One of Miami's most active landowners and developers is trying a new city on for size.
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Moishe Mana paid $89M for a 39-year-old office building in Fort Lauderdale, according to property records provided by Vizzda.
The seller was Gem Realty Capital, which swallowed a hefty price cut from the $112.9M it spent on the property, 110 Tower, in 2016.
Mana financed the deal with two loans that total $66M from City National Bank of Florida.
The 394K SF office tower at 110 SE Sixth St. was built in 1987 and renovated in 2015. The 30-story tower has up to 9,280 SF available for lease, according to a Colliers listing.
The deal marks Mana's first venture into Broward County and Fort Lauderdale. He is Downtown Miami's largest landowner, with more than 80 buildings to his name.
SALES
An entity managed by Edward Leevan and tracing to billionaire Jeff Greene sold a Palm Beach resort and spa to Fort Partners for $112.6M, according to property records provided by Vizzda.
Greene told the South Florida Business Journal that the full price was $150M, including property branding, fixtures and furniture. He poured $20M into renovating the resort, built in 1980, in 2023.
Fort Partners completed the transaction with a $108M debt — of which $53M Fort Partners assumed from the seller and $55M was new from Madison Realty Capital.
The 134-key Tideline Palm Beach Ocean Resort and Spa sits on the waterfront at 2842 S. Ocean Blvd., totaling 99K SF. Greene told the SFBJ that getting visitors to stay at the south end of Palm Beach had been a challenge, and he was glad to collect a profit on the purchase.
"If you can make money and get rid of a headache at the same time, it's the best of both worlds," Greene told the SFBJ.
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New York developer Thor Equities purchased a Boca Raton office tower for $62M from an affiliate of CP Group, according to property records provided by Vizzda.
The 153K SF Two Town Center at 5355 Town Center Road is an 11-story building built in 1986. It also includes a 114K SF two-story parking garage. There is up to 24K SF available in the building, according to a TCRE listing on LoopNet.
Thor Equities, run by CEO Joseph Sitt, primarily invests in luxury retail but also has data center and life sciences development arms.
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Jet Engine Technology Corp. purchased a Doral warehouse for $29.5M, according to a release.
The seller was Century Properties 2100 Doral LLC, managed by Ariel Chavez, according to Miami-Dade County property appraiser records.
The 112K SF warehouse at 2100 NW 88th Court is down the street from Jet Engine’s headquarters near Miami International Airport.
Transwestern’s Carlos Gaviria, Ben Eisenberg, Walter Byrd and Thomas Kresse represented the buyer. Casal Group represented the seller.
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Elysee Investments purchased Blue Lagoon Shoppes in Miami for $28M from Keystone Holdings Group, according to a release.
The fully leased retail center at 1101 NW 57th Ave. counts Starbucks, Chipotle, Panera Bread, Jersey Mike’s, BankUnited and Panda Express as tenants.
Avison Young’s Michael Fay, John Crotty, David Duckworth and Brian de la Fé represented the seller. Borda Commercial Real Estate’s Mario Borda represented the buyer.
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Stewards Inc., formerly Favo Capital Inc., acquired the 214-unit Envy Pompano Beach apartment building, according to a release.
The company, which aspires to list on the Nasdaq Stock Market, closed on the membership interests in the entities that own Envy for $90M. The original managers were Invesca Development Group’s Michael Hsiao and Bernard Hsiao.
The deal included $42.7M of rollover equity, represented by 14 million restricted shares of Stewards common stock, negotiated at a contractual value of $3 per share. It also included a $47.7M property-level loan from LoanCore Capital Credit REIT LLC.
Envy, which was 89% occupied at the time of the announcement, was built in 2020 and includes a 26-slip marina, 5,575 SF of retail that’s available for lease, and a three-story community center.
The studio to three-bedroom apartments range from 564 SF to 1,556 SF and are priced at $1,972 to $4,414 per month, according to Apartments.com.
Stewards made a similar transaction last year with an apartment building in Hollywood, when the company purchased the asset in a $190M exchange that included stock and the assumption of liabilities.
THIS AND THAT
Slate Property Group and The Carlyle Group are looking to foreclose on a Hialeah site on which MG Developer planned to build a 347-unit apartment building after it defaulted on a $105M construction loan, according to records provided by Vizzda.
MG Developer proposed the 10-story Metro Parc South with ground-floor commercial space at 965-997 E. 24th St. and 934 and 954 E. 25th St. and demolished three small apartment buildings, a retail building and a single-family home in January 2025.
The Coral Gables-based developer landed the loan for the project in April last year.
The lenders claim that MG owes a balance of $31.1M, including interest and default fees and other charges. Slate filed the complaint against MG seeking to foreclose, claiming that the developer failed to make and fund reserve account deposits and failed to pay property taxes for 2025. The lender also claims that MG failed to pay its contractor, leading to Slate having to advance more than $2M to keep the contractor from stopping work.
The complaint is the latest in a string of suits filed against MG claiming that it has defaulted on millions in loans and preferred equity payments across upcoming projects, some of which its founder, Alirio Torrealba, and his son, Diego Torrealba, personally guaranteed.
FINANCING
Adam America Real Estate and JW Capital Management landed a $180M loan from Corebridge Institutional Investment LLC for a student housing project in Sweetwater across from Florida International University, according to a release.
The loan pays off the existing construction loan and provides cash-out proceeds to the owners of the project, which is named Terrazul.
The 22-story, 932-unit project with 15K SF was completed in 2024 and is 98% occupied.
Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer and Michael Ianno arranged the financing.
LEASES
Hamptons-based frozen yogurt concept BuddhaBerry opened a location at Related Ross’ CityPlace in West Palm Beach, according to a release.
The concept, which offers more than 100 toppings, as well as smoothies, bubble tea, coffee, crepes and waffles, is BuddhaBerry’s third location and first outside the Hamptons.
Related Ross, led by billionaire Stephen Ross, is the developer of CityPlace at 417 S. Rosemary Ave.
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