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South Florida Business Journal
Italian restaurant in Brickell closes, plans to relocate
Toscana Divino, an Italian restaurant nestled in Miami’s Brickell neighborhood, has closed its flagship location after 12 years.<\p> The 3,500-square-foot restaurant was located at 900 S. Miami Ave. and operated as an anchor tenant for the Mary Brickell Village shopping center. It opened its doors in February 2012. <\p>
Mansion in ‘Billionaire Bunker’ sold for $65M
A mansion in Indian Creek Village, known as “Billionaire Bunker” for its many ultra-wealthy residents, sold for $64.5 million. <\p> Gerardus Johannes Antonius Bakker, also known as Geert-Jan Bakker, and wife Joyce Bakker sold the 7,535-square-foot home along the water at 40 Indian Creek Island Road to 40 ICIR LLC, a company registered in Wyoming. It’s not clear who manages the buyer. The price for the off-market deal equated to $8,560 per square foot.<\p>
Miami restaurant earns Michelin Star within months of opening
Ogawa, an authentic Japanese restaurant in Miami’s Little River neighborhood, earned a Michelin Star within five months of its opening.<\p> The omakase-style restaurant made its debut at 7223 N.W. 2nd Ave. on Nov. 15, 2023. It spans 700 square feet and seats only 11 diners at a time. The Michelin Guide awarded Ogawa a one-star rating on April 18, signifying the restaurant offers “high quality cooking.”<\p>
World Series champion sells Broward mansion for $15.5M (Photos)
A trust led by former Major League Baseball first baseman Eric Hosmer and his wife, Fox News media personality Kathryn “Kacie” McDonnell Hosmer, sold a new mansion in Southwest Ranches for $15.5 million.<\p> The Mime Florida Partners Land Trust, with attorney M. Scott Kleiman as trustee but with mortgage documents from 2023 stating this is the homestead residence of the Hosmers, sold the 17,740-square-foot home on a massive 7.8-acre property at 6220 and 6232 Hancock Road. The buyer was the Le Chateau Hancock Land Trust. Jill Hertzberg, Jon Mann, Jill Eber and Judy Zeder of the Jills Zeder Group at Coldwell Banker Realty represented the sellers in the deal.<\p>
Downtown office tower secures seven new tenants
Seven professional services firms recently signed leases to move into a 47-story tower in downtown Miami.<\p> Commercial real estate investment firms CP Group and DRA Advisors announced nine leases, totaling nearly 40,000 square feet, that were executed since the start of year at Miami Tower at 100 S.E. Second St.<\p>
Estates at Acqualina full-floor condo sold for $19M
Joshua Coba, a co-founder of European Wax Center, and wife Jenni Coba, paid $19 million for a new condo at the Estates at Acqualina in Sunny Isles Beach.<\p> A3 North Development – an affiliate of Trump Group, led by Jules Trump – sold Unit N-SF-02 in the 888 Via Acqualina tower to the Cobas. The developer provided $10.96 million in seller financing for the deal.<\p>
241 apartments, pickleball and padel courts planned at office site
The owner of an office building in Boca Raton filed plans to build apartments and townhouses on the site.<\p> Lake Worth Beach-based 791 POC LLC, managed by Bhavin Shah and Allan R. Adelson of Oak Lane Partners, filed a site plan apartment for the 10-acre site at 791 Park of Commerce Blvd. It currently has a 156,918-square-foot office building that was constructed in 1994.<\p>
Where South Florida ranks in analysis of U.S. life sciences hubs
South Florida is home to thousands of life sciences businesses and one of the country's largest talent pools for that industry. <\p> However, the region still ranks relatively low in an analysis of the country's top life sciences hubs, according to a report from CommercialCafe. <\p>
Aston Martin Residences penthouse sells for $15M
A penthouse in the new Aston Martin Residences in downtown Miami sold for $15.25 million.<\p> Riverwalk East Developments LLC, an affiliate of developer G&G Business Developments, sold Unit 5601C in the waterfront condo at 300 Biscayne Blvd. Way to the T-Rex Roars Trust, with Palm Beach attorney Guy Rabideau as trustee. Scott Lamoreaux and Mauricio Perez of Cervera Real Estate represented the developer in the deal. <\p>
Investment manager sells South Beach condo for huge gain (Photos)
James S. Chanos, the founder and managing partner of investment management firm Kynikos Associates, sold his South Beach condo for $17.8 million.<\p> The 4,776-square-foot Unit 2203 at Continuum on South Beach at 100 South Pointe Drive was purchased by Catherine Montgomery. Eddy Martinez, Roland Ortiz and Crystal Connors with the Worldwide Group at One Sotheby’s International Realty represented the seller in the deal, while Kevin Crego of Compass worked with the buyer.<\p>
