Penthouse on the 69th floor at Four Seasons Residences on Brickell

A Colombian investor sold his Brickell penthouse to a corporate executive in the industrial building industry, The Real Deal has learned.

Margarita Sanclemente of Capital International Realty

The unit, on the 69th floor of the Four Seasons Residences on Brickell, sold for $4.315 million, or $1,244 per square foot, a record for a penthouse in the area over the past two years.

Donald E. Miller of Lennox International and Fairchild Corp. is the buyer.

“The moment the [new] owner came in, he fell in love with the unit,” Margarita Sanclemente told TRD.

Sanclemente, of Capital International Realty’s Sanclemente group, represented the seller and said that the condo was renovated in 2010 and includes marble floors, an Italian kitchen and new walk-in closets. The sale includes two parking spaces and storage.

“It is important to note that Brickell has been selling at record high prices,” she said in a statement. “It has turn to be the second most important financial district in the country, after Manhattan.”

The Four Seasons was completed in 2003.

The Residences at W Fort Lauderdale kicked off condo sales last week, as designs for the beachfront property’s 147 residences and public spaces previewed to brokers during a private celebration.

Related Companies, which purchased the W Fort Lauderdale in July 2014 for $90 million, along with the Related Group, announced plans for an extensive renovation of the hotel and condo development on Fort Lauderdale Beach Boulevard last month.

The development, first built in 2009, consists of two buildings: a 517-room hotel and a separate 171-unit condo-hotel tower.

Now, Related plans to redesign the 147 units it purchased in July, along with the hotel’s public spaces, amenities and guest rooms. Design firm Meyer Davis Studio will orchestrate the makeover. The Related Group and Related ISG will lead sales for the remaining 147 units. Units range from 800 square feet to 1,500 square feet, with prices starting in the low $500,000s. — Sean Stewart-Muniz and Katherine Kallergis

Engineers built a nine-story model of the final product to prove the concept

The Dezervator, arguably one of the Porsche Design Tower’s most talked-about amenities, has been patented, proven and is almost ready for use.

Engineers recently put the finishing touches on a nine-story miniature of the final product in Chicago, and have since been putting the concept through its paces. In the video below, you can watch how the fully automated system works on a test vehicle, which is — you guessed it — a Porsche. A metallic claw slides under the vehicle, pulls it into a glass-walled elevator and lifts it to the selected floor.

Now that developer Gil Dezer has shown that his grandiose idea works, the elevator will be rebuilt inside the 60-story tower on Sunny Isles Beach. When the project is completed in the second quarter of 2016, residents will be able to take their cars up the Dezervator and park them next to their condos in “sky garages.”

An aerial photo of construction progress

Construction of the project is well underway, and only eight units remain of the 132 that were originally for sale. Prices for the remaining units range from $6.3 million to $32.5 million for the massive 16,195-square-foot penthouse that stretches four levels.

The tower, at 18555 Collins Avenue, has caught attention over its other eclectic amenities, which range from balcony plunge pools to a collection of six “man caves.”

“We are very pleased that this genuinely unique feature has come to fruition,” said Dezer, president of Dezer Development, in a statement. “The melding of these technologies is nothing short of compelling. Porsche Design Tower’s robotic parking technology will serve as a catalyst for future luxury real estate developments around the world, especially in urban cities where parking is a premium.”

Check out the video here:

— Sean Stewart-Muniz

6017 Le Lac Road in Boca Raton and Greg Norman

The Great White Shark, golfer Greg Norman, took a loss on a Boca Raton lot he bought in 2006 with one small change: the 10,597-square-foot mansion was removed.

The Australian golfer and Jupiter resident sold the 7.49-acre property for $5.6 million, the Sun Sentinel reported. He purchased it from developer Peter Wolofsky in December 2006 for $7 million, according to Palm Beach County property records.

In July of last year, Norman obtained a $15 million loan to complete the home.

