Blackstone Real Estate has made a significant move in Miami’s real estate market, acquiring the East Miami Brickell City Centre hotel for nearly $148 million.
The hotel, situated at 788 Brickell Plaza, was purchased from entities linked to a joint venture that includes Miami-based Trinity Investments and New York-based Certares, as per property records from Vizzda.
Although Blackstone declined to disclose the sale price at the announcement, it has been noted that hotels are frequently transferred at amounts exceeding what is listed on the deed.
In 2021, Trinity and Certares bought the East Miami hotel for $174 million from Swire Properties, the original developer of the property completed in 2016.
At that time, the deed price reflected $120 million, according to public records.
The hotel is housed within a 40-story building that is a part of the expansive $1.1 billion Brickell City Centre mixed-use development, which Swire Properties has been systematically divesting over the years.
The East Miami hotel features 352 units and includes additional amenities such as 89 apartments, totaling 536,000 square feet of space, with 20,000 square feet dedicated to event and outdoor areas, a spacious outdoor deck and pool, and a restaurant with a rooftop bar.
In another notable transaction, an entity related to Schmier Property Group and its partners has sold the Whole Foods Market-anchored Uptown Boca retail center for $118 million to Stockbridge Capital and partners.
This seven-building shopping center, constructed between 2020 and 2021, spans over 150,000 square feet across an 18-acre site located at 9536 to 9704 Glades Road in Boca Raton.
The fully leased center also accommodates other tenants including HomeSense, Sephora, and Life Time, all situated within the Uptown Boca mixed-use development that comprises 456 residential units.
In the automotive sector, Lithia Motors has purchased two auto dealerships in Palm Beach County for a total of $51 million.
One of these transactions was the acquisition of Acura of Palm Beach for $28 million, a 35,000 square foot facility located at 6870 Okeechobee Blvd, sold by an entity associated with Ed Napleton Automotive Group.
Additionally, Lithia Motors bought West Palm Beach Hyundai for $23 million; this property consists of three buildings with a combined size of 36,000 square feet, both built in the late 1960s.
On the construction front, North Development has broken ground on the Domus Brickell Center, a planned 35-story tower for short-term rentals at 1034 SW Second Ave in Brickell.
Anticipated to open by the end of 2027, this tower will include 579 fully furnished units along with amenities such as a rooftop pool, bar and grill area, indoor and outdoor gyms, coworking spaces, a conference room, and a restaurant.
Managed by North Development’s in-house arm, the units will range from studios to two-bedroom layouts, with sizes from 400 square feet to 1,000 square feet, and prices spanning from $500,000 to approximately $1.5 million.
This project follows the model set by Domus Flats, and comes after the topping off of the Domus Brickell Park, a 12-story building featuring 171 units.
Meanwhile, Sympatico Real Estate successfully secured a preconstruction loan of $62.5 million from JVP Management for a planned 25-story condominium in West Palm Beach.
The development, named The Berkeley, will comprise 193 residential units at 500 S. Australian Ave, with unit sizes ranging from two to five bedrooms and four luxury penthouses priced between $2 million and $10 million.
Sales for this project commenced in December, with current presale figures at approximately 12% to 15%.
The developer plans to expand their financing efforts to begin construction by 2026.
In leasing news, three businesses have signed leases totaling more than 10,000 square feet at Campus on 5th in Wynwood, which is developed by Big Move Properties.
Danish electric vehicle charging platform Monta has signed a 5,000 square foot lease for its new U.S. headquarters, which will accommodate 30 employees.
Vestian’s Alec Kirschner represented Monta in the transaction.
Additionally, Duetti, a music financing platform, is moving into a 2,000 square foot office from a coworking space, with representation from Newmark’s Matt Himmelsbach.
An artificial intelligence company, Detect, specializing in electrical grid defects has also leased more than 2,000 square feet, represented by Chris Sterling of Dwntwn Realty Advisors.
Blanca Commercial Real Estate’s Nicole Kaiser represented Big Move Properties in these three leasing deals.
In Downtown Miami, CP Group has secured over 25,000 square feet of new leases at One Biscayne Tower.
Alvarez and Marsal, a financial services and tax firm, will relocate to the tower from obtaining over 23,000 square feet, with Cushman & Wakefield’s Kevin Landers and David Dusek acting on their behalf.
Family law firm Filler Rodriguez LLP has also entered a new lease for more than 2,000 square feet, moving from Miami Beach, represented by CBRE’s Keith Edelman.
Blanca CRE’s Juan Ruiz and Alex Marquez are the executive leasing partners for the One Biscayne Tower.
In personnel updates, Michael Nisenbaum has joined Colliers’ South Florida team as vice president, focusing on land development and senior housing services from the Boca Raton office.
He previously served as vice president of acquisition and investment at Belmont Village Senior Living, highlighting a successful 30-year career in the real estate sector.
Additionally, Avison Young has welcomed Julie Palmer-Nicholson as principal and director of real estate management services for Florida, based in the Boca Raton office, transitioning from her prior role at Vanderbilt Office Properties in Chicago.
This series of developments and transactions showcases the dynamic activity within South Florida’s real estate and leasing markets, reflecting ongoing interest and investment across diverse sectors.
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