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South Beach office building sells for $80 million

Source: Miami Herald

A mixed-use office building on city-owned land near Lincoln Road has sold for $80 million, one of Miami Beach’s largest commercial real estate transactions in 2016.

The eight-story building at 1601 Washington Ave. is the headquarters of LNR Partners, a real estate management company. It has 110,000 square feet of office space, 30,000 square feet of retail and a 500-car parking garage.

“It’s a big property right in the heart of everything,” said Michael Lapointe, executive managing director of brokerage NGKF Capital Markets, which represented the buyer, a New York-based real estate investment firm called the Nightingale Group. “The buyer sees a lot of activity on Lincoln Road and sees Washington Avenue as a major corridor for redevelopment.”

The city of Miami Beach is planning improvements to Washington Avenue that include incentives for builders, small public parks and future parking garages.

LNR’s lease expires in 2021, meaning the site could be redeveloped. The city owns the land but not the building. It had to sign off on the transaction. Among the retail subtenants are Regions Bank.

The seller is Cousins Properties, based in Atlanta. The property, called Lincoln Place and built in 2002, last sold for $66 million in 2013.

Miami Beach real estate has traded for big numbers as South Florida attracts more foreign and out-of-town investors. Earlier this year, the Thompson hotel in South Beach sold for $229.4 million and the lease for a commercial building at 1691 Michigan Ave. sold for $109.25 million. Last year, Spanish billionaire Amancio Ortega paid $370 million for an entire block of shops on Lincoln Road.

Ortega made headlines again in 2016 when he bought downtown Miami’s Southeast Financial Tower for $516.6 million. It is believed to be the largest real estate transaction in Miami-Dade County history.


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FIP Realty Takes Part In $14.5M Purchase of Wynwood Properties

with information from The Real Deal

In association with Marcus & Millichap, FIP Realty’s Commercial Division represented East End Capital on the $14.5M purchase of three Wynwood warehouse properties located at 310 through 318 NW 25 Street, adjacent to East End’s planned Wynwood 25 mixed-use development. 

The properties encompass 26,700 square feet that make up three adjacent warehouses and a 6,000-square-foot parking lot. The space will be available for lease, offering an opportunity for a large-footprint user to include outdoor space and/or off-street parking. It is ideally-located at the intersection of 3rd Avenue and NW 25 Street, where the pilot project for a Wynwood “woonerf” (shared street concept) is proposed to be located.

Andy Charry of FIP Realty and Marcus & Millichap’s Jon Gerszberg brokered the off-market deal.

“At the end of the day, they were the natural buyers. They can now do a much nicer development,” Charry commented. “It’s right at the intersection of 25th and Third so in terms of location, it’s superior to anywhere on 25th [Street].”

East End Capital plans to lease the warehouses, built in 1951, for a large footprint user with outdoor space and parking. A shared-street concept called a “woonerf” has also been proposed for that intersection.

“We are excited to add these properties to our Wynwood portfolio and look forward to bringing artistic and creative companies that add to the unique fabric of the neighborhood,” said Marc Gitto, Director of East End Capital.

Earlier this year FIP Realty’s Dave Colonna sold 1.84 Acres of land with more than 40,000 square feet of buildings belonging to the Miami Rescue Mission for $22M and most recently closed on the sale of almost 1 acre of land for redevelopment on NW 54th St. The company has a consistent track record of successful deals, representing commercial sellers and buyers, which has helped FIP Realty significantly to build a strong portfolio and a solid reputation in the commercial properties market.

Faith Investment Properties has offices in Aventura for the Residential Division and in Wynwood for all commercial transactions offering a wide range of Investments including Multifamily, Retail Plazas, and Office buildings in South Florida.

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Faith Development lands $23M construction loan for new Aventura office condos

Medical Building South Florida

With construction well underway, Faith Development just scored a $22.9 million loan to help finance its upcoming office condo project, Aventura Medical Tower, aimed at healthcare providers.

The loan was issued by TotalBank and covers Faith’s 70,650-square-foot development site at 2801 Northeast 213st Street, which sits only a few blocks from Aventura Hospital.

Details about the loan were not immediately available, though county records show this is the second piece of financing taken out on the land. The first was a $9 million balloon mortgage from Edward Faith in June 2015, when the Faith Development bought the assemblage for $8.51 million.

Faith Development’s plans for the site include a 12-story office tower, with its floors split between 7 parking levels with 472 spaces and five floors of office suites housing roughly 100,000 square feet, according to the developer.

The tower is being marketed to doctors and other healthcare providers, who could take advantage of the building’s planned first-floor pharmacy, a full-service valet and a shuttle traveling to and from Aventura Hospital.

Suites for sale in the building range from 817 square feet to a full floor with 19,882 square feet. The offices are being delivered raw, but Faith is offering build-to-suit options for buyers.

Read more at: The Real Deal South Florida

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