82 Gleason St, Delray Beach
Cranes Hotel sale!
Delray Beach-based Menin Development paid $10 million to the Crane Family. Northeast Bank provided financing to the privately funded acquisition.
Crane's Beach house, at 82 Gleason St., has 28 rooms, villas, a tiki bar and two pools. The luxury villa was built by the Crane family and has been in business for 20 years.
Menin Development's first hotel project was the opening of The Ray, a 141 room tropical hotel at 233 N.E. 2nd Ave. in Delray Beach in August. The developer has been involved in several projects within Delray Beach. Additionally, Menin Development is behind The Delray Beach Market, a 150,000 square foot space they call the largest food hall in Florida.
9650 East Bay Harbor Drive, Bay Harbor Islands
Landon hotel sold!
Finvarb Group, led by Ronny Finvarb, bought The Landon Bay Harbor-Miami Beach at 9650 East Bay Harbor Drive. The seller is BHI Hotel, an entity managed by Samuel Spiritos, a managing shareholder with Shulman Rogers, a law firm in Potomac, Maryland.
Finvarb Group paid roughly $219,022 per room for the two-story, 46-key boutique hotel built in 1946. In 2007, BHI Hotel paid $3.9 million, or $84,783 per room, according to records. The 22,729-square-foot building also has a ground-floor commercial space net leased to The Palm-Miami restaurant.
The hotel was renovated in 2010 and The Palm-Miami currently pays $300,000 in annual rent or 6 percent of its gross sales, whichever is greater, according to the investment offering.
The Landon had a net operating income of $305,901 for the 12 months ended March 2020, according to the investment offering. Between the first and fifth year of new ownership, The Landon could grow its occupancy rate from 65 percent to 78 percent, as well as increase the average daily rate from $105 to $128, the offering states. The seller made $460,000 in renovations.
1080 West 93 St, Bay Harbor Islands Forum building has been evacuated. Will it get demoed and make way for a new multifamily??
Little River acreage got bought!
Land portfolio sale in Miami’s Little River took place for grand $75.45 million.
That’s how much LRMF Land Owner LLC, an affiliate of Nashville, Tennessee-based Adventurous Journeys (AJ) Capital Partners paid in two deeds for 24 acres in multiple locations in Little River. The seller was Miami-based commercial real estate firm MVW Partners, via dozens of LLCs managed by co-founder Matthew Vander Werff.
Miami-based City National Bank of Florida provided a $67 million mortgage to the buyer. MVW Partners said it would retain a minority interest in the properties.
The price equated to $3.14 million an acre, or $236 a square foot of commercial space, considering the 320,000 square feet of buildings there.
8000 West Drive in North Bay Village
Moda got sold for $122 million!!
CLPF-NBV LP, care of Clarion Partners in New York, sold the 285 apartments at 8000 West Drive in North Bay Village to 8000 West Drive Ground Owner LLC, care of New York-based Safehold (NYSE: SAFE), which specializes in ground leases with property operators. Safehold signed a 99-year ground lease with WP Modamia MF-FL Owner LLC, care of Boca Raton-based Waypoint Realty Holdings, which will operate the apartment complex.
The deal included an agreement for the buyer not to convert the building to condos. The price equated to $428,070 per unit.
Moda North Bay Village was developed on the 4.5-acre site in 2015. This is the first time it has sold. It includes a pool, a fitness center and grilling stations.