Shvo Hands Over Miami Beach Site In $28M Deed-In-Lieu-Of-Foreclosure: The South Florida Deal Sheet
Michael Shvo handed over his Miami Beach development site — and its planned luxury office tower — in a deed-in-lieu-of-foreclosure transaction as he fights to keep other properties from the same fate.
Shvo transferred the Miami Beach site to Infinity Collective in a $28.2M deed-in-lieu-of-foreclosure, property records from Vizzda show.
“Despite achieving unanimous approval from the Miami Beach Design Review Board for The Alton, with the changes in the local zoning, an office development was no longer the highest and best use for this site,” a Shvo representative said in a statement sent to Bisnow.
According to the deed, the transfer was made in exchange for the grantee agreeing not to pursue a default claim.
Shvo’s BH The Alton LLC picked up the site in 2022 for $39M with a $26.3M loan from New York’s Maxim Capital Group, records show.
The original lender released the $28.2M mortgage with Shvo’s entity and backed Infinity Collective’s Alton Ventures Development LLC entity with a $25M mortgage.
Shvo got approval to redevelop the five commercial properties totaling 51K SF at 1680 Alton Road into a six-story office building with 170K SF of rentable space and 17K SF of ground-floor retail in 2023, the South Florida Business Journal reported at the time, but those plans never got off the ground.
Shvo has struggled to keep hold of his real estate assets, including The Raleigh condo and hotel development on Collins Avenue, amid his dispute with German pension fund Bayerische Versorgungskammer, known as BVK.
“Shvo’s singular focus remains super-prime real estate, and we are pleased that Infinity Collective will move forward with much-needed housing at this location,” the Shvo representative said.
SALES
Thor Equities bought three Wynwood parcels for $30M, according to a release.
The firm first picked up 2724 NW Second Ave. in 2014 for $10M, sold it a decade later for $28M, and has now repurchased it for $10M.
Thor also paid $20M for adjacent parcels at 2825 NW Second Ave. and 187 NW 28th St., creating a 2-acre site zoned for more than 600K SF of development.
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An entity tied to Seagis Property Group bought a 61K SF warehouse in Doral for $20.4M, property records from Vizzda show.
The seller, florist Galleria Farms, paid $6.8M for the building in 2015 and still operates from the site at 2601 NW 104th Court. The warehouse was built in 1993 on nearly 3 acres.
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AcadeMir Charter Schools bought an education facility in South Miami Heights from an entity tracing to Mario Castellanos for $25M, according to property records provided by Vizzda.
The 58K SF AcadeMir Charter School Preparatory was built on 5 acres at 19185 SW 127th Ave. between 2016 and 2018. The K-8 school serves 1,148 students, according to the school ranking website Niche.
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An entity tracing to Blackstone’s logistics real estate arm, Link Logistics, sold the Royal Palm Doral warehouses for $130M, according to property records provided by Vizzda.
Terreno Realty Corp. was the buyer of the two buildings at 6450 and 6550 NW 97th Ave. Freight forwarding service Kope Logistics Inc. is listed as a tenant.
Link Logistics built the two warehouses, which total 346K SF, in 2024 on 18 acres.
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Nuveen sold off a Coconut Creek apartment complex to Legacy Residential Group for $77M, according to property records provided by Vizzda.
Legacy Residential Group purchased it with $64M in debt from Truist Bank.
Legacy at Coconut Creek, formerly Banyan Bay, was built in 1985 at 4303 W. Atlantic Blvd. on 25 acres. The complex totals 423K SF across 19 three-story buildings and four one-story buildings. The one- and two-bedroom units range between 780 SF and 1,220 SF, and monthly rent is priced at between $1,750 and $2,400, according to Apartments.com.
CONSTRUCTION AND DEVELOPMENT
Miami-Dade County broke ground on the $210M Lightspeed Emergency Operations Center, according to a release.
The project will bring a new 12-story building and renovate an existing 200K SF facility that is already home to Miami-Dade emergency services and a pedestrian bridge to connect the two facilities.
The emergency operations center at 11500 NW 25th St. in Sweetwater will have a rooftop helipad and an 80-foot communications tower. The project is also pursuing LEED Silver certification and will include an on-site fueling station and 600 electric vehicle charger locations.
Suffolk Construction is serving as the design and building partner for the project.
MILESTONES
Related Group completed construction on the 118-unit Casamar Pompano Beach condo project, according to a release.
The Arquitectonica-designed project opened its doors at 900 N. Ocean Blvd. with residences ranging between 1K SF and 3,900 SF. The 21-story tower includes a concierge service for residents, two swimming pools, a gym, a golf simulator, a pickleball court and access to 283 feet of beachfront.
Move-ins have begun, and the tower is nearly sold out after launching sales in 2022.
PEOPLE
MMG Equity Partners promoted Marco Puente to a partner in the company after joining the company seven years ago, according to a release.
Puente will continue overseeing acquisitions and development activities and supporting efforts to grow the company’s investments and portfolio.
Before MMG, Puente arranged more than $200M in sales of properties through the Southeast. He also held leadership roles with Marcus & Millichap and Colliers International.
