Foreclosure Sale Scheduled For Miami Office Buildings: The South Florida Deal Sheet
A pair of Downtown Miami office buildings are headed to the auction block.
An affiliate of Stonerock Capital Partners' Yaakov Handelsman is poised to lose the two properties at 44 W. Flagler St. and 200 SE First St. after a final judgment of foreclosure was entered this month, according to records provided by Vizzda.
Boca Raton-based Stonerock landed a $58M loan in 2022 from Ardent Cos. to purchase the two office towers in 2022. Two years later, Ardent filed a foreclosure suit claiming Stonerock defaulted on a $49M mortgage debt that matured in June 2024.
The amount due, two years after the initial filing, has accrued to more than $65M with unpaid interest and fees, according to the judgment.
44 West is a 176K SF, 25-story office tower built in 1974. The 150K SF building at 200 SE First St. rises 12 stories and is subject to a ground lease with TJ Galatis & Family that originated in 1956 and expires in 2055.
The online auction for 44 West and 200 SE First is set for the morning of July 20.
SALES
OKO Group sold its portion of an Edgewater site to Kushner and Cain for $43M, according to property records provided by Vizzda.
The site at 720 NE 27th St. was originally a collaboration between OKO and Cain, which had partnered up for Miami projects like the 830 Brickell office building, the Missoni Baia condo tower and the Una Residences in Brickell.
The duo purchased the Edgewater site, three minutes from the Missoni Baia, in 2016 for $54M, according to property records.
Cain announced in April that it would branch out from its OKO pairing by teaming with Kushner for their first project together at 720 NE 27th. The new partners landed $42M from MSD Partners LP and plan to start building the 364-unit apartment tower by next year.
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An entity tracing to Uribe Schwarzkopf purchased a 1.1-acre site slated for a six-story, mixed-use residential building for $25M, according to property records provided by Vizzda.
Schwarzkopf assumed a $3M mortgage from the seller, an affiliate of Kombucha LLC, led by Rosa Lewkowicz.
Lewkowicz in 2024 proposed a 232K SF building with 10K SF of ground-floor retail space and 140 residential units at 370 NW 33rd St. Four of the units would be reserved for low-income residents. The plans also call for 197 parking spaces.
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An affiliate of Woodhill Real Estate purchased eight industrial sites from an entity tracing to Margaret Kronenberg for a total of $31.8M, according to property records provided by Vizzda.
The purchase was funded by two loans totaling $12M from a debt fund sponsored by LaSalle Investment Management.
The largest acquisition was three buildings at 7440 NW Sixth St. totaling 45K SF. Also in Miami, Woodhill bought two 18K SF warehouses at 6800 NW 37th Court and 8170 NW 36th Ave.
The remaining three properties are in Hialeah, including two warehouses totaling 35K SF built in 1968 at 9875 NW 79th Ave.
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An affiliate of Alliance Cos. sold a 122K SF retail shopping center in Margate to an entity led by CEMC Holdings’ Carlos Perez for $21M, according to property records provided by Vizzda.
The buyer financed the acquisition with a $15M loan from Pacific National Bank.
Coconut Creek Plaza at 5233 to 5281 Coconut Creek Parkway was built in 1985. The site is anchored by two charter schools: Ascend Academy Charter High School and West Broward Academy.
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Bass Pro Shops got a piece of South Florida’s resort market after purchasing the Cheeca Lodge & Spa resort in the Florida Keys.
Northwood Investors sold the 254-room fishing resort for more than $300M, Bloomberg reported. JLL’s Daniel Peek handled the transaction.
The resort sits on 27 acres in Islamorada, an incorporated village in the upper Florida Keys. The 26-building resort consists of a nine-hole golf course, a spa, three restaurants, a saltwater lagoon and three swimming pools.
Northwood Hospitality will continue operating the resort, according to a release. Over the last 15 years, Northwood upgraded the property with 42 oceanfront suites, 11 casitas and a 10K SF conference center.
PEOPLE
Boca Raton-based investment firm Second Horizon Capital welcomed Greg Maloney as a senior adviser, according to a release.
The bulk of his experience took place in his 25 years with JLL, where he worked his way up to president and CEO, overseeing the firm’s retail business.
Maloney most recently served as the chief strategy officer for Centennial Real Estate Co., where he led firm initiatives for its retail portfolio. He also founded his own firm between 2023 and 2025 named GTM Retail Advisors, where he advised investors, developers and lenders in retail strategy and asset repositioning.
Throughout his career, Maloney has led asset repositioning and receivership assignments of more than 175 properties across the U.S. Maloney will work to support leasing execution, operational improvements and future growth opportunities.
MILESTONES
Growin Group broke ground on its 10-story luxury condo project in Aventura, according to a release.
The project, named Lev, will feature 32 boutique residences at 2520 NE 191st St. Units, which can be rented out monthly, start at $570K. Plans include a rooftop pool, a lounge, and spa and wellness amenities.
The groundbreaking comes less than a week after Growin started construction on Eden, a 32-unit condo project near Aventura Mall.
