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Scott Robins, Former Miami Beach Mayor Philip Levine, & Ben Mandell’s Tricera Capital Close On Lincoln Road Retail Asset For $13.6 Million

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Scott Robins from Scott Robins Companies, Inc., former Mayor of Miami Beach Philip Levine, and Ben Mandell’s Tricera Capital, closed on 318-334 Lincoln Road, a ±24,000-square-foot property located in the heart of Miami Beach, for $13.6 million.

The property was sold by RFR Realty, a New York-based real estate investment firm founded by Michael Fuchs and Aby Rosen.

Scott Robins, known for transforming neighborhoods in Miami Beach, stated, “This part of Lincoln Road has long been the ‘Times Square’ of Miami Beach. Our acquisition of this asset marks the start of a new chapter in this area. My partners and I are excited to restore this iconic location to its former glory, bringing back the bustling energy and allure it once had.”

Current tenants at 318-334 Lincoln include Mr. Jones Miami, South Beach Munchies, and Sweet Life Gelato Italian Ice Cream. Ownership is actively leasing and is currently in discussions with several tenants for the vacant units.

“We are excited to enter this market at such a unique time,” said Tricera Capital CEO Ben Mandell. “This part of Lincoln Road has seen strong performance over the last few years and continues to be a service-oriented and convenient staple for travelers to Miami Beach.”

The timing of this purchase aligns perfectly with the broader revitalization efforts on Lincoln Road, especially in the 100, 200, and 300 blocks. A significant investment of approximately $12 million—contributed equally by the State, the City, and the Ritz-Carlton South Beach—is being dedicated to enhancing infrastructure, implementing art and landscaping, creating pedestrian-friendly streets to harmonize with the rest of Lincoln Road.

“With major capital improvement projects on the horizon, including the construction of a beautiful, pedestrianized streetscape, enhanced public beach access, and the addition of new hotels, restaurants, and retail stores, Lincoln Road is poised to regain its splendor of years past,” said Levine.

 

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Torose Equities Acquires Prime Retail Property On Miami Beach’s Iconic Lincoln Road

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Miami-based real estate investment firm Torose Equities has closed on the acquisition of 910 Lincoln Road in Miami Beach.

The approximately 8,700-square-foot retail property is strategically located on the world-famous pedestrian Lincoln Road, offering a rare value-add opportunity in one of the most sought-after retail corridors in the United States.

910 Lincoln Road marks another significant acquisition for Torose Equities, further solidifying its presence in key target markets. The flagship retail space aligns with Torose’s focus on value-add urban retail, office, and mixed-use properties in the Southeastern United States.

“This acquisition represents a unique opportunity to add a trophy asset to our growing portfolio,” said Scott Sherman, Founder & Principal of Torose Equities. “Despite current market uncertainties, we remain bullish on the long-term prospects of high-street retail in premier locations like Lincoln Road. Our acquisition of 910 Lincoln Road at a favorable basis positions us strategically within one of the nation’s most iconic and coveted retail corridors, offering significant potential for value creation and long-term appreciation.

“What’s particularly exciting is that we are jumping back into Lincoln Road at the perfect time. With the convention center renovation complete, a new convention center hotel development on the horizon, and an influx of new restaurants, we are bullish on the future of Lincoln Road. I was investing in this street 15 years ago and was an original member of the Lincoln Road Business Improvement District when it was founded. It’s thrilling to be back on the street and part of its resurgence.”

Located in the heart of South Beach, 910 Lincoln Road benefits from its prime position in a world-renowned shopping, dining, and entertainment district. The property is surrounded by high-profile retailers such as Apple, Nike, Victoria’s Secret, Urban Outfitters, CB2, and Sephora, popular restaurants, and tourist destinations, ensuring consistent foot traffic and visibility. The single-tenant building is currently 100% occupied by high-end clothing brand AllSaints.

The Miami Beach retail market continues to demonstrate strong fundamentals, with average submarket occupancy currently at 95%. The area has experienced significant rental rate growth over the past decade, up over 31% since 2013, with net absorption of over 98,000 square feet in 2022. Known as America’s Riviera, Miami Beach attracts a diverse and affluent population with its outstanding quality of life, cultural attractions, and world-class dining and shopping. The city boasts over 91,000 full-time and 100,000 seasonal residents, and it welcomes millions of visitors annually.

 

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New York Restaurant To Open 1st Miami-Dade Location In Miami Beach’s South of Fifth

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A Class A office building now being built in Miami Beach will serve as the first Miami-Dade location for a New York-based Italian restaurant.

Sant Ambroeus will lease more than 7,000 square feet on the ground floor at The Fifth Miami Beach, a five-story office project that is now under construction on a 21,000-square-foot lot at 944 Fifth Street and 411 Michigan Avenue in the city’s South of Fifth neighborhood.

South Beach will be the second Sant Ambroeus location in South Florida. Its first South Florida located opened on the island of Palm Beach in 2016.

The restaurant is expected to  open in late 2025.