Elena Temkina is the buyer of 6017 Le Lac Road. Norman took back a $2 million mortgage for the new buyers, Elena and Roman Temkina, records show. Listings show potential plans for the site, as an empty lot or as an eight-bedroom, 12,000-square-foot home.

Jack Schneider of Palm Beach Luxury Homes was the listing agent. [Sun Sentinel] — Katherine Kallergis

3907 South Flagler Drive in West Palm Beach and Mitash Kripalani

An apartment building in West Palm Beach recently sold for $4.25 million, or $157,400 per unit.

VUPPN Flagler LLC, based in Valley Stream, New York, sold the 27-unit multifamily property at 3907 South Flagler Drive in West Palm Beach, Palm Beach County records show. Mitash Kripalani, Douglas Elliman Commercial Division broker, represented the seller.

Flagler WPB LLC is the buyer. Philip Pilevsky of New York-based Philips International is listed on the company’s corporate records.

The building was built in 1972 and totals 18,900 square feet. George Usha, a medical doctor based in Valley Stream, is listed on the seller’s corporate records.

“This property was recently renovated and is a well-situated waterfront building with a deeded dock space for additional rental income,” Kripalani said in a statement. “The building has a strong occupancy and rent growth fundamentals in the immediate and surrounding submarkets, making it an attractive investment opportunity.”

The building last sold for $3.35 million in August 2013, according to Palm Beach County property records.

The Miami Marine Stadium (credit: Rick Bravo)

1. Miami boat show director lashes back [GlobeSt.]
2. Activists are dedicating a park after the Miami Heat ignored its promise [Miami New Times]
3. Former Time Warner CEO Nicholas pays $13 million for Miami mansion [South Florida Business Journal]
4. HistoryMiami looks at real estate past of Whitman Family [Daily Business Review]
5. Residents, groups sue town over Testa’s approvals [Palm Beach Daily News]

— Sean Stewart-Muniz

Current reader favorites:
1. Clinton Hotel in South Beach sells for $28.5M
2. Moishe Mana wins county nod for Wynwood land swap
3. Check out the Dezervator in action
4. Linear parks to bring new life to Miami-Dade
5. Affordable housing crisis afloat in Florida Keys: report

Golden Bear Plaza

SlimFast, the diet products company, is coming back to Palm Beach County — the Golden Bear Plaza in Palm Beach Gardens to be exact.

The company, founded by billionaire Daniel Abraham, is taking a full floor with 13,000 square feet of space in the Class A commercial building. It will have a 10-year, $4.5 million lease, with a starting rent of $20-$21 per square foot triple-net. The offices will serve as the company’s national headquarters, with about 50 employees.

Under Abraham, the company was based in West Palm Beach until 2000, when it was sold to Unilever. Dallas-based Kainos Capital bought the company last year.

“The Texas guys wanted to be on the East Coast,” Neil Merin, chairman of NAI/Merin Hunter Codman of West Palm Beach, which negotiated the lease on behalf of Golden Bear, told The Real Deal. “They looked around Florida, and saw that it’s easy to hire. They wanted a good corporate showcase facility for when they go public.”

So Palm Beach Gardens was a natural, he said. “It’s a high-end community with a panache for corporate facilities similar to what Boca Raton had 20 years ago.”

Golden Bear Plaza, named after golf legend Jack “Golden Bear” Nicklaus, whose companies are based there, is owned by Equus Capital Partners of Yardley, Pennsylvania.

Demand for Class A space in Palm Beach Gardens is soaring, Merin said, with the vacancy rate dropping to under 10 percent from 19 percent a year ago and rents rising. His firm and others are negotiating corporate headquarter deals for several private equity and hedge-fund firms from the Northeast.

The problem is a shortage of Class A space in the area. “But what else is new?” Merin said. “Traditionally, developers in Florida won’t build on spec like other parts of the country. It’s a combination of the recession aftermath and lenders want more equity.”

He’s not impressed with local government’s effort to boost Class A construction. “I love the fact that politicians and non-professionals are screaming ‘Please build more,’ but unless you will guarantee loans, developers won’t go for the risk.”

