South Florida’s largest retail sales deals in June

By Keith Larsen | Research by Laura Hanrahan

July 24, 2018 12:30PM



With experts predicting a “retail apocalypse”, South Florida has remained a lone exception. In June, the top retail deals included three traditional shopping centers, a building in South Beach, and the sale of the Metro Mall building in downtown Miami’s jewelry district.

The June investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.



Palms Plaza, Boca Raton – Crow Holdings | $30M

The largest retail sale last month belongs to Crow Holdings Capital Real Estate’s purchase of a shopping center at 22191 Powerline Road in Boca Raton for $30.2 million.

The Dallas-based asset manager paid about $360 per square foot for the roughly 85,000-square-foot shopping center known as the Palms Plaza. Crow Holdings is tied to the family of Dallas real estate developer Trammell Crow. North American Development Group, a Canadian commercial real estate developer, sold the property.

Palms Plaza was built in 1988 and last sold for $18.5 million in 2011. Tenants include Party City, Chase Bank and a standalone Olive Garden restaurant. The 9.4-acre property includes about 400 parking spaces.



Shoppes of Wilton Manors – Grass River Property and Downstream Realty Partners | $21M

Grass River Property and Downstream Realty Partners increased their investment in the Broward town of Wilton Manors. Property records show the partnership paid $21 million, or about $270 per square foot, for a 78,600-square-foot shopping center at 2200 and 2292 Wilton Drive.

The development group plans to renovate the property, securing a $22.8 million loan from Two Harbors Investment Corporation, a subsidiary of Pine River Capital, to finance the project. JLL’s Keith Kurland, Brett Rosenberg and Brandon Krupetsky arranged the financing.

Two companies tied to Rivercrest Realty Investors sold the Shoppes of Wilton Manors. Records show Rivercrest paid $16.6 million for the property in 2007.

Tenants include Sherwin Williams, The Alibi, Ocean Wine & Spirits and Tee Jay Thai Sushi.



Fogo de Chao building, Miami Beach – Baskir Capital Management | $15M

Baskir Capital Management paid $15.25 million for a retail building in Miami Beach’s South-of-Fifth neighborhood, leased to the Brazilian steakhouse Fogo de Chao.

The New York-based private equity firm bought the building at 836 First Street from a partnership controlled by restaurateur Myles Chefetz, Lyle Stern, Nelson Fox and Durfee Day. The seller was represented by HFF’s Danny Finkel and Mark Mandel, in cooperation with Noah Fox of Koniver Stern Group.

The buyer was represented by Marcus & Millichap’s Scott Sandlin and Alex D’Alba. The 12,000-square-foot building hit the market two years ago for $19.5 million. The sellers paid $2.8 million for the building in 2005, records show, and renovated it in 2007.

The restaurant recently extended its lease and now has 10 years remaining. Fogo de Chao has operated there since 2008.

Baskir Capital Management, led by Turkish investor Cengiz Baskir, buys single-tenant type assets nationally. The firm has about $1 billion in assets under management, D’Alba said.



Metro Mall – Yair Levy | $14.5M

Levy’s Time Century Holdings paid $14.5 million for the Metro Mall building, a development site in the heart of downtown Miami’s jewelry district, at 1 Northeast First Street.

Levy plans to renovate the 225,000-square-foot building into a luxury jewelry center. The building, built in 1926, sits on a 33,750-square-foot corner lot that’s zoned for 810,000 square feet, 774 units and at least 80 stories of development. Levy acquired the building’s master lease and 84.2 percent of the land.

Colliers International South Florida’s Mika Mattingly, Gerard Yetming and Linn Ahsberg represented the seller, Metro Mall Limited, which was led by Stanley Goldberg, Judith Jaffe and Joyce Goldberg. Wedad Saad-Anderson of New Capital Realty represented the buyer.

Levy rose to real estate prominence through several high-profile residential condo conversions in Manhattan, but his real estate empire unraveled during the recession. In 2011, he was permanently banned by the New York state Attorney General’s office from selling condos and co-ops in the state, and has largely stayed under the radar since then.



