper  and Chef Nobu Matsuhisa are the owners and brand visionaries behind the project that’s main objective is to revitalize and re-launch the Eden Roc name and property.

The 210-room Miami Beach oceanfront property is the second U.S. hotel under the Nobu Hospitality brand and just like the Nobu Hotel at Caesars Palace Las Vegas, it will operate along the same guidelines as any Nobu restaurant: a balance of luxury, fun, craft and theater – the initiators claim. The complex will feature a hotel within a hotel concept encompassing the largest Nobu Restaurant and Bar Lounge in the world, 20,000 square feet of spa and fitness facilities, over 70,000 square feet of completely revamped meeting and event space as well as two luxurious pools.  Apart from the state-of-the-art restaurant, the property will feature an additional new beach front restaurant concept, new banquet and catering menus and unique in-room dining offerings.

The Rockwell Group’s David Rockwell is in charge of interior design. He intends to use a blend of lush natural materials and contemporary style incorporating a few visual touches inspired by both the beach location and Japanes culture, while also preserving the classic Eden Roc’s Morris Lapidus ethos.

Photo credits: Nobu Hospitality

Miami Worldcenter Developers Outline Construction Timeline for Phase One

8 Dec 2014, 6:05 am

By Balazs Szekely, Associate Editor

Miami Worldcenter developers have outlined an initial construction timeline for the first phase shortly after the City of Miami unanimously approved the zoning package and development agreement. Spread over 27 acres in downtown Miami, it is one of the largest private real estate developments currently underway in the nation.

The project is a collaboration between Miami Worldcenter Associates and a team of leading development, design and engineering firms. Miami Worldcenter Associates is led by principals Art Falcone and Nitin Motwani and serves as the master developer. The first phase of the 10-block mega mixed use project is designated for residential towers, retail spaces, an expo center and a hotel.

The residential section will contain around 1,000 housing units including luxury residences, boutique condominiums as well as market-rate apartments. The first residential tower to break ground in the second quarter of 2015 will be the 466-unit PARAMOUNT Miami Worldcenter condominium that launched sales this November. Additionally, the Forbes Company and Taubman will deliver a 765,000 square-foot shopping mall anchored by Bloomingdale’s and Macy’s plus complementary dining and entertainment options. The hotel planned in the first stage is a 1,800-room JW Marriott Marquis – both that and the expo center featuring 600,000 square-feet of meeting and event space is to be developed by Miami-based MDM Group.

Phase I is expected to account for $2 billion in new investment within downtown Miami. With plans for construction preparation in progress, physical site work is expected to get underway in the first quarter, with vertical construction slated to begin in mid-2015.

Photo credits: Miami Worldcenter Associates

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