Lennar Buys 16 Acres in Coral Springs

Lennar Homes acquired a development site in Coral Springs for $8.5 million.

Coral Springs Development, managed by Jeffrey L. Greenberg in Boca Raton, sold the 15.7-acre site on the north side of Wiles Road at the intersection of Northwest 120th Avenue to Lennar Homes, a subsidiary of Miami-based Lennar Corp. (NYSE: LEN). Known as Sunset Trail, the site was approved for 147 townhouses.

Robert Susi of Axiom Capital Advisors brokered the deal.

The vacant land was originally under contract to Miami-based 13th Floor Homes, which initially filed the development application. According to a document filed in county records, 13th Floor assigned the purchase contract to Lennar Homes, however, 13th Floor has the right to receive a portion of the proceeds from each home sold in Sunset Trail.

The land last traded for $1.17 million in 2004.

Homes are selling quickly in South Florida and there aren’t many sites left for development, so there is strong demand for new inventory. Townhouses are generally more affordable than single-family homes, which is helping them sell relatively quickly.

West Colonial Shopping Center in Orlando Sold

TCB-WCO purchased West Colonial Oaks, a multi-anchored neighborhood center totaling 160,792 square feet in Orlando, FL for $17 Million. This acquisition represents an opportunity for the purchaser to own a highly occupied shopping center with national anchor tenants, strong in-place income and the potential to value-add through lease up at market rate(s). The property is anchored by Office Depot, Family Dollar, Olive Garden and Ollie’s Bargain Discount Store and it is also a beneficiary of a Home Depot shadow anchor. In addition to the diverse tenant mix, strong in place income and high occupancy, WCO is located within a high growth neighborhood with strong demographic trends.

“Given the excellent location with high traffic counts along Colonial Drive, a major east/west corridor leading to Downtown Orlando, the purchaser should have no issue getting the vacant bays leased-up” states Jose Sasson of Axiom Capital Advisors.

Jose Sasson of Axiom Capital Advisors represented the seller in the off-market transaction and Michael Smith of Sands Investment Group represented the buyer.

Seagis Buys Medley Industrial Site

Seagis Property Group bought a Medley warehouse with cold storage space for $7.9 million.

The Conshohocken, Pennsylvania-based logistic real estate investor bought the vacant building at 12800 Northwest 113th Court from Land Quest Enterprises, according to the brokers for the deal.

Jose Sasson and Roberto Susi of Axiom Capital Advisors represented Seagis in the off-market purchase.

Naples-based Port Hope Pass bought the 22,000-square-foot facility in 2005 for $2.9 million and transferred it to Land Quest Enterprises the following year, records show. Miami-Dade County-based Land Quest is led by Nora and Nelson Cruz.

The building was built in 2000 on 3.9 acres, according to records.

Seagis is marketing the warehouse for lease, Susi said. About half of the space is cold storage.

Seagis, whose South Florida director is Bradlee Lord, also owns the 77,198-square-foot warehouse across the street at 11305 Northwest 128th Street. It bought that property in 2012 for $5 million, according to a deed.

The recent purchase expands Seagis’ South Florida portfolio to 5.3 million square feet in 100 buildings, according to a news release. That’s part of its larger holdings that span 11.7 million square feet in New York City, New Jersey and South Florida.

Some of its other Miami-Dade assets include the Airport International Center at 5501-5595 Northwest 72nd Avenue, which Seagis bought for $23.5 million in 2017.

The recent purchase is another nod to the health of the county’s industrial market, which was the only asset class to prosper during the pandemic, in large part because consumers turned to online shopping. E-commerce tenants leased 2 million square feet of space in Miami-Dade last year, the largest amount ever leased by e-commerce in a single year in the county, according to JLL.

In another recent Medley deal, affiliates of Midtown Capital Partners paid $7.5 million for a warehouse at 9315 Northwest 112 Avenue in Flagler Station Industrial Park.


Ferguson Building, Ft. Lauderdale Sold

An investment group picked up a fully leased Fort Lauderdale retail building for $7 million, the first time the property has changed hands in nearly 40 years. One of the partners in the family firm that sold the property is a former New York state Parks commissioner.

The Aventura-based buyers, led by Sebastian Guejman, acquired the 27,000-square-foot building at 2860 North Federal Highway in an off-market deal. The building was constructed in 1969 on 1.1 acres, property records show.

