The nearly 90-year-old Fairwind Hotel Miami in South Beach sold for 26% less than when it last traded in 2021.
Fairwind Hotel at 1000 Collins Ave. in Miami Beach.
Entities linked to Tony Di Piazza and Private Exchange Group purchased the 150-room hotel, which was built in 1936, for $31M, according to property records provided by Vizzda.
The sellers were three LLCs tracing to Israel Katz, a Ramsey, New Jersey-based investor who bought the hotel at 1000 Collins Ave. for $42M in 2021, according to Vizzda.
The hotel is made up of six two- and four-story buildings with a rooftop pool, two restaurants and a café, according to its website.
SALES
An entity tracing to J.P. Morgan Asset Management purchased the 145K SF retail center The Shoppes at Heron Lakes for $53M, according to property records provided by Vizzda.
The seller, Heron Lakes Center LLC and Wyndham Heights II LLC, sold the 17-acre site with two buildings built in 2005 at 5601 to 5791 Coral Ridge Drive in Coral Springs. The LLCs are linked to Sunrise-based investors Mario Hernandez, the South Florida Business Journal reported. It is the first time the property has sold since it was developed two decades ago.
Baptist Health Urgent Care Express, Huntington Learning Center, Antonio’s Jewelers and Heron Lakes Chiropractic Center are among the property’s tenants, according to its website.
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Entities tracing to Charles Rosner and Edward Rutkovsky purchased the Royal Eagle Plaza shopping center in Coral Springs from Washington Prime Group for $60M, according to property records.
Rosner bought a 79% interest, and Rutkovsky bought the remaining 21% stake in the 211K SF shopping center at 9100 Wiles Road. The four-building property, built in 1989 on 11.7 acres, is anchored by Aldi, Hobby Lobby and Petco.
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An entity tracing to Thomas Neary purchased a 191-unit apartment building in Fort Lauderdale from Lurra Capital for $47M.
The sale is nearly a $10M drop from when Lurra Capital purchased the 296K SF, seven-story building last year for $58.9M, according to Vizzda.
The Queue has studio, one-, two- and three-bedroom units ranging between 530 SF and 1,235 SF and priced up to $3,400 a month, according to Apartments.com. CBRE’s Calum Weaver worked on the deal, according to Vizzda.
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Miami-based Pinnacle sold a 140-unit Fort Lauderdale apartment complex for $46M to an affiliate of RAM Rental Asset Management, according to a release.
The complex, named Elyps, offers one- and two-bedroom units spanning 640 SF to 1,550 SF and priced between $2,200 and $2,750, according to Apartments.com. It has amenities like a gym, a pool and a lounge.
Pinnacle delivered the eight-story project at 2500 SW 22nd Terrace in 2023.
Turnbury at Palm Beach Gardens at 4120 Union Square Blvd.
Entities tracing to Advenir sold off a 34-building Palm Beach Gardens apartment complex to affiliates of West Shore for $118M, according to property records provided by Vizzda.
The complex, named Turnbury at Palm Beach Gardens, was built in 1970 at 4120 Union Square Blvd. with 542 units spanning 534K SF.
Turnbury holds one-, two- and three-bedroom units spanning 770 SF to 1,300 SF priced between $1,840 and $2,880, according to Apartments.com.
The complex features a pool, gym, business center and basketball court.
FINANCING
Dezer Development landed a $630M construction loan from Madison Realty Capital for the Bentley Residences condo project in Sunny Isles Beach, Bloomberg reported.
The 61-story, 216-unit tower at 18401 Collins Ave. is more than 50% sold after launching sales in 2022, according to a release.
The car-branded building, set to deliver in 2028, will feature a car elevator dubbed the Dezervator, units selling for $5.8M and penthouses going for $37.5M. Berkadia’s Scott Wadler and Alec Fox arranged the financing.
CONSTRUCTION AND DEVELOPMENT
Casa Familia and Pinnacle broke ground on The Gardens at Casa Familia in Miami-Dade County, according to a release
The $27M residential community is designed for adults with intellectual, developmental and other related disabilities.
Construction on the four-story project is expected to finish in 2027 with 50 one-bedroom apartments.
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CMC Group and Fort Partners broke ground on the Four Seasons Private Residences Coconut Grove, according to a release.
The project is set to rise in 2028 at 2699 S. Bayshore Drive in Miami with 70 residences and four penthouses across 20 stories.
Units will span between 2,025 SF and 3,875 SF, with penthouses up to 9,690 SF. Amenities include a restaurant, library, children’s area, private event room, expansive pool deck, gym and bar lounge.
LEASES
City Food Hall is taking over the Time Out Market’s 21K SF on Lincoln Road in Miami Beach, according to a release.
City Food Hall is set to open next summer at 420 Lincoln Road with food, local talent and entertainment concepts. The Miami-based concept has locations in Gainesville, West Palm Beach, Orlando and Destin.
Comras Co.’s Irma Figueroa represented City Food Hall, and Dillon Maya of Avenue represented the undisclosed landlord.