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Big Things Miami.

Cashflow In Miami
August 22, 2021

201 S Biscayne blvd, Downtown Miami .

$300 million office building sale Miami . Last email blast we wrote about the $225 million purchase of the office building in downtown by CP Group, which until recently was called Crocker Partners. The One Biscayne buy happened after the CityGroup Center. Monarch Alternative Capital agreed to acquire a 90 percent in the tower. Monarch took over Townsend Group’s interest in Citigroup Center, a 34-story office building and adjacent nine-story parking garage at 201 South Biscayne Boulevard. Crocker Partners will keep the remaining ownership stake. Citigroup Center’s office building spans 813,000 square feet and is about 70 percent leased to tenants with a roughly six-year weighted average lease term. Citigroup Center, which connects to the Intercontinental Miami Hotel, went through a $20 million renovation that was designed by architect Richard Meier and completed last year. Blanca Commercial Real Estate was tapped to handle leasing of the tower in September.

Duane Morris LLP inked a nearly $17 million lease for the penthouse office suite in 2018.

CP Group retained its ownership stake in Citigroup Center and is also an ownership partner with PCCP in SunTrust International Center in downtown Miami.

The acquisition brings CP Group's total Downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center. That is making CP Group the largest office landlord in Downtown Miami.

Bal Harbour Marina grand slams!

Bal Harbour Marina has three sales that closed, not just one we have written about!!  Adam Neumann bought two adjacent properties at Miami Beach’s Bal Harbour Yacht Club marina for $44 million. The off-market deal includes two parcels totaling 50,000 square feet and multiple slips in the marina, according to the seller, local investor Joseph Imbesi. One of the parcels includes an under-construction, 14,500-square-foot house, including covered outdoor space. The other is an empty lot. The parcels have roughly 360 feet of water frontage. Mr. Imbesi acquired the site in the late 1990s as part of a larger $19 million transaction for 10½ acres in the area. In March, Mr. Imbesi listed a different property at the mouth of the Bal Harbour Yacht Club marina for $65 million. The former site of the Bal Harbour YachtClub has sold for a county record of $54.931 million after hitting the market in March for $65 million. The 80,040 SF lot was recently converted into a residential home site by real estate investor Joseph Imbesi, who purchased the Bal Harbour Club in the 1990’s.Adam Neuman purchased another property from Imbesi on Bal Harbour Marina just last week for $44 million. Is Bal Harbour Marina sold out now??Maybe i can find you a lot or two there, just contact me direct:)

20801, 20803 and 20807 Biscayne Blvd, Aventura

$140 million three office buildings sale in Aventura!
An Atlanta-based company bought Aventura Corporate Center for $140 million.

Renaissance Aventura LLC, managed by Kenneth L. Fishel of Renaissance Properties in New York, sold the 525,442 square feet of buildings at 20801, 20803 and 20807 Biscayne Blvd. to Aventura Opportunity Owner, in care of Atlanta-based Stonecutter Capital Management. Ladder Capital Finance provided a $112.8 million mortgage to the buyer.

The buildings have 251,773 square feet of office space and 931 parking spaces in garages. They range from five to six stories.

Aventura Corporate Center last traded for $105.28 million in 2016, so it had a nice gain in value.

The office park was originally developed on the 8.6-acre site in 1986, and expanded in 2007. It features outdoor common areas, a café, a conference center, and electric car charging stations.

700 Euclid and 1211 Alton rd, SOBE

Sentinel Real Estate is betting big on the Miami Beach and Bay Harbor Islands multifamily market, buying a 452-unit portfolio for $96.6 million.

The New York-based commercial real estate investment manager bought 25 buildings in Miami Beach and five in Bay Harbor Islands from various affiliates of Boardwalk Properties.

Sentinel also bought Boardwalk’s Miami Beach office at 1211 Alton Road for $2 million, according to a deed.

Sentinel will upgrade unit interiors and rebrand the portfolio to Helios Apartments Miami Beach.

3488 Saint Gaudens Road , Coconut Grove

$65 million Mansion sale set in Miami -Dade!!

The deed shows the property traded for $50 million, but sources said the price is $65 million, including the cost of completing the home. The property is still under construction.

Perez, a longtime Key Biscayne resident, was identified in a 2005 Tampa Bay Times article as a “reputed arms dealer and heir to a Venezuelan oil fortune.” He was allegedly involved in a failed coup in Venezuela that year.

Perez’s sister is also listed as a manager of the company that sold the Coconut Grove property, according to the state’s database.

The sale includes parcels totaling 4.3 acres. Miami-based Pacheco Martinez designed the modern mansion. The estate features a pool deck with a Jacuzzi, outdoor entertaining spaces and a dock, renderings on the architect’s website show.

The buyer, CH2CG LLC, financed the purchase with a $20 million loan from Maxim Capital Group, according to property records.

The record surpasses the $49.9 million sale of 3 Indian Creek Island Road in early 2019.

The spec home was reportedly asking $50 million last year, plus more to complete the mansion.

The three parcels that just sold were part of a larger property that the Perez entity acquired in 2013 for $18 million, sources said. The fourth lot, where a new mansion was built, sold more than a year ago for $6.2 million, property records show.

Seeking unique offerings and one of the kind opportunities , contact Andrey Rossin direct 786-942-0502!!

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