M&M’s Drew A. Kristol and Kirk D. Olson had the exclusive listing to market the portfolio on behalf of the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a private investment group based in Brooklyn, New York.
Slated to open at the end of summer 2022, guests will enter the genuine prohibition-era themed experience after securing a secret code and dialing it into a restored antique London-style red phone booth at the entrance.
The TOBY Awards are the most prestigious and coveted awards of their kind in the commercial real estate industry. The awards recognize superiority in office and industrial buildings and reward excellence in building management.
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The project is expected to cost over $500 million to develop.
LUMA at Miramar was built in 2019 and stabilized in Q1 2020, with occupancy remaining at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale.
“This was a mutually beneficial transaction, and we are all thrilled that YMCA’s corporate office will maintain it’s presence in Downtown Fort Lauderdale.”
The project’s sponsors consist of a seasoned development team that has been active in South Florida for decades.
The 17,325-square-foot site sold for $1.88 million to a company that plans to construct a new corporate headquarters and sales center at the site.
Jonathan De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property.