The seller was an affiliate of Castro Properties of New York.

Jose Sasson of Axiom Capital Advisors represented the buying group, identified as June 36 Properties LLC. Roberto Susi, also of Axiom, represented the seller.

Castro Properties invests in retail, office and industrial real estate in New York, Virginia and Florida. Bernadette Castro, one of its partners, served as commissioner of New York state Parks and Recreation from 1995 to 2006. She bought the property in 1986 for $160,000 then transferred ownership to the Castro Properties affiliate in the early 2000s, according to records.

The one-story building has been leased to Ferguson, which sells bath, kitchen and lighting appliances, for over a decade, Sasson said. He declined to give the remaining lease term.

Guejman has led other groups in South Florida real estate deals. He managed a Delaware company that sold six industrial condos near Miami International Airport to Brookfield Asset Management’s real estate arm for $82.9 million in 2019.

He also controlled the entity that sold a parking lot in North Miami to the Flanigan’s restaurant chain for $2.5 million in 2017. The restaurant has a location there.

Fort Lauderdale has seen several other retail deals in recent months. Publix bought the 1.4-acre development site in the Lauderdale Beach neighborhood for $10 million in April.


Hotel Ground Lease - Orlando, FL

February 5, 2021 – Kawa has acquired the ground lease of a seven story, 434 room hotel on over 16 acres outside of Orlando.

"In a ground lease transaction, the land is purchased in a sale-leaseback transaction to the owner/operator", said Jose Sasson. The seller is an affiliate of AD1 Global.

The property is less than 10 miles from Walt Disney World and all its major theme parks and within 25 miles of the Orlando International Airport and the Orange County Convention Center. It boasts 30,000 SF of conference space, and upon completion of renovations, will be rebranded as a Wyndham Resort. Additionally, the property features a TopGolf entertainment center, full Starbucks store and a modern indoor children’s playground among other amenities.

Jose Sasson & Roberto Susi of Axiom Capital Advisors served as brokers for this off-market transaction.

RK Centers buys Best Buy in Plantation, FL

As reported by the Real Deal - https://therealdeal.com/miami/2021/01/07/miami-heat-minority-owner-continues-best-buy-shopping-spree-with-12m-plantation-deal/

Raanan Katz’s real estate company RK Centers paid $11.5 million for a Best Buy-leased building in Plantation.

RK bought the 58,000-square-foot building at 12301 West Sunrise Boulevard, according to records. The building was built in 1995. The price equates to $198 per square foot.

Roberto Susi of Axiom Capital Advisors told The Real Deal that he represented the buyer and seller in the off-market deal.

The sellers were companies affiliated with real estate investors from Beverly Hills, California. The deed was signed by Michael B. Kaplan, whose family operates ARKA Properties Group; Zachary Zalben, who describes himself on LinkedIn as CEO of Black Equities Group, the company his grandfather Stanley Black founded; and Robert Barth, Stanley Black’s business partner of 30-plus years until Black sued Barth in 2019 alleging an $8 million fraud.

The deal follows RK Centers’ $20.4 million purchase in September of a 4.2-acre property leased to Best Buy at 10760 Northwest 17th Street in Sweetwater.

Katz began buying commercial real estate in South Florida in the 1970s. In 1986, he became a partner in the Miami Heat expansion and has been a limited partner since 1988, according to his website.

RK Centers owns and manages over 9 million square feet of commercial retail space in regional and community shopping centers in New England and South Florida, according to the release.

Other recent retail market deals in Broward County include a group of local investors selling part of a Margate shopping center anchored by a former Penn Dutch food center for $11.9 million, and Rosemurgy Properties selling a Pompano Beach shopping center for $10.1 million.

GLP buys Doral Warehouse

As reported by the South FL Biz Journal - https://www.bizjournals.com/southflorida/news/2020/11/06/doral-warehouse-sold-to-investors-for-16m.html

A Doral warehouse anchored by logistics firm Clover Systems sold for $16.2 million.

Ana Cristina Rincon, Holly Ana Rincon, Luis Alfredo Rincon, Luis Alonso Rincon, and Holly Susana Rincon jointly sold the 113,891-square-foot warehouse to Los Angeles-based Park 1910 NW 97th Ave Owner LLC.