Rebel Cook, president of Rebel Cook Real Estate in Palm Beach Gardens, also said local officials must do more. “You need a fast-track permitting and development process, probably in all of Palm Beach County. Permitting and zoning takes so long,” she told TRD.

So companies that want to relocate in less than a year are choosing locations that allow quicker construction. “Then we lose out,” Cook said.

Don Peebles

From the New York website: In an interview with the New York Times, developer Don Peebles recalls a tough but rewarding childhood, and explains why he asks employees if they are happy with their choices.

At age 16, “I went to the U.S. Capitol Page School from six to 10:30 in the morning… From 10:30 on, I worked in the House of Representatives. After working all day, I would go home and then have basketball practice until about 9 p.m. Then I would do my homework, go to bed around midnight and then get up at four the next morning to do it all over again,” Peebles told the Times.

Years of long hours, he says, taught him leadership. Today, “we have about $3.5 billion of projects in development,” he told the Times. “Our executive staff is about two dozen people and we have fewer than 100 over all.”

And when it came to hiring that staff, Peebles said he has a very specific methodology.

“Our company should be a vehicle for our employees to accomplish some of their personal goals. It is a two-way street, but we should give people the opportunity to evolve and learn and grow and not put them in slots or force people to stay in their own lanes,” he said.

“I want to know the candidates’ personal goals and how they think our company can help them achieve those goals,” he added. “I’ll also talk to them for the first 20 minutes about their life — where they grew up, what their parents do and what their goals were when they were growing up. And I’ll ask them if they are happy with their choices.” [NYT] – Christopher Cameron

The shopping center at 3800 West 12th Avenue in Hialeah

An investment company just picked up a Hialeah shopping center for $11 million.

The two-story retail strip sits on a roughly three-acre lot and has 74,346 square feet of commercial space. It is located at 3800 West 12th Avenue, and is bordered by homes on three sides and another shopping center to the north.

The seller is a holding company linked to the Cayon Development Group, a family-run builder of residential and commercial properties in South Florida. The building was constructed in 1984.

An outparcel abutting the shopping center was not included in the sale. It is owned by Regions Bank, which has a branch there. Cayon’s founder, Roberto Cayon, sat on the board of Region’s predecessor, Union Planters Bank, for two years, according to company’s website. His son, Mauricio Cayon, is the company’s current president and Chief Operating Officer.

W 12th Ave Investment is the buyer. No information on the company was available.

Hialeah has seen renewed attention from national companies like Lennar Corp. and BBX Capital in recent years.

From left: Michael Cohen and Robert K. Futterman (Credit: Michael Toolan)

From the New York website: Colliers International is expected to acquire Robert K. Futterman’s New York-based retail brokerage RKF, The Real Deal has learned. The transaction would give Colliers a major retail presence in New York City and continues the commercial industry’s trend toward consolidation. 

According to sources, Futterman informed RKF executives about the acquisition on Friday. A representative for RKF declined to comment to TRD on Sunday, and it is unclear what Colliers is paying for the firm. Michael Cohen, President of the Tri-State Region for Colliers, declined to comment on the acquisition, but said that the industry was “entering a new epoch” in which firms are consolidating and expanding their offerings.

“Expect more to come,” Cohen added.

On June 1, Colliers, with headquarters in both Toronto and Seattle, announced that it was becoming an independent, publicly-traded company, spinning off from FirstService Corp. Colliers’ revenue in 2014 was $1.6 billion, it said at the time, and CFO John Friedrichsen said a $525 million revolving credit facility would allow it, among other things, to make “prudent acquisitions.”

RKF, headed by Robert K. Futterman, was Manhattan’s second-most active retail firm in 2013, based on total square feet leased from 125th Street and below. Top brokers at the firm include Gary Alterman and Karen Bellantoni. RKF estimates it has done about $20 billion worth of deals since its 1998 launch.

