The Real Deal Miami

Engel & Völkers Miami acquires rights to Sunny Isles market

Managing broker Irving Padron now controls Miami-Dade market
By Katherine Kallergis | July 31, 2018 02:30PM

Irving Padron, Timo Khammash and Oliver Tonn

Engel & Völkers Miami, led by managing broker Irving Padron, secured the rights to the Sunny Isles market, giving the franchisee control of Miami-Dade County.

Padron, a license partner and president of Engel & Völkers Miami, paid for the rights for 10 years with the option to renew, according to a spokesperson. The Sunny Isles shop will open later this year in a new location. The Miami owners are in talks with top producers from the former Sunny Isles office to bring them back on board, the spokesperson said.

Giancarlo Cuffia and his wife Anna Cuffia had the Sunny Isles franchise from May 2008 to May 2013, and their son Alexander Cuffia renewed it from May 2013 to May 2018. The Cuffias still own the rights to the Engel & Völkers Fort Lauderdale Las Olas office.

Engel & Völkers Miami has more than $500 million in listings and 70 agents, according to a release. Earlier this month, it acquired DASH, an eight-agent brokerage in Coral Gables led by Raul Estrada and Adrian Salgado.

In 2017, Lourdes Alatriste returned to the brokerage as a partner and private office adviser and Alexandra Elfmont joined Engel & Völkers Miami to oversee strategy, sales management, business development, recruitment and retention.

Timo Khammash and Oliver Tonn co-own Engel & Völkers Florida, the master franchise partner, which has 27 franchise locations across the state. It’s looking to expand into Palm Beach Gardens, Royal Palm Beach, Lake Worth, Boynton Beach, Deerfield Beach, Coral Springs, Pompano Beach, Fort Lauderdale, Weston, Pembroke Pines and Hollywood Beach, according to a press release.

In southeast Florida, the company has offices in Boca Raton, Delray Beach, Wellington, Palm Beach, Jupiter, Stuart and Melbourne.

An earlier version of this story mischaracterized Irving Padron’s ownership of certain southeast Florida locations.