 

Source:  SFBJ

 

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Block Capital Buys Into Diesel Wynwood Project, Plans Relaunch

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The Miculitzki family’s Block Capital Group bought into Diesel Wynwood, Bel Invest Group’s planned branded condominium project in the trendy Miami neighborhood.

Wynwood-based Block Capital is taking the lead on the development, according to sources. Bel-Invest Group, led by CEO Maximilian Beltrame, remains a partner. Block Capital plans to relaunch the project by November, said Gaston Miculitzki, a spokesperson for the family and commercial director at Wynwood-based BM2 Realty. BM2 is handling sales and marketing in-house.

It will mark the second re-launch for Diesel Wynwood since plans for the 159-unit project at 148 Northwest 28th Street were revealed in 2019. Bel-Invest, an international development firm based in Vicenza, Italy, originally planned to kick off sales after Art Basel Miami Beach in 2019, but delayed the timeline because of the pandemic. It launched sales in 2021.

 

Source:  The Real Deal

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Miami Beach Affordable Housing Project Converting To Boutique Hotel

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An affordable housing apartment owner in Miami Beach has told residents to move out so they can convert the 56 apartments into a 76-room boutique hotel.

The Miami Beach Historic Preservation Committee recently voted to allow the building owner to renovate the Riviera Plaza Apartments at 337 20th Street. The residents have 60 days to find another place to live. The structure, built in 1926, was originally a hotel until it was converted into apartments later.

Owners Diana and Rene Gerdom bought the property for $41.3 million in 2015. Construction is expected to cost $22 million.

The five-story hotel’s rooftop will feature a deck, a rooftop pool on the western side of the building and a roof garden. Shulman + Associates is the architect on the project.

 

Source:  ConnectCRE

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Clothing Manufacturer/Retailer Moves Headquarters From Midwest To Wynwood

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A sun protection apparel manufacturer just moved its corporate office to Miami’s Wynwood Arts District from downtown Minneapolis.

The firm, Coolibar, announced on July 2 that they now occupies the whole third floor of the Wynwood Annex Building at 215 N.W. 24th St.

About 45 people work in the 8,200-square-foot office, said Robert Burns, Coolibar’s public relations and events manager. The office serves as a base for Coolibar’s e-commerce, finance, marketing, HR, sales, customer support and product design teams, he added.

After more than 20 years in Minneapolis, Coolibar moved to Miami because “being in the Sunshine State allows us to design and, more importantly, test [our] products year round,” said Chief Brand Officer Sebastien Ozanne.

 

Source:  SFBJ

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Hidrock And Robert Finvarb Use Live Local Act To Propose 39-Story Rental In Wynwood

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Another set of developers are shooting their shot to build tall in Miami’s Wynwood neighborhood, using the Live Local Act, a Florida law that grants developers density hikes in return for designating a portion of apartments as workforce housing.

Hidrock Properties and Robert Finvarb Companies together filed plans to build a 39-story building with 336 rental units at 2534 North Miami Avenue, between Northeast 25th and 26th streets. In 2021, New York-based Hidrock Properties purchased the half-acre site for $13 million, according to property records.

In accordance with state law that was passed in 2023, 40 percent of residences will be affordable for people earning no more than 120 percent of the area’s median income. Developers can build up to the height of any building within a one-mile radius if the affordability requirement is met.

According to the proposal, the Arquitectonica-designed project is 21 stories shorter than the maximum height. The 436,934-square-foot development would also house 7,781 square feet of commercial space and 326 parking spots.

The Wynwood Design Review Committee will hear the application July 16. The lawyer representing the joint venture, Brian A. Dombrowski of Greenberg Traurig, did not immediately respond to a request for comment.

 

Source:  Commercial Observer

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Wynwood Office Owner Files For Bankruptcy To Stop Foreclosure

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The owners of the Gateway at Wynwood office building and a neighboring bank office filed Chapter 11 reorganization one day before their properties were to be taken away by a foreclosure auction.

Based in Valley Stream, Long Island, The Gateway at Wynwood LLC and 2830 Wynwood Properties filed Chapter 11 petitions in U.S. Bankruptcy Court for the Eastern District of New York on July 1. In his capacity as both firms’ chief restructuring officer, David Goldwasser signed the petitions.

In the declaration, Goldwasser stated that in 2020, the developers triumphed against a “wholly unexpected cyberattack” in which a $3 million payment to the general contractor was misdirected and pilfered by cybercriminals. He said that although the debtors are pursuing claims to recoup that money, the scenario caused it to lose important cash liquidity.

In June, Wilmington Trust, as part of a commercial mortgage-backed securities (CMBS) trust, won a $111.9 million foreclosure judgment against Gateway at Wynwood LLC and 2830 Wynwood Properties over a mortgage with $101.7 million in principal outstanding, plus interest and fees. The 14-story office building at 2916 N. Miami Ave. and the 5,187-square-foot bank branch at 2830 N. Miami Ave. were slated for court auction July 2. That auction was canceled due to the bankruptcy filing.

However, on June 27, the CMBS trust assigned its right to bid through the final judgment at auction to 2916-2994 Gateway LLC, managed by Trevor Smith of CIRE Real Estate Advisors in San Diego.

 

Source:  SFBJ

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