“There has never been a more exciting time in South Florida Real Estate and we are thrilled to launch Vertical Real Estate with a team that brings an innovative and community-focused approach to this industry,” said Stern.
The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail.
Members of the Miami team include Senior Vice President Carlyle Coffin; Vice President of Acquisitions Mike Lisch; Head of Strategy and Analytics Jason Warren; and Business Operations Manager Teresa Sanzone.
The project will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.
The project is being designed by renowned architect Kobi Karp and will consist of 30 stories.
Sean Lutz, Dan Elliot, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a Nevada-based private investor, in the 1031, all-cash transaction.
The 188,389-square-foot property encompasses seven buildings and 29 tenants.
The project will feature 304 apartments, more than 18,000 square feet of retail, and 63,000 square feet of office space.
Jonathan De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller.
The project consists of 188 rental apartments and 45,000 square feet of office space and retail space.
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