The buyer is a Delaware-registered company, so it’s not clear who owns it.

Jose Sasson-Lerner, of Axiom Capital Advisors, represented the buyer, who he said was an institutional investor. The sellers did a short-term lease to remain in the property.

The sellers were represented by Stephen DiGiacomo, Roger Zuniga and Patty Marquez with DiGiacomo Group.

The price equated to $142 per square foot.

The warehouse last traded for $4.65 million in 1996. It was built on the 6-acre site in 1979.

Big investment firms are eager to buy industrial buildings, as e-commerce is expected to grow strongly.

“Doral is probably the best industrial market in South Florida,” Sasson-Lerner said.

RK Centers buys Best Buy in Doral, FL

As reported by the Real Deal - https://therealdeal.com/miami/2020/09/29/miami-heat-minority-owner-pays-20m-for-sweetwater-best-buy/

As the Miami Heat eye a potential NBA championship, one of the team’s original partners has reason to celebrate early.

Raanan Katz’s real estate company RK Centers paid $20.4 million for a 4.2-acre property leased to Best Buy at 10760 Northwest 17th Street in Sweetwater, near Dolphin Mall and Miami International Mall.

The 46,000-square-foot building is home to a retailer that has kept up with rent payments amid the global pandemic.

Jose Sasson-Lerner of Axiom Capital Advisors represented the buyer in the deal, according to a press release. Roberto Susi, also from Axion, represented the seller, Shops at 107th LLC, which is managed by Salomon Hanono.

An affiliate of Shoma Group sold the property to Shops at 107th LLC in 2006 for $5.2 million. The Best Buy building was developed in 2008.

In August, publicly traded Best Buy’s second-quarter earnings beat expectations, seeing $9.13 billion in sales thanks to sales of computers and appliances, according to Forbes.

Last year, RK completed more than $100 million in acquisitions, investing in seven new properties totaling just under 500,000 square feet, mostly in South Florida and New England, according to the release.

Katz began buying commercial real estate in South Florida in the 1970s. In 1986, he became a partner in the Miami Heat expansion and has been a limited partner since 1988, according to his website.

Still, the year hasn’t been a slam dunk for Katz. Earlier this year, RK Centers filed a lawsuit alleging that one of its restaurant tenants “willfully disregarded relief programs as a result of COVID-19” and in March stopped making its $10,342 monthly payment on its five-year lease.

Other recent retail deals in South Florida include the $14.4 million sale of a Planet Fitness-anchored Tamarac shopping center in March and the $12.75 million sale of a Lauderhill retail center.

Elion Buys Warehouse - Coral Springs

As reported by the Real Deal - https://therealdeal.com/miami/2020/07/02/elion-partners-buys-coral-springs-warehouse-for-7m/

Elion Partners bought a warehouse in Coral Springs for $7.2 million, as South Florida’s industrial market shows no signs of slowing amid the pandemic.

Miami-based Elion Partners purchased the 80,718-square-foot warehouse at 3900 Coral Ridge Drive for $89 per square foot, records show. 3900 Coral Ridge Drive Assoc LLC, tied to Steve Leffler of Rockville, New York, sold the property.

The building was constructed in 1982 on 6 acres and consists of four separate units within a large warehouse. The warehouse is 100 percent air conditioned.

3900 Coral Ridge Drive Assoc LLC had purchased units one and four at the property in 2006 for $3 million. The company bought units two and three for $2.1 million in 2014, records show.

Jose Sasson and Roberto Susi with Axiom Capital Advisors represented Elion Partners, while Tom Robertson and Michael Rauch with Boca Raton-based Rauch Robertson Commercial Realty Advisors represented the seller.

Elion Partners is a real estate investment firm focused on logistics. It manages more than $1.5 billion in real estate assets, according to a press release.

In January, Elion Partners bought three warehouses in Boynton Beach for $25.8 million.

South Florida’s industrial market has been among the few bright spots in real estate during the coronavirus pandemic. Due to rising demand for e-commerce and last-mile distribution, large institutional investors like Blackstone and Prologis are increasingly buying warehouses in South Florida.

Coconut Grove Office Portfolio

As reported by the Real Deal - https://therealdeal.com/miami/2020/01/20/madison-marquette-pays-47m-for-coconut-grove-office-buildings/

A Washington, D.C. commercial real estate firm purchased its first properties in Miami.

