Syncopated Real Estate offers an integrated approach to property acquisition and asset disposition. As a South Florida brokerage we facilitate the buying, selling, and leasing of real estate in both residential and commercial markets. A strategic coordination with real estate professionals and funding services allows for innovative solutions. The boutique brokerage approach caters to the individual goals of buyers and sellers. This is accomplished through listening to market rhythms and having the dedication to discover value. The ability to connect with resources such as family offices, legal services, accounting professionals, and private funding groups, facilitates smooth transactions. This method achieves success while developing long term business relationships.
Condo sales held steady last week.
A total of 132 condos sold for $65.5 million in Miami-Dade County, a slight increase from the previous week’s 126 closings for $62 million. Condos last week sold for an average price of about $496,000 or $354 per square foot.
A unit at Apogee South Beach sold for $7.25 million, or more than $2,300 per square foot. Nelson Gonzalez brokered both sides of the deal for the three-bedroom, 3,103-square-foot unit. The 17th floor unit features a flow-through floor plan, high-end finishes, an open-style kitchen, summer kitchen and 11-foot-wide balconies.
The second most expensive sale was at 1 Hotel & Homes. Penthouse unit 1612 traded hands for $5.7 million, or more than $2,200 per square foot, after 262 days on the market. Tracy Galya was the listing agent, and Katarina Conhyea represented the buyer.
Here’s a breakdown of the top 10 sales from May 12 to May 18. Click on the map for more information:
Apogee #1702 | 393 days on market | $7.25M | $2,336 psf | Listing agent: Nelson Gonzalez | Buyer’s agent: Nelson Gonzalez
One Paraiso #3304 | 209 days on market | $920K | $547 psf | Listing agent: Milagros Arraez | Buyer’s agent: Alfredo Ferro
Most days on market
Apogee #1702 | 393 days on market | $7.25M | $2,336 psf | Listing agent: Nelson Gonzalez | Buyer’s agent: Nelson Gonzalez
Fewest days on market
The Ritz-Carlton, Bal Harbour #2204 | 42 days on market | $3.3M | $1,463 psf | Listing agent: Linda Gustafson | Buyer’s agent: Linda Gustafson
UPDATED, May 20, 6:16 p.m.: A large development site in Edgewater near the Related Group’s Paraiso development just sold for $13.65 million, The Real Deal has learned.
Edgewater 29 LLC, tied to DLC Capital Management, a family office in Miami, bought the property at 2927 Northeast Fourth Avenue. Property records show the seller is AR Edgewater Investments, which is controlled by Juan Agudelo Restrepo.
The zoning allows for at least 36 stories, records show.
The property was listed by Mitash Kripalani of Colliers International South Florida. The buyer was represented by Rena Kliot, the owner of Pulse International Realty.
It sold for $248 per square foot, which Kliot said is “substantially lower than comparables in the neighborhood.”
Jamie Mandel, president and general counsel at DLC Capital Management, and Brian Gallagher of Lower Gwynedd, Pennsylvania, control the buying entity, according to state records. 3350 Biscayne LLC, also controlled by Mandel, bought six parcels nearby on Biscayne Boulevard and 34th Street in September for $11.5 million.
A number of large condo and apartment projects nearby are currently under development in Edgewater.
Two Roads Development is building its 57-story, 100-unit Elysee condo project at 788 Northeast 23rd Street. At 777 Northeast 26th Terrace, Russian billionaire Vladislav Doronin’s OKO Group is building the 57-story Missoni Baia condo tower.
Last year, Related completed the bayfront Paraiso District, a group of four condo towers on Northeast 31st Street.
Correction: An earlier version of this story misidentified the buyer as a retail developer.
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The world’s largest retail real estate convention kicked off poolside on Sunday, giving brokers, executives, lawyers, title insurance agents a few hours to trade gossip, talk shop and source deals.
Day one of the International Council of Shopping Centers’ event in Las Vegas centers around the Wynn’s pool, with companies leasing out cabanas and hosting roped-off gatherings where prominent retail players mingle with both clients and competitors alike.
Though the number of attendees registered for the annual event is on par with last year’s numbers, the parties, private meetings and dinners held along the Strip remain the big draw for those who making their annual pilgrimage to the desert.
By the Wynn’s European pool, where bathing suit tops are optional, Winick Realty Group hosted a cabana with stacks of monogramed hats. Nearby, billionaire real estate investor Jeff Sutton lounged on a beach chair. A few feet away, Kent Services’ Alon Alexander, a brother of Douglas Elliman’s Tal and Oren Alexander, chatted with Aurora Capital Associates’ Jared Epstein on why ICSC continues to be a must-attend event.
