Playboy is nearing a deal to buy a Miami Beach hotel in hopes of opening its first members-only club since the late 1980s.
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Playboy signed an agreement in early November to acquire the Freehand Hotel in Miami Beach with Think Hospitality and Infinity Collective to develop and operate the asset as a private members club, according to a Nov. 5 filing with the Securities and Exchange Commission and the company's third-quarter earnings call.
The agreement sets the sale price at $12.5M, with an expected closing on Dec. 15, according to the South Florida Business Journal, which first reported the deal.
"The new club will be a foundational piece of our hospitality strategy," Playboy CEO Ben Kohn said on the company's third-quarter earnings call Thursday.
"We continue to pursue our asset-light business model and strategy in which Playboy brand serves as the foundation for licensing, media and hospitality," he said. "Given the potential licensing revenue and profit share opportunity, we felt it is a better use of our cash in the short term than the share repurchase we were contemplating."
The seller of the Freehand Miami at 2701, 2727 and 2731 Indian Creek Drive is an entity tracing to London-based Generator, which purchased the hotel in 2012 for $12M, according to records with Miami-Dade County's property appraiser.
Playboy plans to spend about $5M from the company's balance sheet on the acquisition, which membership sales are expected to replenish, Kohn said.
The company announced in August 2025 that it was moving its headquarters from Los Angeles to a 20K SF office in Robert Rivani's "Class-X" office building in Miami Beach on Michigan Avenue.
On a Q3 2025 earnings call, Kohn said the company also planned an exclusive private club that would be "designed to be as iconic as the original Playboy Mansion."
The last U.S. Playboy club closed its doors in Lansing, Michigan, in 1988.
SALES
An affiliate of Fortress Investment Group purchased a 118-unit assisted living facility in Delray Beach from an entity tracing to Elegance Living for $25.7M, according to property records provided by Vizzda.
The three-story building at 4840 W. Atlantic Ave. was built in 2018 and totals 126K SF.
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An affiliate of Midtown Capital Partners and Miami Manager sold a 65K SF office in Sunrise for $21.1M to an entity tracing to Simone Development Cos., according to property records provided by Vizzda.
KeyBank Real Estate Capital provided a $23.5M loan for the deal.
The single-tenant office building at 1391 NW 136th Ave. was built in 1999 on nearly 10 acres.
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Entities managed by David Katz of Brooklyn-based TL Management sold five nursing homes, including three in Broward County and two in Palm Beach County, to affiliates of Welltower for roughly $208M, according to property records provided by Vizzda.
Welltower purchased two facilities in Fort Lauderdale, including a 169-bed, 65K SF health and rehab center at 2000 E. Commercial Blvd., for $52.2M. It was built in 1964. The second asset was a two-building, 147-unit center at 2675 N. Andrews Ave. that the company purchased for $58.7M.
The company also acquired the three-story, 120-unit rehabilitation and nursing center at 15955 Bass Creek in Miramar for $49M.
In Palm Beach County, Welltower purchased the 31K SF, 99-bed center at 1711 Sixth Ave. S. for $29M. The facility spans four buildings built in 1949, 1950, 1964, 1965 and 1997.
The final property was a 22K SF center at 750 Bayberry Drive, which Welltower purchased for $19M. The 85-unit health and rehab center spans four buildings built in 1963, 1969 and 1983.
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Greystar sold the Cocomar Business Park in Coconut Creek to Willis Lease Finance Corp. for its new corporate headquarters, according to a release.
Greystar built the 375K SF logistics and industrial asset between June 2025 and September this year at 4733, 4763 and 4851 W. Atlantic Blvd.
CONSTRUCTION AND DEVELOPMENT
Miami-based DFRE broke ground on a mixed-use development in Allapattah.
The developers plan an eight-story, 121K SF building with 112 studio apartments and retail on the ground floor. Amenities include a pool, sun deck, gym, yoga studio, and meeting and media rooms.
Construction, with Miller Construction as the general contractor, is expected to finish in 2028.
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Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross, completed its upgrades on the fully leased CityPlace Tower, according to a release.
The company, which developed the asset in 2008, repurchased the 300K SF, 18-story building in downtown West Palm Beach in 2021 for $175M.
Related redesigned the lobby and ground floor, improved circulation and entrances, and renovated the doors and windows. The developer also added new landscaping, signage, lobby security and equipment.
FINANCING
Kadima Developers landed a $32.5M loan from S3 Capital Partners to begin vertical construction on an eight-story short-term rental-friendly condo project, according to a release.
The developers' plans for the 200K SF Seven Park include 124 apartments that range from studios to three-bedroom units and 4,500 SF of retail on the ground floor. Condos start at $325K.
Amenities include a 30K SF deck with a pool and cabanas, a wellness center with a steam shower, sauna and cold plunge, and optional furnishing packages.
Nexos Invest’s Carlos Vazquez arranged the financing.
LEASES
An Italian restaurant concept signed three separate leases totaling more than 13K SF all over South Florida, according to a release.
Sicilian Oven’s mainstay is its wood-fired pizza. The restaurant, founded in 2008, operates 10 other locations throughout South Florida, including in Boca Raton, Cooper City and Palm Beach Gardens.
Two of the restaurants are based in Miami-Dade County, including a 4,730 SF lease at Doral Square at 8700 NW 36th St., where IMC Equity Group’s Ron Brill represented the landlord.
The restaurant also signed a 4,660 SF lease at the open-air shopping center Palms at Town & Country at 11800 Mills Drive in Kendall, where Vertical Real Estate’s Michael Sullivan and Kimco’s Katie Wycoff represented the landlord.
Katz & Associates' Allan Carlisle represented the landlord in the final lease, which was for 3,890 SF at 1800 N. Congress Ave. in Boynton Beach.
JLL’s Jonathan Rosem represented Sicilian Oven in the three deals.
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