Local public company awarded Lockheed Martin contract
Terran Orbital will build 18 satellite buses for Lockheed Martin's Space Development Agency Tranche 2 Tracking Layer contract. <\p> In January aerospace and defense giant Lockheed Martin was one of three U.S. companies contracted to build satellites equipped with infrared sensors capable of tracking hypersonic missiles in flight. <\p>
Appeals court upholds $38M judgment against local public company
A New York investment bank was awarded nearly $38 million following a payment dispute with a bankrupt publicly traded company based in South Florida. <\p> An appeals judge from the Supreme Court of the State of New York sustained a $37.8 million judgment on May 9 in favor of Needham & Co. against UpHealth, ruling that the Delray Beach-based health tech firm (NYSE: UPH) breached a corporate transaction contract with the investment bank.<\p>
Elevated interest rates force re-pricing of billions in CRE debt
Just shy of $20 billion in commercial mortgage-backed securities debt backing U.S. office properties is set to mature in the next year, occurring at a time that's now also expected to feature a higher-for-longer interest-rate environment. <\p> Moody's Analytics Inc. found that as of April, $19.9 billion in office CMBS loans will mature by next spring. That's a marked increase over the $8.75 billion in office CMBS debt that matured in 2023. <\p>
South Florida Seen: United Way of Broward County Mayors' Gala
More than 900 community leaders and philanthropists attended United Way of Broward County's annual Mayors' Gala at the Seminole Hard Rock Hotel & Casino in Hollywood on April 27.<\p> The Avenue Coral Gables Hotel & Residences hosted Déjeuner and Design, featuring Adriana Hoyos Design Studio and Bermello Ajamil & Partners, on April 25.<\p>
Regional bank recruits Florida banker to lead statewide expansion
Citizens Bank tapped longtime Tampa banker Jim Weiss as its first Florida market president to spearhead the buildout of its corporate and commercial banking operations across the state’s major metro markets. <\p> The Rhode Island regional bank (NYSE: CFG) first entered Florida around seven years ago with a group of corporate bankers, but that team was small and mainly focused on large-scale clients. <\p>
News in Brief: Toy maker partners with California company
Sunrise-based Jazwares partnered with California-based See’s Candies to release a gift set that includes a co-branded plush, chocolate box and tote inspired by the local company’s Squishmallows brand. The gift set will be available in See’s shops and online in October. www.jazwares.com and www.sees.com.<\p> Juno Beach-based Florida Power & Light Co. opened a public fast charging station for electric vehicles at the Shoppes at MICC, 7780 N.W. 25th St. in Doral. www.fpl.com/EV.<\p>
Top local employer buys development site near mall
Baptist Health South Florida paid $13.2 million for a Pembroke Pines site where it plans to construct a health care facility.<\p> Pembroke 2 Owner LLC, an affiliate of Atlanta-based TPA Group, sold 4.74 acres of vacant land just south of the office building at 1200 S.W. 145th Ave. to the Miami-based nonprofit health system. The site is on the east side of Interstate 75 and just south of the Shops of Pembroke Gardens open-air mall. Property data firm Vizzda confirmed the parties involved in the deal. <\p>
Island mansion sells for neighborhood record $40M (Photos)
A new mansion in Miami Beach sold for $40 million – a record price for Palm Island.<\p> FK Florida Investments LLC, managed by Chilean developer Claudio F. Fischer, sold the 14,930-square-foot home at 40 Palm Ave. to MI 8787 LLC, a Delaware-registered company care of local attorney Justin G. Brook. The deed filed in county records was valued at $37.96 million, but listing broker Liz Hogan of Compass Florida confirmed the price was $40 million. Matt Dugow, with the Carroll Group at Compass Florida, worked with the buyer. <\p>
The coveted perk that could be critical for workforce development
As the focus shifts from recruitment to retention in a still-tight hiring market, many employers are searching for the incentives that will retain workers. <\p> While perks like four-day workweeks, unlimited vacation and remote work are often in the spotlight, another coveted perk is career development and upskilling opportunities. <\p>
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