Madison Marquette, an investor, developer and operator of mixed-use real estate, paid a combined $47.4 million for the office buildings at 3250 Mary Street and 3225 Aviation Avenue in Coconut Grove, property records show. The deals closed in late December.

Allegra Holding sold both buildings to affiliates of Madison Marquette. Allegra, led by Jaime Baron Rivero, paid $42 million for the properties in 2015.

Bayview Executive Plaza, on Aviation Avenue, is a 57,155-square-foot building. Continental Plaza, on Mary Street, is an 80,380-square-foot building across the street from Park Grove, Terra and Related’s luxury condo project.

MetLife provided a $17.61 million loan for Bayview Executive Plaza, and a $25.02 million loan for Continental Plaza, records show.

Madison Marquette provides management services and leasing to a handful of properties in Florida, but this is its first purchase in Miami-Dade County, according to its website. It has 330 assets in 20 states in its portfolio.

Roberto Susi and Jose Sasson of Axiom Capital Advisors represented Madison Marquette.

Nearby development also includes Regatta Harbour, a mixed-use project at 2285 Pan American Drive. Anatomy, a high-end gym, plans to open at the retail and marina project this year.

CocoWalk is also undergoing a massive transformation with new retail and office space.

5430 Northwest 33rd Avenue, Ft. Lauderdale

As reported by the Real Deal - https://therealdeal.com/miami/2020/01/16/liberty-property-trust-sells-fort-lauderdale-industrial-buildings/

Liberty Property Trust sold an industrial property in Fort Lauderdale for $6.3 million, amid continuing demand in South Florida for warehouse space.

Liberty, soon to be acquired by Prologis, sold the two-building industrial/office complex, Fort Lauderdale Commerce Center, at 5410-5430 Northwest 33rd Avenue. GDF Properties, a Puerto Rico-based investment firm, bought the property, said Roberto Susi, principal of Axiom Capital Advisors.

Jonathan Salk of Axiom Capital Advisors represented the seller in the off-market deal. Reshma Parvani of Parvani Commercial Group represented the buyer.

The buildings total 63,266 square feet on 5.24 acres, records show.

Liberty paid $4.75 million for the property in 1997. The buildings were built in 1984, according to records. Currently, only two tenants occupy the property, a forensic engineering firm and a digital printing company. A tenant that had occupied 42,000 square feet recently left, Susi said.

“The buyer thought it was a good time to purchase this property due to the increasing rental rates in this market and the ability to reposition this big vacancy,” he said.

In October, Prologis agreed to acquire Liberty Property Trust in an all-stock deal valued at $12.6 billion, including the assumption of debt. The deal is expected to close in the first quarter. At the same time, Prologis said it plans to dispose of $3.5 billion of assets, including $2.8 billion of logistics properties and $700 million of office properties.

The South Florida industrial market has seen growing demand, due in part to the growth of e-commerce.

Warehouse asking rents in Broward County have continued to rise even as an influx of new industrial product is coming to the market. In the third quarter of last year, average industrial asking rents rose to $8.89 per square foot from $8.16 per square foot in the same period of 2018, according to Colliers International South Florida.

8101 Astronaut Blvd, Cape Canaveral, Florida, 32920

October 18, 2019 - Roberto Susi represented Sunshine Real Estate Holdings, LLLP an affiliate of Sunshine Gasoline in the off market purchase of the gas station located at 8101 Astronaut Blvd, Cape Canaveral, Florida. The price for the property was $725,000.

2970 N Military Trail, West Palm Beach

August 29, 2019 - Roberto Susi represented Racetrac Petroleum Inc in the off market purchase of the property located at 2970 N Military Trail, West Palm Beach. The Buyer paid $3,400,000 for the property. The Seller was First Coast Energy LLP.

18299 NW 27 AVE, Miami Gardens, FL

July 11, 2019 - Roberto Susi represented MMG MIAMI GARDENS TWO LLC, an affiliate of MMG Equity Partners in the off market purchase of a closed Payless Shoe Store. The purchase price was $1,025,000. This property is located on the intersection of NW 27th Ave and Miami Gardens Drive. The Seller was the Linda M Parsons Trust.

