Engel & Völkers terminated its affiliation with former managing broker Irving Padron, and is expanding to Coconut Grove with a new partner.
The real estate brokerage ended its relationship with Padron, formerly managing broker and license partner for Engel & Völkers Miami, and his Submarket Realty LLC, which was doing business as Engel & Völkers Miami Coral Gables, a spokesperson for the brokerage firm confirmed.
In July 2018, Padron acquired license rights to the Sunny Isles Beach market, giving him control over all of Miami-Dade for Engel & Völkers. But the spokesperson said he did not meet the deadline to open the office, and after several extensions that license was terminated.
Padron has a litigious history. In 2018, a former business partner sued him for allegedly failing to pay a $285,000 payment connected to his purchase of another brokerage. More recently, he was sued in late June for allegedly failing to pay a $123,000 loan. Padron did not immediately respond to a request for comment.
The Engel & Völkers Florida spokesperson said the firm is “thankful for the contributions [Padron] has made to the brand in Miami, Florida and network-wide” and that Engel & Völkers is looking forward to expanding in the Miami market.
Magnus Jennemyr, an Engel & Völkers broker, will lead the new office in Coconut Grove as license partner and broker. Top agents, who include Lourdes Alatriste, will be based out of the office at 3162 Commodore Plaza in Miami, which could open as early as August. It will mark Engel & Völkers eighth location in southeast Florida, according to a release.
Padron’s Engel & Völkers Miami acquired Jennemyr’s Select Realty Group, a former boutique brokerage in Coconut Grove, in 2018.
Jennemyr said the timing of Padron’s exit is not connected to the Coconut Grove announcement. “Owning my own shop was always pretty much an exit strategy from the get-go,” Jennemyr said.
Engel & Völkers Florida, led by managing partner Timo Khammash, is the master license partner in the state, representing franchises in more than 30 markets. It expanded to the Florida Keys earlier this year.
Thirteen agents, one personal assistant and two staff members who were previously affiliated with the Coral Gables office are joining Jennemyr. Alatriste is bringing about $200 million worth of inventory with her, Jennemyr said.
Brokers who are focused on high-end homes have reported an uptick in interest from buyers in denser markets, such as the Northeast, though overall residential sales declined in the second quarter in South Florida.
“Space is the new luxury. There are droves of people driving down and renting everything on the market. They are putting offers on property unseen,” Jennemyr said. “I think Florida in general, and even more so Miami, is flourishing where other states are having issues.”