Miami’s real estate market continues to showcase remarkable activity, with several notable transactions recently recorded.
One standout sale involved a retail property located at 3800 NE Second Ave., sold for an astounding $35 million.
District One Properties LLC, linked to Mikael Cohen, purchased the storefronts at both 3800 and 3818 NE Second Ave. from an entity associated with Sam Herzberg.
This striking sale price translates to an impressive $3,701 per square foot for the combined retail space of less than 10,000 square feet.
Notably, Herzberg had acquired the properties in 2015 for just $11.1 million, indicating a remarkable appreciation in value over the past decade.
Currently, one of the properties, situated at 3818 NE Second Ave., is leased to L’Atelier Paris Haute Design, a French luxury interior design firm, while the adjacent two-story building at 3800 NE Second Ave. briefly housed a streetwear retailer before its closure after just a few months.
Cohen, now serving as the CFO of Beverly Hills-based Ildico Inc., a jewelry retailer, may potentially influence the future use of the storefronts in an area where retail rents have reportedly surged more than threefold from 2019 to 2024.
The recent transactions are brokered by Devlin Marinoff and Tony Arellano from Dwntwn Realty Advisors, reflecting the vibrant state of the Miami commercial real estate market.
In another notable acquisition, Greystar purchased the Avana at the Moors apartment complex from Nuveen for $93 million.
The transaction involved financing backed by a $65 million loan from Freddie Mac, set to mature in 2030, facilitated by Walker & Dunlop.
The Avana complex features 358 units across 12 acres, built in 1989, and consists of 12 three-story buildings alongside three one-story buildings.
Nuveen had acquired the property for $71 million in 2018, indicating a healthy return on investment for both parties.
In Coconut Creek, Excel Group, a Virginia-based entity, acquired two hotels for a combined total of $38 million.
The addition includes the Residence Inn Fort Lauderdale Coconut Creek, bought for $21 million from Butters Construction, along with a $14 million loan backing the purchase.
This particular hotel, boasting 105 units and covering 98,000 square feet, was completed in 2019.
Additionally, Excel purchased the adjacent Hampton Inn & Suites Coconut Creek for $17 million; this hotel also has 105 units and spans 62,000 square feet, having been built in 2014.
Industrial property transactions also saw momentum, as Hersh Equity Group acquired a six-building industrial portfolio for $47.2 million.
This portfolio, developed by Interstate Development LP in phases across 1973, 1982, and 1987, totals 230,000 square feet on 9 acres located at 5801–5897 SW 21st St. and 5901–5981 SW 21st St.
Adam Weiss of Weiss Law represented Hersh in the acquisition, while Jordan Beck from Berger Commercial Realty represented Interstate Development, highlighting the collaborative efforts in the commercial real estate landscape.
An affiliate of Longpoint also entered the market, purchasing an industrial property in North Miami from Peter Manno’s entity for $21 million.
The 93,000-square-foot building, constructed in 1972 on a 3-acre site at 13251-13455 NE 17th Ave., is currently occupied by various tenants, including the IK School of Gymnastics.
This property exemplifies the increasing value of industrial spaces, particularly in well-situated areas.
Meanwhile, in Coral Gables, Secured Debt Investments has partnered with Colliers to oversee leasing efforts for 550 Biltmore Way, a property undergoing renovations.
The 163,000 square-foot office tower, formerly owned by Raoul Thomas’ CGI Merchant, found itself in a challenging financial position, resulting in a $49 million UCC foreclosure.
After winning the UCC auction, SDI is committed to updating the building’s lobby and common areas while adding new amenities such as valet service.
They are also making arrangements to relocate their headquarters into the building, further emphasizing its strategic importance within their operations.
Urban Street Development is also ramping up its efforts for FAT Village in Fort Lauderdale, engaging Vertical Real Estate as its retail leasing broker.
The mixed-use redevelopment, covering over 80,000 square feet across 5.6 acres, is poised to enhance the area’s retail landscape with construction expected to complete by 2027.
The 180,000 square-foot office, named T3 FAT Village, is anticipated to top off this year, with preleasing efforts being led by Blanca Commercial Real Estate.
On the financing front, Ram Realty Services and Pinnacle recently broke ground on the Aventana apartment building in Aventura after securing an $88.3 million construction loan from Santander Bank.
This upcoming structure will rise 16 stories on nearly 3 acres at 19640 W. Dixie Highway, conveniently located near a Brightline station.
The project will feature 334 apartments, of which ten percent will be allocated to workforce housing, complemented by 3,340 square feet of retail space.
Proposed amenities for the building include a coworking space, a dog wash, a swimming pool, a private dining room, and even a golf simulator.
Additionally, Coral Gables-based MG Developer has obtained a $41 million construction loan from Pine Bay Capital for a luxurious 13-unit townhome development in Coral Gables, dubbed Residences at The George.
These residences are set to span 5,000 square feet and start at a price of $5.9 million, with sales and marketing being led by Serhant’s Ryan Serhant.
In another notable lease, the digital banking platform MyBambu has secured a 35,000 square-foot lease at The Press Building in West Palm Beach.
Following its acquisition of the 140,000 square-foot property at 2751 S. Dixie Highway for $53 million, Pebb Capital and Sabal Investment Holdings are solidifying their position in the market.
A Savills team, comprising Michael Wernick, Lawrence Epstein, and David Browne, represented MyBambu in this strategic move, further enhancing the bustling West Palm Beach commercial scene.
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