666 71st St, Miami Beach, FL

As reported on the Real Deal (https://therealdeal.com/miami/2019/07/10/investors-buy-north-beach-assemblage-with-plans-to-redevelop/)

Investors Jefferson Brackin and Michael Bird paid $5.9 million for a commercial assemblage in North Beach, with plans to redevelop the property.

Brackin and Bird’s Nobe Creek LLC bought the three properties at 666 71st Street, 6994 Carlyle Avenue and 6980 Carlyle Avenue in Miami Beach, said Jose Sasson of Axiom Capital Advisors.

Sasson represented the seller, North Beach Capital LLC, an affiliate of Aventura-based Triarch Capital Group, led by Daniel Halberstein, Mario Grosfeld and Jorge Linkewer. The off-market deal closed on Friday, Sasson said. It has not yet cleared records.

The properties include two vacant buildings: one of nearly 8,000 square feet, built in 1967; and the other of about 1,400 square feet, built in 1935; as well as parking lots, records show. In all, the land totals 20,415 square feet. The sale price equated to $289 per square foot for the land.

The seller had paid $2.6 million for the properties in 2014, according to records.

Sasson said the site has significant redevelopment potential.

The partners are considering an adaptive reuse project of the currently vacant site, while evaluating redevelopment opportunities, Bird said via email.

North Beach is seeing increased interest from investors and developers, amid voters’ and the city of Miami Beach’s approval of upzoning.

Property owners are now able to build twice as much as they were previously allowed in the North Beach Town Center District, an area that includes the properties Brackin and Bird purchased. The district mainly consists of retail plazas, vacant lots and apartment buildings between Indian Creek Drive, Dickens Avenue, 72nd Street, Collins Avenue and 69th Street.

Among new developments planned is Silvia Coltrane and her partners’ mixed-use hotel and condo project at 72nd Street and Collins Avenue.

Last year, Brackin and Bird founded Fwd Group, an investment, development and management group that includes other partners. In May, Fwd Group paid $5.35 million for a building at 740 Alton Road in South Beach, where it is planning an adaptive reuse project.

Chase branch at 6916 Collins Avenue

As reported on the Real Deal (https://therealdeal.com/miami/2019/06/28/if-you-cant-beat-em-join-em-jp-morgan-buys-north-beach-branch/)

If you can’t beat ‘em, join ‘em?

Amid a surge of redevelopment in North Beach, J.P. Morgan bought its Chase bank branch to ensure its ongoing presence, The Real Deal has learned.

J.P. Morgan paid $8.45 million in an off-market deal for the branch building at 6916 Collins Avenue, said Roberto Susi, principal of Axiom Capital Advisors, who represented the seller, along with Axiom’s Jose Sasson.

The seller is Bayrock Investment Co., based in Charlotte, North Carolina.

The 5,756-square-foot branch and parking are on a 37,500-square-foot lot. The building, built in 2013, sold for $1,468 per square foot and the land for $225 per square foot.

Susi said J.P. Morgan wanted to buy the leased branch to keep it for its own use so the property would not end up in the hands of a developer. The branch, on the west side of Collins Avenue, is near a new Publix and across from oceanfront condo developments L’Atelier Residences and the Carillon Hotel and Residences.

“It’s an up-and-coming market that is experiencing tremendous growth from a development standpoint,” Susi said.

North Beach is seeing increased interest from developers, amid voters’ and the city of Miami Beach’s approval of upzoning. Property owners are now able to build twice as much as they were previously allowed in the North Beach Town Center District, which mainly consists of retail plazas, vacant lots and apartment buildings between Indian Creek Drive, Dickens Avenue, 72nd Street, Collins Avenue and 69th Street.

Among the developments planned is Silvia Coltrane and her partners’ mixed-use hotel and condo project at 72nd Street and Collins Avenue.

Earlier this week, the Miami Beach City Commission gave the green light to a land deal that will allow developers Alex Blavatnik and Sandor Scher to build 110 hotel rooms on Ocean Terrace in North Beach, in exchange for a $15 million park near the oceanfront.

1515 Southeast 17th Street, Ft. Lauderdale, FL - The Quay

April 5, 2019 -- Mast Capital paid $43 million for The Quay, a waterfront mixed-use shopping center in Fort Lauderdale, marking the Miami developer’s first big investment in Fort Lauderdale. The company purchased the 73,000-square-foot shopping center at 1515 Southeast 17th Street for $589 per square foot, according to a press release.

