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All Big Things Miami

Cashflow In Miami
September 5, 2021

640 Ocean Dr, South Beach

132 -key hotel, part of Curio Collection by Hilton brand, former Park Central, trades hands. The property traded for an undisclosed price. The property includes 26 suites and a number of food and beverage outlets. It will open this fall.

Optimum-the seller, acquired the Ocean Drive property, which included the former Park Central, the Imperial Hotel, Heathcote Apartments and then-vacant land in 2013 for $51 million. Goldman Properties sold the assemblage. Optimum then embarked on a multi-year, multimillion-dollar renovation and expansion of the hotel.

CGI Hospitality Opportunity Fund I. Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Surya Capital Partners-the buyer, joined CGI Merchant Group’s $650 million fund late last year.

CGI Merchant Group launched the hospitality fund last year with the goal of purchasing 20 hotels in gateway cities in North America and the Caribbean.

226 Lincoln road, South Beach

Building auctioned off Lincoln road!

The auction sale of the three-story commercial building at 226 Lincoln Road in Miami Beach recently closed for $5,775M. The 7,762 sq. ft. building sold by Herbert Z. Bookstein is described as a “generational asset” in the auction listing. The buyer is Lincoln Realty, LLC, a Los Angeles-based group. The building which was constructed in 1947 consists of two ground floor retail spaces (currently vacant), a 3,676 sq. ft. space on the second floor and a 686 sq. ft. space on the third floor.

222 Northwest 24th Street, Wynwood

Wynwd Cube sale.

A joint venture between Tricera Capital and Alex Karakhanian’s Lndmrk Development paid $28 million for Redsky Capital’s new Class A Miami office building. Eight-story, roughly 100,000-square-foot. New York restaurant group, Kissaki Sushi, inked a lease for the rooftop of the building for a Japanese concept called O. Chef Gabriele, Bonci’s Bonci Pizza and Mini Market are ground-floor retail tenants.

16 Southeast Second Street, downtown Miami

Burdines building in downtown Miami sells!

The investors paid $46 million to buy the “Burdines” site, a 2.2-acre block .

The development site is zoned for a 2.2-million-square-foot project. Wharton Urban, a subsidiary of the investment firm, acquired the property by purchasing the distressed note for $16.3 million from Iberia Bank through a deed in lieu of foreclosure.

The four parcels sold for nearly $500 per square foot. They’re zoned T6-80, which means an 80-story building could be built on the property with more than 2,100 units and a mix of uses, including residential, hotel, retail and office.

It came with previously approved site plans designed by the late I.M. Pei and Miami-based Oppenheim Architecture+Design.

129 NW 26th Street and 127 NW 27 Street, Wynwood.

Wynd26-27 topp off!!

Plans for WYND 27 and WYND 28 include a combination of 152  luxury apartments, 46,000-sqft of office space, 33,500-sqft retail space, and 232 parking spaces in buildings between five and eight stories, including three rooftops and various private and public outdoor spaces.

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