The Farah Group is pleased to be retained as exclusive real estate advisor for the disposition of this well located asset.
7310 Biscayne Blvd was built in 1956 and is well situated directly on Biscayne Blvd. It sits in the “MiMo” or Miami Modern Historic District. The property consists of a one story building and is currently occupied by a veterinary business. The current tenant has operated in this location since 2000. This presents a great opportunity for an owner/user to place their business.
Occupancy (Owner Occupied): 100% - Smiling PetsLot Size: 6750 SFBuilding Size: 2861 SFZoning: T5-OHeight Restriction: 5 StoriesYear Built: 1956HVAC: CentralConstruction: CBSRoof: Flat/ Built Up TarFolio: 01-3207-040-1790
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A 63-unit apartment building in the Venetian Isles area of Hollywood has traded hands for $7.2 million.
Jacob El-Harar sold the building at 5230 Hollywood Boulevard to Burke Leighton Asset Management, Emile Farah, CEO of the Farah Group, told The Real Deal. Farah, as well as Jean Kelly and Zena Bardawell of the Farah Group, represented both sides of the transaction.
ew York-based Burke Leighton is a private equity investment company that owns and manages residential and commercial real estate properties, according to its website.
“The buyer is going to keep it as an income producing property,” Farah told TRD. “It’s a beautiful building. It is well kept and it has been totally remodeled and is almost fully leased.”
Farah said Burke Leighton financed the deal with $4.7 million in commercial mortgage backed securities (CMBS) financing, from a group led Miami Beach-based LNR Property that also included Berkadia and KeyBank. “Those loans are not easy to get approved, but our client, the buyer, was approved immediately,” Farah said.
Broward County property records show the building was last purchased in July 2012 for $4.05 million.
A buying binge led by Miami Beach-based developer Michael Simkins is generating seven-figure deals along a four block stretch of Overtown, Miami’s historically African-American neighborhood.
“Prices have increased dramatically,” Simkins told The Real Deal of the area, which is one of the city’s poorest communities. “When we started purchasing land, it was in the $20 a square foot range. It is now approaching $150 a square foot.”
Overtown runs from Northwest Fifth Street to 20th Street and is bounded on the west by the Miami River and State Road 836 and on the east by the Florida East Coast Railway tracks on Northwest First Avenue. In addition to Simkins, a handful of other buyers have proven to be increasingly bullish on apartment buildings and vacant parcels between Northwest Eighth and 12th streets and Northwest First and Third avenues.
The properties that have been snapped up are in close proximity to three grand-scale, mixed-use developments: All Aboard Florida’s MiamiCentral, Miami Worldcenter, and Simkin’s proposed Miami Innovation Tower, the signature piece to a technology district he wants to develop in Park West, the neighborhood directly abutting Overtown.
“The area we are focused on was the main commercial corridor for historic Overtown,” Simkins said. “The Overtown of the 1940s was a thriving place. The neighborhood has soul and character.”
During the Jim Crow era, the neighborhood was known as “Colored Town” and was a bustling business and entertainment center for Miami’s black community. It’s where entertainers like Count Basie, Cab Calloway and Josephine Baker stayed when they performed in Miami. However, the construction of I-95 through portions of Overtown decimated the neighborhood’s prosperity. Riots in the 1980s further eroded Overtown.
Today, the annual median household income for Overtown residents is $17,450, according to recent U.S. Census data.
Nevertheless, investors like Simkins have recently paid top dollar for Overtown properties. In mid-October, he closed an all-cash $2 million deal there for two apartment buildings with a combined 28 units and three commercial units. Simkins paid $116 per square foot for the 16,300-square-foot assemblage .
“These buildings will be renovated with our own dollars and continue as rentals,” Simkins said. “The people living there will hopefully continue living there, as well as other Overtown residents.”
He said market-rate rent in Overtown for a one-bedroom unit is $700, compared to $1,963 in Miami, and a two-bedroom unit is $850, compared to $2,911 in Miami, according to RentJungle.com.
That deal marks the third seven-figure Overtown property transaction involving Simkins in the past 10 months. In February, Simkins paid $94 a square foot for three vacant lots totaling 13,750 square feet . In June, he bought two vacant parcels totalling 15,000 square feet on Northwest 11th Street and Northwest Second Avenue for $92 a square foot.
Simkins is not alone. In January, Bahia Apartments LLC, a company registered to Horacio Segal and Marcela Segal, a North Miami-based real estate broker, paid $3.5 million for three apartment buildings with a combined 26,887 square feet. That’s $130 a square foot. According to Miami-Dade records, Bahia obtained a $2.4 million loan from Ocean Bank that it used toward the purchase.
In July, an entity called Beacon 87 Member Inc. purchased a 75-unit apartment building for $3.68 million — about $107 a square foot. According to state incorporation records, Beacon’s manager is Joanne Rosen, a partner in New York City-based real estate investment and development firm, Beacon Advisors, LLC. The seller DJ Acquisitions 1136 paid $2.6 million for the property in May 2014.