The property is currently 100 percent leased, with tenants including Boatyard restaurant, United States Postal Services, and Chipotle. The 6.97-acre site also includes a marina and a two-story office building. The property is close to Pier Sixty-Six Hotel & Marina, Port Everglades and the Greater Fort Lauderdale/Broward County Convention Center.

Mast Capital bought the property from Hudson Capital Group and financed it with a loan from CIT bank, according to the release.

Roberto Susi of Axiom Capital Advisors brokered the deal. Records show Hudson Capital bought the property in 2007 for $34.8 million. The shopping center was built in 1988. The deal shows the growing demand for commercial properties in Fort Lauderdale. Many developers are moving to the Broward County city due to the strong job market and growing population. Land costs in Fort Lauderdale are also cheaper than in Miami.

Led by Camilo Mast Jr., Mast Capital is also developing the Miami River Walk, a mixed-use project with 688 residential units. The firm also owns the Conrad Hotel Brickell, and 3811 Shipping Avenue, which will have 254 apartments. Since 2010, Mast has completed 17 deals with total projected capitalization of about $1 billion. In August, Mast Capital sold a historic French chateau at 1500 Brickell Avenue for $6.25 million, where it planned to bring an Italian restaurant

Link to the Real Deal Article: https://therealdeal.com/miami/2019/04/05/mast-capital-buys-the-quay-shopping-center-in-fort-lauderdale/

307 E Atlantic Ave, Delray Beach, FL

January 5, 2019 - In a submarket characterized by brisk retail demand, the former Luigi's Coal Oven Pizza Restaurant at 307 E Atlantic Ave in Delray Beach, FL has sold to Rosebud 307, LLC, an affiliate of Menin Development, for $5,500,000. The property is situated in one of South Florida's busiest sub-markets; The property is uniquely positioned to capture the ever growing customer base in Delray Beach. The transaction closed on December 24, 2018. Roberto Susi of Axiom Capital Advisors represented the Buyer.

As seen on the Real Deal Miami - https://therealdeal.com/miami/2018/12/24/menin-development-pays-5-5m-for-retail-center-in-delray-beach/

Edd Helms Industrial Park

As soon on the Real Deal Miami - https://therealdeal.com/miami/2018/12/21/triarch-capital-expands-industrial-portfolio-with-purchase-in-north-miami-dade/

December 21, 2018 -- A Triarch Capital Group affiliate acquired a warehouse in north Miami-Dade County in a off-market deal, adding to its growing industrial portfolio.

Aventura-based Triarch’s WH 95 Capital LLC paid $5.85 million for the 61,462-square-foot industrial building. The price for the property, at 17850 State Road 9, penciled out to $95 per square foot.

The seller is National Industrial Park, linked to Walston E Helms Jr.

Records show it was last purchased for $2.8 million in 1982. The warehouse was built in 1961.

Axiom Capital Advisors’ principal Roberto Susi represented the buyer. Elad Barokas of Keller Williams Elite Properties represented the seller.

The 133,290-square-foot property faces I-95 and is next to the former King of Diamonds site. The strip club — once a famous hangout for hip-hop stars, NFL athletes and boxing champion Floyd Mayweather Jr. — was evicted last month from its converted warehouse.

Susi said the Triarch industrial property is fully leased to several tenants, including Ital Doors. He said the buyer will keep operating it as an income-producing property.

The deal marks Triarch Capital Group’s third purchase of industrial properties this year that were brokered by Susi and Barokas. In January, a Triarch affiliate paid $2 million for 1890 Northeast 150th Street in North Miami, and $1.6 million for 1835 Northeast 144th Street, also in North Miami.

Also in January, Triarch Capital bought two of three adjacent office towers in West Palm Beach for $22.5 million.

In May, it purchased a retail building at 14652 Biscayne Boulevard in North Miami Beach. That 15,000-square-foot retail building is leased to Boga Style Home.

726 S Federal Hwy, Stuart, FL

January 17, 2019 -- Axiom Capital Advisors, LLC has sold the Wendy's at 726 S Federal Hwy, Stuart, FL in partnership with Patrick Nutt from the Calkain Companies. The co-listing opportunity allowed us to procure several offers from a wide range of investors. The property was sold for $1,770,000