In October, TRD reported that CBRE was in talks to acquire the firm, which would have boosted its retail presence in New York City. At the time, insiders predicted that RKF would sell for between $40 million and $80 million. Those figures could not be confirmed.

The Colliers-RKF deal, if completed, would be the latest in a string of mergers and acquisitions in commercial brokerage. At the end of 2014, Cushman & Wakefield acquired Massey Knakal Realty Services for a reported $100 million. In January, DTZ, which is backed by private equity firm TPG, bought brokerage Cassidy Turley. And in May, DTZ acquired Cushman for $2 billion.

Rendering of the Courtside Family Apartments

Alonzo Mourning’s affordable housing apartments in Overtown will break ground next Monday, according to developers. 

Along with Housing Trust Group, the retired Miami Heat star is developing the $22.8 million, 84-unit project, the first phase of a three-phase affordable housing development in the historic neighborhood. Developers scored $21 million in financing for the project in April.

The midrise Courtside Family Apartments consists of 10 one-bedroom, one-bath units; 53 two-bedroom, two-bath units; 21 three-bedroom, two-bath units; and four work-loft units.

Amenities for the first phase will include a computer lab, library, gym, basketball court and playground. Eleven percent of the units are set aside for residents with extremely low income and the remaining 89 percent for those with a low income, which is defined as less than 60 percent of the area median income.

Phase two will be set aside for seniors and includes an estimated 120 apartments. The third phase will include about 80 residential units and will target special needs residents, such as formerly homeless, veterans or foster care students who age out of the system when they turn 18. — Katherine Kallergis

The second week of June saw a bump in the road for condo sales across Miami-Dade County, though a few exceptional closings shone through falling prices and volume, according to data from condo.com.

A unit in Miami’s Four Seasons Residences traded for $4.45 million, marking the week’s most expensive sale. Fabian Dominguez of Fortune International Realty had the listing, which sat on the market for 285 days before closing.

Eloy Carmenate of One Sotheby’s International Realty had the next most expensive sale on the list, a $2.85 million residence at the Continuum South Beach. Though Carmenate’s closing fell $1.6 million behind the top spot, his price per square foot — $1,975 — more than doubled Dominguez’s $995.

Prices for other big sales hovered between $1.8 million to $1.1 million, the most notable being a unit at the Millennium Condo in Sunny Isles Beach that took nearly two years to close. It finally sold for $1.8 million, a $500,000 price cut from its 2013 listing. Jose Augusto Nunes of Algebra Realty was the agent.

A total of 149 condos were sold across the county last week for $54 million — a large drop from the previous week’s total of $71 million. Average sale prices were $362,112 and the average price per square foot was $280.

Here’s a breakdown of the data for the week of June 7 to June 13. Click on the map for more information:

Most expensive
Four Seasons Residences, Miami | $4.45M | $995 psf | 285 days on market | Fabian Dominguez of Fortune International Realty

Least expensive 
The Executive, Miami Beach | $1.1M | $597 psf | 114 days on market | Sheryl Padilla of Oceanfront Blue Realty

Most days on market
Millennium Condo, Sunny Isles Beach | 692 days on market | $1.8M | $814 psf | Jose Augusto Nunes of Algebra Realty

Least days on market
Sunset Harbour South, Miami Beach | 41 days on market | $1.655M | $871 psf | Paul Sasseville of Esslinger Wooten Maxwell

From left: Baran Suzer, Ozlem Onal, Mustafa Suzer and Rotem Rosen, 8955 Collins Avenue, and Alex Sapir

Israel-based ASRR Capital, controlled by Alex Sapir and Rotem Rosen, and Istanbul-based Suzer Group have announced a partnership with prominent Turkish businesswoman Ozlem Onal to create a high-end luxury hotel at the oceanfront building they purchased in Surfside last week, The Real Deal has learned.

