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Real Estate

Big Things Miami! Friday's news!

By
Cashflow In Miami
on
September 9, 2022
251 S. Dixie Highway, Coral Gables

One of the biggest sales just happened mixed use Gables Station traded hands for $430 million!!

Coral Gables-based Nolan Reynolds International and New York-based 54 Madison Partners, via affiliate 251 S Dixie LLC, sold the 1.2 million-square-foot project at 251 S. Dixie Highway to Houston-based Hines, via its Hines Global Income Trust.The 14-story building consists of an 80,000-square-foot Life Time health club, a 25,000-square-foot Life Time Work coworking center, and 495 apartments under the Life Time Living brand. Other commercial tenants include Trader Joe’s and Italian restaurant Erba.Gables Station was recently completed on the 4.3-acre site. Hines said the apartments were 95% occupied. Hines’ Willowick Residential will take over management of the apartments.

According to Apartments.com, units in Life Time Living Coral Gables range from 436 to 2,252 square feet and are listed from $2,919 to $13,864. Those are some of the highest rents in Coral Gables.

International Polo Club Palm Beach sold for $95 million!!


Lake Worth Beach-based United States Polo Association bought the 161-acre property on the southwest corner of 120th Avenue and 35th Street from an entity managed by Bellissimo. The properties are at 12560, 12580, 12600 and 12800 35th Street South, as well as at 3667 120th Avenue South.

The deal covers the majority of the 248-acre polo club property Bellissimo, an equestrian real estate investor, bought in 2016 for $72 million.

Included in USPA’s purchase are Fields 1 through 5, the Outback Field and facility, grandstand, clubhouse shop, Mallet Grille restaurant, Seventh Chukker club bar, and the social club, which includes facilities such as a pool, gym and tennis courts, according to a United States Polo Association news release about the deal. The property will be rebranded as The USPA National Polo Center – Wellington.


Shula gold club to be redeveloped into mixed use!

7601 Miami Lakes Drive , Miami Lakes

The Graham Cos. filed plans to demolish the shuttered Shula’s Hotel and the former Shula’s Steakhouse in Miami Lakes in order to build apartments, shops, a golf course clubhouse and a driving range building.

The Miami Lakes-based developer removed the name of late Miami Dolphins legend Don Shula from the restaurant, hotel and golf clubhouse in January. It turns out the developer has a new vision for the site on the edge of the Miami Lakes Golf Club.

The plan calls for a 7-story apartment building with 278 units, 10,240 square feet of commercial space, a separate 17,283-square-foot clubhouse for the golfers, and a 7,789-square-foot building to serve patrons of the existing driving range. There would be 576 parking spaces, most of them in a garage.

The project would be called the Miami Lakes Golf Club Residences and Shops on the Nine.

2534 N. Miami Ave. and 26 N.W. 26th St.Wynwood sale.

Sold for $13 million!!!

The 18,870-square-foot commercial/office building at 2534 N. Miami Ave. and 26 N.W. 26th St. was sold by 2534 Morse LLC, managed by Jonathan A. Bernstein in Palm Beach Gardens.

The buyer was 2534 N Miami Associates LLC, managed by Eddie Hidary as chief investment officer of New York-based Hidrock Properties. Metropolitan Commercial Bank awarded a $8.06 million mortgage to the buyer.

The price equated to $689 per square foot.

It last sold for $10.8 million in 2015, so it traded for a gain.

The price equated to $689 per square foot.

It last sold for $10.8 million in 2015, so it traded for a gain.



130 SW 8th Street.West Brickell

PMG is planning massive complex with $58 million land grab!

PMG paid $58 million for a 1.15-acre site at 130 SW 8th Street, just west of the Metrorail track. The seller, private investor Jose Rasco, assembled the site between 2012 and 2015, paying $5.3 million in total.

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