Alexander, who runs a building security services company, said it was his sixth year attending the conference and he comes “to see people and build relationships. It’s a contact sport.”
Epstein, whose firm has significant retail holdings in the Meatpacking District, concurred. “You meet the top to the bottom,” he said. “Vegas can change your career.”
For others, the show represented an opportunity to get away from New York for a few days. “The only reason I’m here is because I have four kids under the age of seven,” said David Zar, who runs New York City-based family office, Zar Properties.
Under a central cabana, card tables were set up in the shaded area around the bar. Hanging out in the midst of the crowd was Joe Pizzutelli of M&T Bank, James Nelson, head of Avison Young’s tri-state investment sales and Cohen Equities’ Meir Cohen.
Prominent female brokers and attorneys circulated through the crowd, too. Last year, women represented a quarter of ICSC’s registered attendees.
Compass’ commercial division’s Adelaide Polsinelli made an appearance early in the day with Ronda Rogovin, while Laurie Golub, currently at Square Mile Capital and formerly HFZ Capital’s chief operating officer, appeared to move through the crowd alongside a group of other women, including Olshan Real Estate’s Nina Roket.
Meridian Capital Group, Thor Equities and B6 Real Estate Advisors also reserved cabana space alongside the Wynn’s standard pool–where all coverings are required. Within the crowd outside Meridian and Thor’s spaces, Meridian’s CEO and chairman Ralph Herzka mingled with guests until he and two associates hunkered down in a tight circle to hammer out pricing on a deal.
Meridian’s Ronnie Levine, donning dark shades and a baseball cap, agreed with brokers who told The Real Deal ahead of ICSC that they would pursue shorter-term leases with online tenants. “That’s going to grow,” he said, noting that leases with rolling cancelations were cropping but up but it’s not the norm yet. “Retail is still evolving,” he added.
Both Levine and B6’s Paul Massey said they believe that neighborhood mainstays like pizza shops and nail salons were not going anywhere. Massey, standing in the sparsely populated shady area outside his firm’s booth said “Local retail is not dead,” he said.
UPDATED, May 20, 9:23 p.m.: Fwd Group paid $5.35 million for a building near an upcoming Crescent Heights project in South Beach where it’s planning an adaptive reuse project, The Real Deal has learned.
Seven Forty Central Corp., led by Boris Shvartsman, sold the property at 740 Alton Road to 740 Alton Rd LLC, which is led by Jefferson Brackin.
Fwd Group, founded by Brackin and his partner, Michael Bird, is an investment, development and management group that includes other partners. Brackin said a medical, health and wellness company is leasing the space, which the group plans to convert by the third quarter of this year.
The building, constructed in 1950, is temporarily leased to a Firestone but was historically known as Central Cab Company’s garage in Miami Beach where taxi cabs would get repaired. The building eventually fell into disrepair, and the distressed nature of the property made it a good opportunity for Fwd Group, Brackin said.
Russell Galbut’s brother, Abraham, who appears on corporate records, is Fwd Group’s attorney, Brackin said, but is not involved in the property.
It last sold for $200,000 in 1975, according to property records.
The property is on the same block as a portion of Russell Galbut’s Crescent Heights major mixed-use project. Between 500 and 700 Alton Road, Crescent Heights is moving forward with plans to the Park on Fifth, a 46-story, 337-unit residential tower, a 15,000-square-foot retail pavilion, a 578-space parking garage, and a new three-acre park with elevated pathways.
Last year, Crescent Heights completed the building at 709 Alton Road, where Baptist Health South Florida opened a four story, 60,000-square-foot facility.
MiamiCentral office space – Shorenstein | $159.4M
The parent company of VirginTrains USA, Florida East Coast Industries, sold the office portion of its MiamiCentral station for $159.4 million.
Coral Gables-based FECI sold the ground floor retail, two office buildings and the parking space at 600 Northwest First Avenue to San Francisco-based Shorenstein, property records show.
Wells Fargo provided a $126 million mortgage to Shorenstein to finance the acquisition.
The buildings, 2 MiamiCentral and 3 MiamiCentral, are leased to tenants that include Viacom, the Confederation of North Central America and Caribbean Association Football (CONCACAF), Carlton Fields and Atlantic | Pacific Companies.
The Quay – Mast Capital | $43M
Mast Capital paid $43 million for The Quay, a waterfront mixed-use shopping center in Fort Lauderdale, marking the Miami developer’s first big investment in Fort Lauderdale.
