The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has announced the $15.25 million acquisition of a five-acre site occupied by a former Ramada Hotel at 1950 W. 49th St. in Hialeah. The closing took place August 7th with $11.5 million in financing arranged by LV Lending, a local private lender.
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Swire Properties Sells Two Brickell City Centre Office Buildings For $163 Million Amid Pandemic
Swire Properties has sold Two Brickell City Centre and Three Brickell City Centre for a combined $163 million, $630 per square foot, amid the COVID-19 pandemic. Each Class A Office building is roughly 130,000 square feet with the pricing broken down by $80.3 million for Two Brickell City Centre and Three Brickell City Centre sold for $82.7 million.
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Star Island Spec Mansion Sells For $49.5 Million In Off-Market Deal
22 Star Island has sold for $49.5 million in an off-market deal after making waves through the Miami real estate community with its whisper price of $65 million. The buyer has requested to remain unnamed. The 17,000 SF spec mansion sits on the northern tip of Miami Beach’s Star Island, an exclusive enclave off of MacArthur Causeway on Biscayne Bay.
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Owner of Bâoli, Massa Investment Group, Acquires Miami Beach's Paris Theater For $13 Million
Massa Investment Group has acquired Miami Beach’s Paris Theater, located at 550 Washington Ave., for $13 million; $508 per square foot. The Art Deco building, which was first built in 1935, spans 25,589 SF. The building was designed by architect Henry Hohauser and has operated over time as a cinema, adult movie house, nightclub and film studio.
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NNN Leased Pollo Tropical Building on Biscayne Blvd. in MiMo Trades For 4.61% CA
A NNN leased Pollo Tropical stand-alone restaurant building located on Biscayne Blvd/ US-1 in Miami’s MiMo district, has traded for $2.275 million, equating to a 4.61% CAP rate. The 1,754 SF restaurant building sits on a 12,800 SF lot located at 7501 Biscayne Blvd in Miami, FL.
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Luxury Home Builder Frank McKinney Sells His Final Direct Oceanfront Palm Beach Spec Home
Luxury home builder and award winning author Frank McKinney has sold his final direct oceanfront Palm Beach spec home which was completed in 2019 for $10.1 million, a record price-per-square-foot of $1,867. Located at 3492 South Ocean, the modern beachfront estate was unveiled with a lavish party which featured a stunt in which McKinney repelled from a helicopter onto the tropical modern home
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Amazon To Build Largest Distribution Center in South Florida After Scoring Approval From Miami-Dade County
Miami-Dade commissioners have voted unanimously to sell a vacant lot located at 13200 Southwest 272nd Street near the Homestead Air Reserve Base in South Miami-Dade County to Amazon for $22,056,853, clearing the way for Amazon to build a new distribution center to service South Florida.
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Former Top Silverstein Exec Launches Hyperion, A New Investment And Development Firm
Rob Vecsler, a former Silverstein Properties executive, has announced that after leaving Silverstein he is re-launching Hyperion Group, a South Florida and New York based real estate investment and development firm. Rob Vecsler spent the past six years at Silverstein Properties in New York, where he served as President of Residential Development and Head of Acquisitions
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CitizenM Coming To 1212 Lincoln After Acquiring Hotel Piece From Crescent Heights
CitizenM is coming to South Beach after the Dutch hotel group purchased the hotel portion of Crescent Height’s 1212 Lincoln at the junction of Lincoln Road and Alton Road in South Beach. CitizenM paid $9 million for the 50 room hotel which is a part of the 1212 Lincoln mixed-use project which also includes over 70,000 SF of retail and 400 parking spaces.
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DJ Khaled Sells Island Estates Waterfront Mansion In Aventura For $4.8 Million
DJ Khaled, whose real name is Khaled Mohamed Khaled, has officially sold his Island Estates waterfront mansion in Aventura for $4.8 million. The closing price is nearly 45% off of the initial $7.99 million list price from December 2018. The custom designed home, which is located at 3914 Island Estates Drive and built in 2001, spans 6,697 SF and is decked out with the music producers own personal taste.
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