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Big Things Miami!!

Cashflow In Miami
November 19, 2021
Miami World Center

700 N. Miami Ave, Miami

Would the seller of the 4.7 acre, former site for the Grand Marriott and Convention center change their mind now, if they knew the state of the market today? Or the $94 million tag was still super sweet? New York-based, Witkoff Organization and Chicago-based, Monroe Capital, paid that amount for the former Miami Arena site.

From 1988 until it was demolished in 2008, the Miami Arena hosted teams such as the Miami Heat, the Florida Panthers and University of Miami basketball.

P&G Investors Holdings, an affiliate of Miami-based MDM, acquired the property for $45.25 million in 2017. Then we wont cry, they doubled their investment:)

MDM proposed developing it with the Marriott Marquis Miami Worldcenter Hotel & Expo Center, a 1,700-room hotel with a large convention center. The developer was working on a public subsidy deal with city officials. It would have been South Florida’s largest hotel by rooms.

788 Brickell Plaza, Miami, FL 33131

East hotel sold for $174 million!!

Hong Kong-based developer Swire Properties Inc. sold the East, Miami hotel to Trinity Real East Development and Certares in a joint venture. The hotel traded for $174 million.

The 218,00-square-foot property at 788 Brickell Plaza has 352 guest rooms, a 20,000 square foot pool deck with four pools, a 20,000 square foot meeting and banquet space, a 24-hour fitness center and its own restaurant called Quinto La Huella. It is part of the 5 million-square-foot Brickell City Centre mixed-use development.

East, Miami opened in 2016 and was the first North American hotel opened by Swire Hotels, a division of Swire Properties. Swire has two East brand hotels in Hong Kong and Beijing. Swire Hotels will continue to operated and manage the Miami site.

1395 Brickell Ave. Brickell

Conrad hotel sold over for $100 million !!

Electra America Hospitality Group, a joint venture between Lake Park-based Electra America and AKA, a division of Pennsylvania-based Korman Communities, purchased the Conrad Miami hotel in the city's Brickell Financial District.

The hotel, in the 36- story mixed-used Brickell Arch tower at 1395 Brickell Ave., will be converted into Hotel AKA Brickell. It has 201 guest rooms, 11-story atrium, fitness and spa facility, rooftop swimming pool and several event venues.

Though it did not disclose a purchase price, Electra American Hospitality Group will invest around $11 million to renovate the property.

251 N Narcissus Ave, West Palm Beach, FL 33401

Ben hotel sold in West Palm Beach for $106,400,000!

Wheelock Street Capital paid $106.4 million for The Ben West Palm Beach, a new hotel near the city’s downtown.
Concord Hospitality Enterprises Company, a hotel management, ownership and development company based in Raleigh, North Carolina, sold the 208-key hotel at

251 North Narcissus Avenue for more than $511,000 per key.
The property likely traded for much more, as the real estate transaction does not often include the furniture, fixtures and equipment.

11290 Legacy Avenue in Palm Beach Gardens

German fund unloads Palm Beach Gardens plaza for $102 million!!
The plaza traded at a loss of nearly 44 percent compared to its last price in 2007.
A joint venture of private equity mammoth Lone Star Funds and retail investor Woolbright Development bought the property at 11290 Legacy Avenue in Palm Beach Gardens.
An affiliate of Munich, Germany-based GLL Real Estate Partners GmbH sold the 43-acre property. The company paid $180.2 million for Legacy in 2007, a year after it was completed.
The 425,316-square-foot center is 72 percent occupied. Some of the anchor tenants are Best Buy, Barnes & Noble, Bassett Furniture, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More.
The average asking rent in Palm Beach County was nearly $25 per square foot, higher than the apex of close to $22.50 in the fourth quarter of 2019.

3899 North Haverhill Road , West Palm Beach
Office-retail Plaza trades for $12,400,000!

Allstate Investments cashed out of a West Palm Beach retail and office center it acquired nearly 30 years ago.
The buyer is an affiliate of Atlanta-based investment management firm Jordan Capital AM, headed by Vad Yazvinski.
Allstate acquired the 57,070-square-foot building for $1.3 million in 1994. The nearly 5-acre Palm Gate Plaza was completed in 1986 and renovated in 1998. The center is anchored by a Dollar General store, features 20 office suites on the second floor and is 100 percent occupied, according to a listing. It is across the street from a Publix-anchored shopping center and near the Century Village retirement community.

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