An affiliate of Adam Neumann’s Flow sold an unfinished three-story retail and office building at Miami Worldcenter for $26.6 million, marking the third site within the mixed-use mega-complex to trade this year.
Daniel Cardenas and Michael Sullivan, of retail leasing brokerage and development consultancy Vertical Real Estate, and Brazilian investor Gustavo Agostini bought the 0.6-acre property at 711 North Miami Avenue, according to a news release from Cardenas and Sullivan. The pair bought the building as a personal investment separate from Miami Beach-based Vertical Real Estate, which was co-founded by broker Lyle Stern in 2023.
The seller is MWC Block E, with former WeWork executive Mark Lapidus signing the deed. The entity lists the same Bay Harbor Islands address as Flow’s.
This was an all-cash deal. The building, which is about 60,000 square feet and 80 percent finished, has letters of intent out to prospective retail, restaurant and entertainment tenants, according to the release and Cardenas.
The buyers are in “advanced discussions” to obtain financing for construction completion and stabilization, the release says. Completion is expected this year.
Fort Lauderdale-based Merrimac Ventures, led by the Motwani family, will remain a development partner on the project. The firm is building out the 7th Street pedestrian promenade that runs along the building.
The deal aligns with Flow’s primary focus on residential. The firm recently completed the 40-story, 466-unit Flow House condo tower near the building that traded and owns the 43-story, 444-unit Caoba apartment tower, also at Miami Worldcenter.
Last month, Flow bought a 50 percent stake in the 10-story, 318-unit Society Wynwood apartment building in Miami. The deal was for an initial $15 million investment, along with an additional $10 million for planned capital expenditures and rebranding efforts.
In other projects, Flow is partnering with Canada Global on 720 units in two towers next to their Aventura Corporate Center office campus. In El Portal, Flow plans about 2,400 apartments on a former mobile home site, and Flow and Canada Global own a majority stake in a Miami River megaproject.
Miami Worldcenter spans 27 acres across 10 blocks at the intersection of the downtown Miami and Park West neighborhoods. The master developer is Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, in partnership with Los Angeles-based CIM Group. Over the years, parcels within the complex have traded among developers.
This year, Tokyo-based Kasumigaseki Capital bought the 1.4-acre property on the southwest corner of Northeast 10th Street and Northeast Second Avenue for $88.8 million. Its plans are for a pair of towers, most likely condos and a hotel in partnership with a local developer, a source familiar with the deal previously told The Real Deal.
In April, Miami Worldcenter Associates sold 300,000 square feet of retail, a pair of garages and 100,000 square feet of parks and plaza space at Miami Worldcenter for $210 million. The buyer is a joint venture led by Falcone’s Boca Raton-based Falcone Group and including ROK Acquisitions, Andrew Mirmelli, The Davis Companies and Jamestown.
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