The more recent prices are a far cry from what Simkins paid only a year ago. The developer purchased a 24-unit apartment complex at 1160 Northwest Second Avenue for $330,000 in November 2014. Today, the property has a market value of $1.6 million, according to the Miami-Dade County Property Appraiser’s website. He also paid $555,000 for a two-floor retail building at 937 Northwest Third Avenue in October 2014.
The same year, Simkins purchased another 22 lots between Northwest Ninth and Tenth streets and Northwest Second Avenue and Second Court for a combined $14.1 million. Aside from the city of Miami Park West/Overtown Community Redevelopment Agency, he believes he has the largest portfolio in Overtown.
“It’s an unprecedented level of investment,” he said. “We are committed to really reviving and redeveloping Overtown into what it has always been.”
But Overtown still faces challenges, according to Emile Farah, chief executive of the Farah Group of Companies. Farah assisted in brokering Simkin’s most recent deal. “Whoever wanted to buy it had to come with cash,” Farah said. “It’s difficult to get financing for Overtown properties.”
Banks will only lend money based on the rental income a building produces and not on the property’s appraisal price, he said. “In that area, rents are averaging $600 and are starting to go up to $700 a month,” Farah said. “The income approach doesn’t justify making a deal for most buyers.”
Farah said the area remains a tough sell, despite All Aboard Florida and other major projects. But we was optimistic about the impact of Simkins’ acquisitions. The developer “has a vision for the future of the neighborhood,” he said.
MIAMI, FL (Oct. 22, 2015)
— When major developers need to find a prime piece of property in Miami's urban core, they turn to the Farah Group of Companies.
In the latest example of Farah Group's real estate dealmaking prowess, the company produced a rare acquisition opportunity near Downtown Miami for developer Michael Simkins. CEO Emile “Ur-Cousin” Farah and USA Lending Realty Vice President Zena Bardawell and Sales and Marketing Director Jean Kelly teamed up to arrange the sale of an Overtown apartment site to Simkins, who plans to develop the Miami Innovation Tower and eight additional buildings in the neighborhood.
“With so much development and investment activity occurring in and around Downtown Miami, it has become extremely difficult to find sites in the area,” Farah said. “That's where we come in. We have a 35-year track record of producing results for real estate clients when others cannot.”
USA Lending is owned and operated by Farah Group, which recently opened a new corporate headquarters at Synergy Workspaces in Downtown Miami's One Biscayne Tower. The company is hosting a special event to celebrate its new headquarters on Nov. 12.
In the Overtown deal, the Farah team facilitated the all-cash, $2 million sale of two apartment buildings totaling 28 units and three commercial units at 1117 NW Third Ave. and 220 NW 11th Terrace to Simkins. The site is located just west of Downtown Miami and the future All Aboard Florida station.
As part of the transaction, Farah worked out a deal with Simkins to allow existing tenants to remain at the apartment buildings in the short-term while the developer finalizes project plans for his Overtown portfolio. That was one of several obstacles Farah had to overcome to complete the sale. Other potential buyers could not obtain financing, so Farah had to find an all-cash buyer.
Farah Group specializes in complex transactions. Last summer, Farah brokered the $17 million sale of 18 acres in North Miami Beach known as Biscayne Village. The land was previously used by a gas distributor and designated as a brownfield site. Farah successfully educated the buyer about the future development potential of the site.
Shortly after completing the North Miami Beach deal, Farah, Bardawell and Kelly arranged the $6 million sale of a West Brickell hotel development property to Venezuelan developer William Hammani.
“In deals like these, our role goes beyond bringing a seller and buyer together,” Farah said. “We help our clients create a long-term vision for a site and assist them in carrying out that vision.”
To learn more about Farah Group's current real estate investment opportunities, visit "http://www.farahreacquisitions.com/".
About The Farah Group of Companies
Led by Emile “Ur-Cousin” Farah, The Farah Group of Companies specializes in all types of real estate transactions in Miami and beyond. Farah Group is often hired to facilitate complex deals involving a variety of distressed assets, including commercial bank-owned properties, short sales and bank notes. Headquartered at Synergy Workspaces in Downtown Miami's One Biscayne Tower, Farah Group has direct contact with bank asset managers throughout the world. That gives the company access to all property types, including multifamily communities, shopping centers, warehouses and developable land.
About Emile “Ur-Cousin” Farah
Emile “Ur-Cousin” Farah has been CEO of The Farah Group of Companies for more than 35 years. During that time, Farah has successfully completed the sale of a variety of real estate portfolios and rehabilitated thousands of square feet within buildings. Originally from Jerusalem, Farah is also a renowned philanthropist and community leader. He formed the Naim and Marie Foundation in honor of his parents. The foundation helps raise money for causes supporting the construction of new schools, orphanages and medical centers in areas like the Middle East. Farah has also been recognized for donating to the American Cancer Society and organizations supporting Autism awareness.
Farah is also the The World Ambassador ,. In that role, he travels around the world to encourage the exchange of culture, research and business between Cities worldwide.