Kolter, BH Spend $18M Toward Miami Beach Buyout: The South Florida Deal Sheet
Two developers added to their growing waterfront assemblage on Collins Avenue in Miami Beach.
The Kolter Group and BH Group spent nearly $18M purchasing commercial and residential condos inside of neighboring buildings near the Normandy Plaza Hotel, which they purchased earlier this year, according to property records provided by Vizzda.
The pair purchased 10 units out of a 172-unit condo tower at 6969 Collins Ave. for $3.7M. The 55-year-old Port Royale Condo had previously faced safety concerns. Residents were asked to evacuate in 2022 after engineers observed damage to a beam in the mezzanine-level garage. Residents were able to move back in a month later, the Miami Herald reported.
Vizzda expects the developers to purchase the rest of the units in the waterfront property.
Kolter and BH also purchased two commercial units on the ground floor of the Crystal Beach Suites Miami Oceanfront Resort for $14.3M from an entity tracing to Elysee Investment Co. and Joseph Cohen.
The pair already purchased the hotel portion of the Crystal Beach Suites at 6985 Collins Ave. in 2023 for $24M. Next to the site is the 1930s-era Normandy Plaza Hotel, which was deemed unsafe and scheduled for demolition in 2018. Kolter purchased it in January for $26M.
Kolter and BH, operating under BHK Crystal Beach LLC, proposed to replace the two structures in 2025 with a 17-story, 37-unit condo project.
BH declined to comment, and Kolter didn't respond to a request for comment.
SALES
A Longpoint affiliate purchased four warehouses totaling 90K SF in Medley from an entity led by Martha Artiles for $38.8M, according to records provided by Vizzda.
Boston-based Longpoint purchased a pair of warehouses at 7200 NW 84th Ave., built in 1997, for $24.6M. The other warehouses, built in 1987 and 1990 at 8251 NW 70th St., sold for $14M.
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Moishe Mana purchased land in Wynwood and Allapattah in deals totaling more than $40M.
Mana purchased nearly 3 acres of commercial land in Allapattah from an entity tracing to Abingdon Square Partners, according to property records provided by Vizzda. Mana spent $21M on four buildings built in 1930, 1936, 1938 and 1939.
In Wynwood, a trust in the name of Yen Yuan Yin sold the Wynwood building that houses Stephen Starr restaurant Pastis for $24.5M, the South Florida Business Journal reported.
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An entity tracing to Blackstone’s industrial arm, Link Logistics, sold a 383K SF warehouse in Deerfield Beach to J.P. Morgan Asset Management for $65M, according to property records provided by Vizzda.
The three-story building at 333 SW 12th Ave. was built in 1988 on 23 acres. Link Logistics owned the site for 10 years after purchasing it for $25M in 2016.
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Sedano's Supermarkets bought a shopping center it anchors in Miami-Dade County.
Hect Bird Road Property Ltd., an entity tracing to Amdur Management’s Isabelle Amdur, sold a 103K SF shopping center to Sedano’s Supermarket and General Real Estate Corp., according to property records provided by Vizzda.
The seven-building center, anchored by Sedano’s, was built in 2009. The center at 8601 Bird Road also includes tenants like Office Depot, Denny’s and Pasteur Medical.
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An affiliate of Robert Rivani sold a 21K SF retail plaza to an entity tracing to Dallas-based Tabani Group for $25M, according to property records provided by Vizzda.
Tabani landed a $15M acquisition loan from Frost Bank to purchase the site.
Rivani purchased the two-story Wynwood Jungle at 43 to 75 NW 23rd St., which houses The Salty Donut, in 2021 for $13M.
LEASES
Marketing platform Postr signed a 10K SF lease to move its headquarters to Wynwood, according to a release.
Postr signed a six-year lease with Lerner Family Properties for a building at 301 and 311 NW 28th St. It plans to open in August with about 20 employees who have already moved from Baltimore to Miami. Postr’s headcount is expected to expand to between 30 and 60 people.
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CP Group landed four new tenants at the Citigroup Center office in Downtown Miami, according to a release.
The leases total 20K SF, and three of the four leases are moving into the tower’s third phase of move-in-ready spec suites.
Foundever, a customer experience company, and INCAE, a higher education institution, signed for between 5K SF and 6K SF. The government diplomatic office of the Consulate of the United Arab Emirates and AI cybersecurity company Darktrace signed for nearly 5K SF.
FINANCING
Palm Beach Gardens-based healthcare real estate developer Sina Cos. landed a $64M construction loan for The Health Park at Avenir, according to a release.
The lender was an undisclosed Texas-based firm focused on asset-based lending.
The financing will help build a two-story, 53K SF neighborhood hospital and a three-story, 48K SF medical outpatient building. Aztec Group’s Ezra Katz and Sean Harrington led the transaction.
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S3 Capital provided a $111M construction loan to HA Emprendimientos for a 36-story apartment project in Edgewater, led by CEO Ignacio Aldazabal, according to a release.
Max La Cava and Pier Barinci led a JLL debt advisory team to handle the transaction on behalf of HA Emprendimientos.
The developer plans to build a 328-unit apartment building called Sense22 with 262K SF of rentable space and an average unit size of about 800 SF between studios and one- and two-bedroom units.
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Sky Equity Group’s South Florida division, Dependable Equities, landed a $54M preconstruction and bridge loan from CDK Capital for two Fort Lauderdale developments, according to a release.
The financing was arranged by CDK Capital’s Daryl Hagler and Allen Weinstein.
The two projects at 101 SE Seventh St. and 633 SE Third Ave. total 2M SF of mixed-use development. The projects include 1,460 condo and multifamily units and 14K SF of ground-floor commercial space. Construction is expected to begin in 2028.