ASRR and Suzer closed the off-market deal for 8955 Collins Avenue, a nearly one-acre property next to the Surf Club Four Seasons Hotel & Private Residences, as well as a property on the west side of Collins Avenue on Friday for $40 million, Rosen told TRD. The tenants in the existing condo building on the oceanfront property have all vacated. A full demolition is planned for September, and a groundbreaking is planned for December. 

Onal’s family owns the Turkish luxury hotel chain Dedeman Hotels & Resorts, which operates 16 hotels in Turkey, Russia and Kazakhstan, according to its website.

Plans for the site include a 145,000-square-foot, 80-room high-end hotel, led by Onal, and 10 ultra-luxury condos topping the new building, which will also feature a restaurant and beach club. On the other side of Collins Avenue, the investors plan to put a parking lot, and on top of that, a tennis court, Rosen has previously said.

Alex Sapir, ASRR chairman, said the deal marks ASRR’s first investment in Miami.

“After 15 years of going back and forth between Miami and New York, it’s incredible to see the demand for luxury now. If you look at where all luxury is or where it’s headed, it’s in Surfside,” Sapir told TRD.

From 87th Street to 94th Street, “you have a line of very high-end hotels. That’s something that’s very, very new,” Rosen added, citing such luxury developments under construction as the Renzo Piano-designed Biltmore Terrace project, at 8701 Collins Avenue; the Surf Club Four Seasons Hotel & Private Residences at 9011 Collins Avenue, which was designed by Richard Meier and is currently under construction; and the Fendi Château Residences at 9365 Collins Avenue.

In Manhattan, the Sapir Organization owns 6.5 million square feet of real estate, including the New York headquarters for Coca Cola, Sony, Credit Suisse, William Morris and MTA. ASRR Capital and the founder of Buddha Bar, Gerard Guez, recently bought the Mondrian SoHo, now NoMo Soho. Sapir Organization also owns 260 Madison Avenue and 261 Madison Avenue.

The Suzer Group, which is involved in real estate, banking and energy in Turkey, and owns the Ritz-Carlton in Istanbul, made its first U.S. purchase in New York two months ago. In a 50/50 partnership with ASSR Capital, the group bought 218 Madison Avenue, where they plan a high-end condo project designed by BKSK.

Luxury jeweler Jason of Beverly Hills celebrated the recent grand opening of its Miami store in the Design District.

Founders Jason Arasheben, and Lisa Arasheben, executives and guests attended the “Eyes Wide Shut” event in the Design District’s Palm Court, which opened to the public last year.

The area’s transformation into a luxury retail destination includes two new garages: the Palm Court and the City View Garage. By late 2016, the 10-square-block district is expected to have more than 120 luxury-brand stores, a boutique hotel, 15 to 20 restaurants, luxury residential condos and lofts, galleries, furniture showrooms, as well as large-scale public art, design and graphic art installations. — Katherine Kallergis and Sean Stewart-Muniz

A rendering for a home that could occupy 2374 North Bay Road (credit: Kobi Karp Architecture & Interior Design), and the vacant lot prior to construction

A waterfront lot on North Bay Road just sold for $17 million to an affiliate of Starwood Capital Group, an investment company with about $42 billion in assets under its control.

The property, at 2374 North Bay Road, was purchased by a company titled BSS Miami in a deed filed in Miami-Dade County records on Friday. That company also filed a notice of commencement to build a single-family home on the 0.7-acre lot, which was signed by Barry Sternlicht, chairman and CEO of Starwood.

Barry Sternlicht, CEO of Starwood Capital (credit: Marc Becker)

The lot was sold by Bart Reines, head of the Bart Reines Construction company. Reines’ company was named on the commencement as the home’s contractor. He has built a number of homes on Miami Beach, the Sunset Islands and La Gorce Island, according to the company’s website.

Reines purchased the property for $10.2 million in 2014 — nearly $9 million more than it last traded for in 1999 — but he still walked away with a hefty profit from the sale this year.

He also apparently kept the contract to a build a home on the site, which the South Florida Business Journal reported had been under construction ever since Reines first purchased the land.