The company purchased the 73,000-square-foot shopping center at 1515 Southeast 17th Street for $589 per square foot, according to a press release.
The property is currently 100 percent leased, with tenants including Boatyard restaurant, United States Postal Services and Chipotle. The 7-acre site also includes a marina and a two-story office building. The property is close to Pier Sixty-Six Hotel & Marina, Port Everglades and the Greater Fort Lauderdale/Broward County Convention Center.
Pembroke Pines shopping center – Longpoint Realty Partners | $37.5M
Longpoint Realty Partners paid $37.53 million for a Sedano’s-anchored shopping center in Pembroke Pines, as it boosts its retail investments in South Florida.
Sterling Organization, a West Palm Beach-based private equity real estate investment firm, sold the 158,463-square-foot Pembroke Place at 10101 Pines Boulevard for $237 per square foot.
The shopping center is 99 percent leased to tenants that include Crunch Fitness and Vargas University, according to a release.
318 Lincoln Road – Aby Rosen | $20.5M
A company tied to Aby Rosen’s RFR Holding paid $20.5 million for a building on Lincoln Road in Miami Beach, property records show.
Luis E. Barreto, acting as a trustee under the Louise Z. Osius Irrevocable Inter Vivos Trust, sold 318 to 344 Lincoln Road to 318 Lincoln LLC, a Delaware company that is controlled by New York-based RFR. The buyer financed the deal with a $17 million loan from Argentic Real Estate Investment LLC.
RFR is an investment, development and management company founded by Rosen and Michael Fuchs. In South Florida, the firm also owns 800 Lincoln Road and 140 Northeast 40th Street in Miami, and was a co-developer of W South Beach.
Miami Gardens Shopping Center – Efraim Brody | $9.5M
MGP Partners sold a Miami Gardens retail shopping center for $9.5 million.
Efraim Brody of Miami bought the 95,570-square-foot property at 18335 Northwest 27th Avenue for $99 per square foot, records show. The property sits next to the North Dade Regional Library.
MGP Partners bought the property for $11.5 million in 2007, which means the investment group sold at it a significant loss.
Miami technology billionaire Manny Medina is going straight to auction with his Gables Estates mansion.
Medina, whose property at 555 Arvida Parkway is listed for $17.5 million, plans to sell the 14,329-square-foot home in late June without a reserve, according to a release. Audrey Ross of Compass is the listing agent.
In 2011, Medina sold his company, Terremark, to Verizon Communications for $1.4 billion. He also started Cyxtera, a cyber security firm based in Miami, and is the founder and managing partner of Medina Capital. He is also is the founder and chairman of the board of eMerge Americas.
Medina’s Coral Gables home will be auctioned between June 21 and June 25. It features a boatlift and private dock for a 101-foot yacht, a 5,000-bottle wine room, a heated pool and outdoor kitchen, a chef’s kitchen, guest suite, gym, spa, billiards room and home office. Other features of the Palladian-style mansion include high ceilings, and stone, marble, tile and wood flooring.
Medina paid $7 million for the 1-acre property in 2013, records show. The home was built in 1990.
Frustrated with their long-lingering listings, an increasing number of high-end homeowners are opting to auction off their homes through auction houses.
The nearby mansion at 41 Arvida Parkway – once listed for $68 million – recently sold at auction for $25.5 million.
Developers are starting to bet big on London again despite Brexit.
London’s office market has proven to be surprisingly resilient in the face of the United Kingdom’s vote to leave the European Union, convincing many developers that it is time to break ground on new projects in the city, according to Bloomberg.
Land Securities Group, for instance, is now redeveloping the London building at 1 Sherwood Street, the first time in roughly five years the firm has launched a project without first securing tenants. British Land Co. has also submitted plans to construct its biggest development ever in the city’s Southwark neighborhood.
A Deloitte report found that developers started working on 37 projects spanning 3.5 million square feet in the six-month period through March, the most since the beginning of 2016. And data from broker Savills Plc. found that London development plots with enough space for roughly 6.7 million square feet of development were traded or put up for sale since the beginning of the year, a record number.
“Across Central London, the appetite for development and refurbishment opportunities is almost unabated,” Savills director Robert Buchele told Bloomberg. [Bloomberg] – Eddie Small
A new 65,500-square-foot industrial building is coming to Hialeah Gardens amid a wave of new industrial development.
