Blue Road acquired the Park Terrace apartment building in Miami Beach for $14.27 million, and could convert it into a boutique hotel.
Milton Binkov, Seymour Binkov and Rod Eisenberg sold the 32-unit apartment building at 355 19th St. to the Bay Harbor Islands-based hospitality firm led by Jorge Savloff and Marcelo Tenenbaum. The sellers were represented by Marcus & Millichap’s Joseph P. Thomas, Adam Duncan and Brett McMahon.
“Park Terrace was previously encumbered by a ground lease with a significant amount of remaining lease term,” Thomas said. "However, we successfully negotiated an agreement between lessee and lessor, which allowed us to deliver fee simple interest and title to the buyer at closing.”
The apartment complex was built on the 24,000-square-foot site in 1951. It’s a block from the Miami Beach Convention Center. The 21,978-square-foot building has a pool.
“The buyer plans to renovate the property and convert its current use as a 32-unit apartment building to a boutique hotel with an increase in height and room count,” McMahon said.
Marcus & Millichap’s marketing materials promoted the Park Terrace site for a potential redevelopment as a 90- to 100-room hotel with a maximum height of 50 feet.
Blue Road said it will establish a hotel with food and beverage service on the property, but has not yet determined the extent of renovations.
“We are very pleased with this transaction, and with the opportunity to create yet another boutique hotel so close to the future Miami Beach Convention Center,” said Tenenbaum. “With the convention center scheduled to completely open later this year, we continue to see tremendous value in this emerging section of Miami Beach."
Blue Road owns 13 boutique hotels in Miami Beach under the "Deco Collection."
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Ranked by Sum dollar volume sales/leases
Rank Company Sum dollar volume sales/leases 1 HFF LP $5.54 billion 2 CBRE $5.46 billion 3 Marcus & Millichap $3.18 billion View This List