PMG flips former Johnson & Wales lots for $10M

Property Markets Group cashed out of three former Johnson & Wales properties in North Miami that the company acquired over the summer.

The New York and Miami-based luxury residential developer sold a vacant lot between Northeast 126th and 127th streets and two parking lots at 1660 Northeast 127th Street and 12600 Northeast 17th Avenue, according to records.

The buyer, an entity with the same address as Chicago-based commercial real estate developer Golub & Co., paid $10 million for the lots, and partly financed the purchase with a $5.25 million loan from a PMG affiliate.

In July, PMG acquired the three lots and three other properties formerly owned by Johnson & Wales University for $2.5 million, according to records.

Golub, headed by President and CEO Michael Newman, was founded in 1960. Golub owns, leases and manages more than 50 million square feet of commercial real estate valued at more than $10 billion across the U.S., according to the firm’s website.

In South Florida, Golub partnered with Flagler Investors to develop the 25-story condominium, The Bristol in West Palm Beach.

The latest deal comes four months after PMG was identified by the city of North Miami as the master developer under contract with Johnson & Wales for the 25-acre site.

At the time of the closing, David Wigoda of CBRE, the brokerage that marketed the Johnson & Wales properties, said PMG was the site’s sole buyer, paying just under $60 million. He said PMG was also working on a deal to sell or lease 8 acres to Doral College. North Miami approved Doral College’s request to open a new campus on three properties that previously housed Johnson & Wales’ education buildings and a surface parking lot.

However, records show multiple buyers, including PMG and Doral College parent company Mater Academy Foundation, bought different portions of the Johnson & Wales site. Mater paid Johnson & Wales $16.7 million for the two buildings and the parking lot, according to records.

Affiliates of IMC Equity Group, led by developer Yoram Izhak, bought the shuttered college’s golf management center and an adjoining student apartment building at 12350 Biscayne Boulevard, along with a surface parking lot and a vacant lot at 1650 Northeast 124th Street, for $21 million. The three properties were separate from the 25 acres.