DRA Advisors and CP Group have acquired Miami Tower, a 627,152-square-foot trophy office tower in Downtown Miami’s Central Business District for $163.5 million. Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC, in the transaction.
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We Florida Financial Sells Fort Lauderdale Site to AutoNation for $11.8 Million
AutoNation has acquired a Fort Lauderdale site from We Florida Financial for $11.8 million. The 71,307 square foot property features prominent frontage on South Federal Highway in the heart of Fort Lauderdale. The property is located on 1300 S. Federal Highway plus 617 and 705 N.E. 14th St with maximum exposure to passing traffic.
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Prestige Imports CEO Brett David Closes On Biscayne Boulevard Site Expanding Prestige Campus In North Miami
Brett David, CEO of Prestige Imports, has acquired 15090 Biscayne Blvd in North Miami for $4,698,000. Formerly the Arch Creek Animal Clinic, the 24,102 SF property will be redeveloped and utilized to complete Prestige Imports’ nearly 10-acre campus on Biscayne Blvd in North Miami. Prestige Imports is one of North America’s leading factory authorized Lamborghini dealerships.
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Forest Development Closes On $269 Million Construction Loan For Palm Beach County Condo
Forest Development has locked down a $269 million construction loan for Nautilus 220, a 330-unit luxury condominium project that is the first of its kind in Palm Beach County’s Town of Lake Park. Nautilus 220 will be 24-story twin condo towers on the water with a restaurant from renowned chef David Burke and many amenities.
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Omega Real Estate Locks Down $100 Million Construction Loan For North Miami Multifamily
Omega Real Estate has locked down $100 million in construction financing to develop The Gardens Residence, a 358-unit mid-rise apartment community with 1,100 square feet of ground floor retail in North Miami, Fla. The financing was provided by Churchill Real Estate and was arranged by Berkadia.
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Todd Michael Glaser And Partners Buy Palm Beach Penthouse Atop Tiffany & Co. On Worth Avenue For $15.5 Million
Spec home developer Todd Michael Glaser and his partners have closed on the penthouse on top of the Worth Avenue Tiffany & Co. building in Palm Beach for $15.5 million. The residence was delivered as an unfinished shell and the investors plan to complete the residence and list it at potentially $40 million. The penthouse occupies the buildings second floor and rooftop and spans 13,000+/- SF.
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Pebb Capital and LeaseFlorida Sell Hampton By Hilton at The Continental in Miami Beach For $43.9 Million
Pebb Capital and LeaseFlorida have sold the Hampton by Hilton at The Continental in Miami Beach, Florida for $43.90 million. The sale closed on June 15 to a privately held LLC. The JV renovated the historic structure in 2016 for $25 million. This deal is a record for the Hampton flag, marking the second-highest price per key in the brand’s portfolio and is significant for the area.
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Two Roads Development Locks Down $150 Million In Funding From Lionheart Strategic Management and Bank OZK For Edgewater Condo Buyout
The South Florida-based Two Roads Development, led by Taylor Collins and Reid Boren, have locked down $150 million in funding for a waterfront condo buyout in Miami’s Edgewater neighborhood. Lionheart Strategic Management LLC (Lionheart) will be providing a $45 million mezzanine loan, backed by a $105 million senior mortgage loan from Bank OZK.
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Aztec Group Delivers $102 Million In Construction Financing For 352 Unit RIVR Lofts In Fort Lauderdale
Aztec Group, Florida’s leading real estate investment and merchant banking firm for over 40 years, announces that Peter Mekras has arranged $102,000,000 in construction financing for RIVR (River) Lofts in Ft. Lauderdale, Florida. RIVR Lofts features a desirable location in Fort Lauderdale’s Central Business District in the emerging Tarpon River Entertainment & Design District and will be a mixed-use, luxury, high-rise rental apartment community with 352 residential units.
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Pebb Capital And LeaseFlorida Sell Trophy Miami Beach CVS For $17.73 Million
Pebb Capital, in a partnership with LeaseFlorida, has sold a trophy retail condominium asset on Miami Beach for $17.73 million to California-based Cove Capital Investments. CVS Health (CVS), the largest national pharmacy health care provider and a publicly traded company, is the long-term tenant, which signed a 25.5-year lease in May 2021.
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