Real Capital Partners won’t be getting a split from a $1.5 million commission tied to the 2020 sale of a Miami medical office campus to ShareMD.
Miami-Dade Circuit Court Judge Alan Fine on Saturday released his ruling granting summary judgment for affiliates of Pan American Cos., a Miami-based real estate firm led by Carlos C. Lopez-Cantera. (His namesake son is a former Miami-Dade County Property Appraiser who served as lieutenant governor from 2014 to 2019.) Real Capital is also based in Miami, and is led by commercial broker Otto Travieso.
“Plaintiff was not the broker who brought the seller and buyer together to effectuate a sale,” Fine wrote in his Feb. 11 order. “And he did not further broker negotiations between the parties.”
In a three-year-old civil lawsuit, Real Capital alleged Pan American skipped out on paying it a share of a 3 percent market-rate commission after selling the three-building complex for more than $50 million in 2020. The properties are at 7400, 7500 and 7800 Southwest 87th Avenue.
Travieso’s brokerage also sued the buyer, ShareMD. But Real Capital voluntarily dismissed its claims against the Alpharetta, Georgia-based medical office co-working space provider last year, court records show.
Pan American’s lawyer Maury Udell said Real Capital never had a case, and the judge “properly disposed of it.”
Real Capital’s attorney Alejandro Brito said his client is weighing its options, including a possible appeal. He declined further comment.
In 2019, ShareMD retained Real Capital to hunt down South Florida properties for purchase, and the brokerage subsequently introduced the buyer to Pan American, the lawsuit states. After delivering a letter of intent in early February 2020, Pan American allegedly agreed to pay Real Capital a $300,000 commission if two of the buildings sold for $36 million. And a ShareMD representative allegedly orally agreed to a 3 percent commission to be split between Real Capital and another broker affiliated with the buyer, the complaint states.
In April 2020, Real Capital learned that the deal had closed via news reports, but neither the buyer or seller had informed Travieso, the lawsuit alleges.
However, Pan American rejected ShareMD’s February letter of intent to buy the medical campus for $50 million because one of the buildings was under contract with another buyer, according to Judge Fine’s order.
Furthermore, Real Capital began negotiating with Pan American on behalf of another buyer that wanted to purchase the other two buildings, Fine wrote. “[ShareMD founder George] Scopetta was informed by plaintiff that his $50M LOI was rejected, as was his request for an in-person meeting with the owner of the properties,” Fine wrote. “Instead, the plaintiff promoted another buyer.”
A few months later, after the sale of the one building fell through, “the situation on the ground changed, and all three buildings became available” again, Fine wrote. The judge concluded that ShareMD and Pan American had no obligation to bring in Real Capital as part of the renewed negotiations. Fine also noted that ShareMD paid Pan American an amount greater than the $50 million letter of intent Real Capital delivered in February 2020.