The Real Deal Miami

  • Hedge Fund guru sells Miami Beach mansion for $14.5M

    Film investor Larry Kuppin buys La Gorce Island home from Scott Bessent
    August 20, 2014 12:45PM By Eric Kalis
    92 La Gorce Circle (inset: Scott Bessent)

    92 La Gorce Circle (inset: Scott Bessent)

    New York hedge fund guru Scott Bessent sold his La Gorce Island mansion to a California film entrepreneur for $14.5 million, The Real Deal has learned.

    The sale of the 9,719-square-foot home at 92 La Gorce Circle in Miami Beach was recorded by Miami-Dade County on Monday. Bessent paid $9.5 million for the one-acre waterfront property in January 2010. The seven-bedroom manse was originally constructed in 1939. [more]

  • New York department store chain buys Design District property

    Company linked to Gindi family's Century 21 pays $16 million for E.G. Cody building
    August 20, 2014 12:00PM
    From left: Tony Cho, Isaac Gindi and Tony Arellano

    From left: Tony Cho, Isaac Gindi and Tony Arellano

    The E.G. Cody building in Miami’s Design District was acquired by a major New York-based department store chain for $16 million.

    Jerry Cody and Eduardo Gonzalez, co-founders of the home furnishings company that operates a showroom at the 80 Northeast 40th Street building, sold the property in a transaction recorded on Tuesday, according to Miami-Dade County records. Cody and Gonzalez, as general partners of CGI Studio, owned the 8,025 square foot building for nearly 32 years before Tuesday’s sale. They paid $525,000 for the property. [more]

  • Loews Miami Beach owner scores $175M refi

    Deutsche Bank's U.S. arm has provided financing for property since 2001
    August 20, 2014 11:15AM
    Loews Miami Beach

    Loews Miami Beach

    The owner of the Loews Miami Beach Hotel obtained a $175 million refinancing.

    MB Redevelopment LLC received the loan from New York-based German American Capital Corp., the U.S. arm of Germany’s Deutsche Bank, on Aug. 12. The Loews is located at 1601 Collins Avenue. The transaction follows the $300 million mortgage given to the owner of the nearby Delano Hotel at 1685 Collins Avenue earlier this year. [more]

  • Rare office condo project planned in Coral Gables

    The Solution Group seeks city approval for 47-unit building on Ponce de Leon Boulevard
    August 20, 2014 10:30AM
    Camilo Lopez

    Camilo Lopez

    A developer in Coral Gables is going to test the city’s appetite for office condominiums with a new project.

    The Solution Group’s development affiliate Ofizzina 1200 paid about $6.7 million for a 29,000-square-foot property at 1200 Ponce de Leon Boulevard, according to Tuesday’s written statement from a company spokesperson. The 47-unit project is also called Ofizzina 1200. The Mediterranean-style building would have a total of 97,000 square feet of office space, two retail units on the ground floor and 335 parking spaces. [more]

  • Inside

  • Record Lincoln Road portfolio sale closes

    Terranova affiliates, Morgan Stanley plan redevelopment of two properties, one new building
    August 20, 2014 09:45AM
    Dylan's Candy Bar

    Dylan’s Candy Bar

    A partnership between affiliates of Miami Beach-based Terranova Corp. and Morgan Stanley Real Estate Investing closed on the $342 million purchase of six buildings on the city’s Lincoln Road on Tuesday.

    Terranova is set to be the managing member of the new ownership entity and keep managing, leasing and developing the portfolio. Two of the parcels have Historic Preservation Board approval to expand and a three-story building is proposed on Lincoln Lane. [more]

  • Top stories

    August 20, 2014 09:00AM

    Top stories yesterday on The Real Deal:
    1. Chetrit drops $97.5M on Brickell assemblage
    2. South Florida is No. 2 in U.S. for mom-and-pop landlords
    3. Lennar Homes buys three Miami properties at steep discount

  • South Florida leads nation in all-cash home sales

    In Palm Beach County, nearly 65 percent of homes were bought with cash
    August 19, 2014 05:15PM
    Palm Beach

    Palm Beach

    Nearly two-thirds of Palm Beach County homes sold in the second quarter were bought in all cash deals, according to RealtyTrac data. [more]

  • Colony Hotel to close for renovations

    Hotel to shut down for five weeks starting on Sept. 2
    August 19, 2014 04:30PM
    The  Colony Hotel in Palm Beach

    The Colony Hotel in Palm Beach

    The Colony Hotel in Palm Beach is shutting its doors for five weeks for renovations. [more]

  • Claudio Stivelman downsizes into his own development

    The builder is taking a unit at the Muse; tired of maintenance at Golden Beach home
    August 19, 2014 03:45PM

    A rendering of the Muse, developer Claudio Stivelman, and his former Golden Beach home

    Developer Claudio Stivelman is moving into the Muse, a building he is co-developing. [more]

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  • North Olive Place scores $35.5M in financing

    The first phase will produce 259 town homes and apartments
    August 19, 2014 03:00PM
    North Olive Place

    North Olive Place

    Compass Bank has provided the North Olive Place, a multi-family project in downtown West Palm Beach, with a $35.5 million construction loan. [more]