Hotel Eva, a 29-unit luxury boutique resort located at 1506 Collins Avenue in South Beach, sold for $11 million, or 90 percent more than its last price six years ago.
The deal closed on Thursday, February 20, 2014.
Isabel Fine, principal at Coral Gables-based Real Miami Commercial Real Estate represented both the buyer and the seller in the transaction.
Ventura Way LLC, managed by Orlando J. Valdes, sold the hotel to J3 Collins Ave LLC, which is managed by real estate investor James B. Potter.
The 1962-built hotel last sold for $5.8 million in 2008.
The four-story, 21,832-square-foot property features a Cuban bistro on the first floor.
Miami-based TotalBank provided a $6.5 million mortgage to the buyer.
“At Real Miami Commercial, we focus on acquiring ‘off-market’ properties for our clients,” commented Fine. “Hotel Eva is one of those unique gems that we felt would command tremendous valuation and interest in the market and successfully conveyed those facts to the owner.”
Fine, along with long time South Florida real estate brokers Danny Zelonker and Stephen Rigl formed Real Miami Commercial Real Estate in July 2013.
From their offices at 1450 Madruga Avenue in Coral Gables, the company assists owners, tenants and users with the purchase, lease, and sale of commercial property while providing each client with a high level of experience, service, discretion and commitment.
The principals have represented clients such as Macy’s, Church of Scientology, Prologis, Crescent Real Estate Equities, MDM Development, Equitable Real Estate, U.S. Century Bank, Traveler’s Insurance Company, Florida Community Bank, Atkins & Breskin, Empire Equities, and Aetna Realty. Collectively, they closed over $80 million dollars in 2012.
Fine has earned the prestigious CCIM designation — one of the most highly sought after professional designations in commercial real estate. She also holds a degree in accounting and an MBA in finance from the University of Miami.
About Real Miami Commercial Real Estate, LLC:
Real Miami Commercial Real Estate, LLC brings more than 25 years of commercial real estate experience to the market, providing clients with expert advice and brokerage services involving property acquisition, disposition and leasing. For more information, please call 786.391.3737 or visit http://www.RealMiamiCommercial.com.
A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry and part of a global commercial real estate network with members across North America and more than 30 countries. This professional network has enabled CCIM members to close thousands of transactions annually, representing more than $200 billion in value. As a result, the experts who possess the CCIM designation are an invaluable resource for commercial real estate owners, investors, and users. CCIMs have completed a designation curriculum that covers essential CCIM skill sets including ethics, interest-based negotiation, financial analysis, market analysis, user decision analysis, and investment analysis for commercial investment real estate. CCIMs have completed a portfolio demonstrating the depth of their commercial real estate experience. Finally, they have demonstrated their proficiency in the CCIM skill sets by successfully completing a comprehensive examination. This elite corps of CCIMs includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals. For more information, please visit http://flccim.com/ or contact Florida CCIM Chapter President Peter J. Barnett, CCIM at 813.351.2791.
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