Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to tips@therealdeal.com
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Blackstone sells Weston hotel for $12 million. Blackstone sold a 94-key Marriott hotel in Weston for $12.38 million, three years after purchasing the property. The New York-based private equity firm sold Towneplace Suites by Marriott at 1545 Three Villages Road for $131,702 per key, records show. Coral Gables-based Kenne RE, led by Gustavo Blanco, purchased the property. [TRD]
Sapir Corp.’s stock drops in Tel Aviv. The NoMo SoHo hotel owned by the Sapir Corp. saw its net operating income fall in the third quarter, dragging down the company’s overall performance. In the last week, Alex Sapir’s real estate company, which trades on the Tel Aviv Stock Exchange, saw its stock price fall by about 18 percent. [TRD]
David Martin slashes ask of Grove at Grand Bay PH. The developer dropped the price of his penthouse to $19.8 million, a 29 percent cut from the original preconstruction price. The 10,118-square-foot, six-bedroom condo, at 2675 South Bayshore Drive, was relisted in 2018 with Carmenate and Duchon for $25 million. [TRD]
Blackstone sells Weston hotel for $12 million. Blackstone sold a 94-key Marriott hotel in Weston for $12.38 million, three years after purchasing the property. The New York-based private equity firm sold Towneplace Suites by Marriott at 1545 Three Villages Road for $131,702 per key, records show. Coral Gables-based Kenne RE, led by Gustavo Blanco, purchased the property. [TRD]
Missouri investor sells Palm Beach Gardens charter school. A charter school in Palm Beach Gardens sold for $21.2 million amid a growing interest in non-traditional schools from out-of-state investors. Kansas City, Missouri-based EPR Properties sold the 74,872-square-foot Franklin Academy at 5651 Hood Road for $283 per square foot, records show. [TRD]
Youngwoo’s latest development play is a vineyard in Argentina. Just before the 2008 crash, developer Young Woo made a big investment in an unlikely venture: South American farmland. Woo and his partner Margarette Lee bought a 2,000-acre plot of farmland less than an hour outside of Mendoza. [TRD]
Len Blavatnik teams with Vlad Doronin on Aman-branded towers in Faena District. Billionaires Len Blavatnik and Vlad Doronin are partnering to build the first Aman-branded development in the Miami area. Blavatnik’s Access Industries and Doronin’s OKO Group plan to build two towers on the site of the former Versailles Hotel at 3425 Collins Avenue in Miami Beach. [TRD]
Katerra CEO Michael Marks and its factory in Pheonix, Arizona (Credit: Katerra, Google Maps)Katerra closes Phoenix factory. Katerra, a Silicon Valley startup backed by SoftBank, has closed a large factory in Phoenix, weeks after one of its co-founders left the firm. The Menlo Park–based firm, which is valued at more than $4 billion, says it uses tech to deliver construction projects inexpensively. But it has a history of delaying or abandoning projects and in recent months has laid off hundreds of employees. [TRD]
The demolition of an unfinished Boynton Beach development begins after long wait. Demolition has begun at Estates of Boynton Waters where the first of five homes with no roofs were torn down on Monday, according to the Palm Beach Post. The troubled developer, John Kennelly, was supposed to either complete the project or tear them down in 2016. The county eventually stepped in in 2018 to finish the project. [Palm Beach Post]
Rendering of Regatta Harbour
Luxury gym concept Anatomy will open in Coconut Grove next year. Anatomy inked a lease for 14,500 square feet at Regatta Harbour, The Real Deal has learned. Treo Group is developing the mixed-use project at 3385 Pan American Drive. Anatomy will be located in ground-floor retail space on the south side of the development [TRD]
Kolter Homes launched sales for Cresswind Lakewood Ranch near Sarasota. The new 55+ community will have 10 model homes designed by Design Environments Interiors and Masterpiece Interiors. Homes will range from two to four bedrooms. It is located in a 31,000-acre master-planned community featuring shopping, dining, entertainment, a hospital, golf and the Sarasota Polo Club.