Kobi Karp, a well-known architect in South Florida, has a rendering for a mansion at the North Bay Road lot on his firm’s website. Kobi Karp Architecture is also named as a contractor for the site in a May 2014 building permit.

Sternlicht was part of a joint venture with developer Richard LeFrak that recently completed the 1 Hotel & Homes on Miami Beach. The 426-room hotel opened in March, and more than 100 of the development’s 156 condos have been sold.

Rendering of the planned dining pavilion at Dadeland Mall

Dadeland Mall will renovate its food court in time for the holiday season, Simon announced on Monday.

The multimillion-dollar renovation will span 19,298 square feet and include additions such as new vertical louvers, light fixtures on an existing rotunda, a skylight, and new furnishings. Restrooms will also be updated, according to a press release. Simon did not disclose how much it would spend on the upgrades.

Fast casual restaurant Thai Basil recently joined the food court in a 438-square-foot space, and Freshii will open in a 580-square-foot space later this year.

All tenants will remain open during the renovation, slated for completion in November.

Dadeland Mall, at 7535 North Kendall Drive, spans 71.2 acres and 1.4 million square feet of leasable space, according to the mall’s website. Simon Property Group owns 50 percent of the mall, which is anchored by Macy’s, Saks Fifth Avenue, J.C. Penney and Nordstrom. In May, the mall announced new tenants and expansions including Steve Madden and Kay Jewelers. Tenants of the new terrace dining wing include Balans, Bobby’s Burger Palace and Earls Kitchen + Bar. — Katherine Kallergis 

Publix at Polo Grounds Mall in West Palm Beach

An affiliate of New York-based Blackpoint Partners sold the Polo Grounds Mall in West Palm Beach for $16.67 million, according to Palm Beach County records.

FREP III-Polo Grounds, a company tied to Tampa-based Forge Capital Partners, acquired the 132,241-square-foot shopping center, which sits on 17 acres. Tenants include Publix, Chase Bank, U.S. Post Office, Papa John’s Pizza, a barber shop and Green Cafe.

The mall, at 816 South Military Trail, was built in 1966, and it underwent a $12.5 million renovation in 2007, including the construction of a 45,000-square-foot Publix. It last sold in May 2012 for $14.4 million, according to Palm Beach County property records.

Blackpoint is a private real estate investment and management firm.

Edie Laquer, rendering of Miami Worldcenter, and Art Falcone

Miami Worldcenter Associates has entered into a settlement agreement over a lawsuit filed years ago by real estate investor and former commercial broker Edie Laquer, according to a statement released on Monday.

Terms of the agreement were not disclosed. 

“On behalf of our development team, I’d like to thank Edie for sharing her vision for the redevelopment of Park West and for the role she has played in the planning of Miami Worldcenter. I am pleased that we have resolved the business matters between us and delighted that Miami Worldcenter is moving forward,” Miami Worldcenter principal Art Falcone said in the statement.

Laquer has been suing Worldcenter partners since 2008 over a stake in the massive 27-acre mixed-use development that she claimed was promised to her.

However, fences seem to have been mended, with Laquer endorsing the project in Monday’s press release.

“With groundbreaking imminent, I look forward to Miami Worldcenter evolving into an extraordinary mall, expo center and important public space. This development will transform Miami’s urban core and bring long-awaited economic impact to the area,” Laquer said in the statement.

Earlier this month, Grand Central Lounge and the Omni/Park West Redevelopment Association, which have fought Worldcenter through lawsuits for months, voluntarily dismissed their suits against the project’s developers.

The Versailles Hotel on Miami Beach is imploded by Faena

1. Implosion at Faena’s Versailles in Miami Beach [The Next Miami]
2. Subsidies put Miami Worldcenter under a microscope [Miami Herald]
3. Smaller mortgages cost borrowers more, study finds [Palm Beach Post]
4. Armed with picnic supplies, activists dedicate Miami’s Parcel B as ‘Dan Paul Park’ [Miami Herald]

— Sean Stewart-Muniz