CanPen Holdings is building a 65,500-square-foot warehouse at 14600 Northwest 112th Avenue. It marks the first development project for Medley-based CanPen Holdings, whose principals are Jose “Pepi” Cancio Jr. and Mario Penzo.
Cancio’s father, Jose Pepe Cancio Sr. founded and served as CEO of Central Concrete Supermix, which became one of the largest concrete companies in the U.S.
Interglass Corporation, a Miami-based tempered-glass distributor and fabricator, has already signed a deal to move its entire manufacturing operation to the Hialeah Gardens development, according to a release. It will be leasing the entire building. Easton & Associates president Jose Hernandez-Solaun represented both the landlord and tenant in the 25-year lease deal.
Records show CanPen paid $991,000 for the 3.76-acre property in 2018.
CanPen is planning to develop a separate parcel in Hialeah Gardens into a warehouse project with 26 bays that are 2,800 square feet each, Hernandez-Solaun said in the release. Easton has also been tapped to lease that property.
The industrial market has arguably been South Florida’s best performing asset class in recent years. However, some indicators suggest that market is cooling off due to high land prices and increased supply.
According to a recent report by Colliers International South Florida, in Miami-Dade County, vacancy rates for industrial properties rose to 4 percent, up 0.1 percent from the fourth quarter of 2018. Rents decreased to $9.47 from $9.70 during the first quarter of 2018, due to an increase in warehouses being delivered, according to the report.
The downtown Miami office market took a beating in the first quarter, despite the opening of new state-of-the-art buildings like the office portion of the Virgin MiamiCentral train station.
According to a JLL report prepared for the Commercial Industrial Association of South Florida, downtown Miami experienced a negative absorption of nearly 18,000 square feet during the first quarter, mostly due to the departure of two law firms that occupied a total of 10,300 square feet at 19 West Flagler Street.
As a result, the vacancy rate jumped to 27.2 percent, a four point increase compared to the first quarter of 2018. Asking rents stagnated, hovering at $41.52 a square foot, a 0.3 percent increase over 2018 first quarter rates.
A trio of lease deals at one of the MiamiCentral office properties is softening the blow to the downtown office market, said JLL managing director Alan Kleber, a panelist during CIASF’s May 16 office report event. Viacom is taking 23,700 square feet at 2 MiamiCentral, which is 86 percent leased. The other new tenants are law firm Carlton Fields, which signed up for 50,000 square feet, and coworking firm Spaces, which is leasing 19,500 square feet.
The two office buildings at MiamiCentral, 2 MiamiCentral and 3 MiamiCentral, sold in May to San Francisco-based Shorenstein for $159.4 million.
While the downtown Miami office market is hurting, Kleber said major corporate tenants are gravitating to office buildings like 2 MiamiCentral because of the amenities packages and the close proximity to mass transit hubs. “The definition of Class A in this market used to be a handful of buildings where you have unobstructed ocean views,” Kleber said. “From a user perspective, the tier one market class is no longer defined by what you see out the windows.”
Viacom is relocating from a sixth floor space at the Herzog & De Meuron-designed 1111 Lincoln Road building in Miami Beach to a new Class A building that does not offer a similar view. “They are bringing 500 people and growing their space by 4,000 square feet,” he said. “That is mind-blowing.”
Carlton Fields shareholder Yolanda Strader said her law firm has been headquartered at the Miami Tower at 100 Southeast Second Street for two decades. “It’s all glass and offered unobstructed views,” Strader said. “We had to think long and hard on where we wanted to transition. This building stood out because of the amenities, the transit and the access to the highway.”
The CIASF report also shows the Miami office market is becoming heavily reliant on co-working firms. The largest tracked lease in the Brickell office market during Q1 was a 35,800-square-foot expansion by Regus at 801 Brickell. On the same block, WeWork signed a lease for 146,000 square feet at 830 Brickell, an 80-story building with 550,000 square feet of office expected to be completed in 2022. WeWork will account for 27 percent of the building.
In the first quarter of this year, the Brickell office market had a 12.5 percent occupancy rate and average asking rents increased 6.7 percent year-to-year to $48.10 per foot.
In other submarkets, Coconut Grove experienced a positive absorption of 7,660 square feet, the vacancy rate is at 6.5 percent and asking rents are averaging $46.51 a foot, an 18 percent year-over-year increase. The Gables submarket had a positive absorption of 92,460 square feet, but the vacancy rate inched up to 10.9 percent from 9.4 percent. Asking rents jumped from $39.64 in the first quarter of 2018 to $45.73 per square foot.