Hialeah shopping center – Cervera Real Estate Ventures | $11M

Cervera Real Estate Ventures paid $11.3 million or $150 per square foot for a shopping center at 3800 West 12th Avenue in Hialeah, with plans to reposition and renovate the property.

The seller is an affiliate of Leon Medical Centers, which paid $11 million for the 74,350-square-foot building in 2015. The seller originally intended to convert the property into a medical center, Javier Cervera said.

The two-story retail plaza, built in 1984 on a 3-acre site, sold at about 85 percent leased.

Cervera’s company owns and manages a number of retail shopping centers, apartment buildings and warehouses throughout South Florida. He’s part of the Cervera family’s second generation, along with his sisters Alicia Cervera Lamadrid and Veronica Cervera Goeseke.

Cervera Real Estate Ventures buys Hialeah shopping center

Cervera Real Estate Ventures buys Hialeah shopping center, plans renovations

Seller originally planned to convert property into a medical center
By Amanda Rabines | July 10, 2018 10:30AM

Cervera R.E. Ventures is entering Hialeah’s hot commercial market.

The company just paid $11.3 million for a shopping center at 3800 West 12th Avenue, with plans to reposition and renovate the property, President Javier Cervera Jr. said. It’s the company’s first acquisition in the city.

The seller is an affiliate of Leon Medical Centers. Records show W 12th Ave Investment, led by Michael Shealy, bought the building in 2015 for $11 million. The seller originally intended to convert the property into a medical center, but plans fell through after it expanded one of its existing centers, Cervera said.

The 74,350-square-foot retail property traded hands for about $150 per square foot. It sold about 85 percent leased to a mix of restaurant tenants and some small medical offices. Other tenants include a dance studio, a karate studio, a beauty salon and a day care.

The two-story retail plaza, built in 1984, sits on nearly 3 acres of land along Ludlam Road. The shopping plaza is near the newly completed 226-unit multifamily complex at 3500 West Ninth Avenue, developed in partnership with CFH Group and the Cayon Group.

Cervera’s company owns and manages a number of retail shopping centers, apartment buildings and warehouses throughout South Florida. He’s part of the Cervera family’s second generation, along with his sisters Alicia Cervera Lamadrid and Veronica Cervera Goeseke.

Cervera said the company plans to pick up more property in the area. It’s currently under contract to purchase a portfolio of industrial properties nearby for $2.6 million.

The area is hot with industrial activity, as investors and developers are capitalizing on its proximity to Miami International Airport.

Cervera R.E. Ventures is also under contract to sell a 1.42 acre stretch of land in Miami’s Arts & Entertainment District for $30 million to MRR Development, a new firm led by Rotem Rosen, Jerry Rotonda and billionaire Anand Mahindra.

Cervera Real Estate Ventures Acquires New Shopping Center in Booming Broward

Cervera Real Estate Ventures acquires new shopping center and Burger King out-parcel for $4 million on West Commerical Blvd. in Broward with big plans to buy more property and drive market value in the area.


Javier Cervera, owner of Cervera Real Estate Ventures (Cervera REV) and a group of partners recently added another prominent retail shopping center to their real estate portfolio. Cervera, a member of the well-known Miami real estate family, and his partners recently acquired Nichols Plaza that includes a freestanding Burger King. The commercial shopping center will be renamed West Com Plaza due to its convenient location in Broward County, directly on West Commercial Blvd near the Ft. Lauderdale Executive Airport and Interstate 95.

Despite high demand for the strip center, in less than 60 days Cervera was able to make an offer, coordinate building inspections, handle necessary due diligence and close on the property. The shopping center was purchased for $4 million for 25,000 square feet, including the Burger King out-parcel. Prime real estate, West Com Plaza is surrounded by businesses, multifamily and single family residences.

Offering a diligent hands-on operation at West Com, Cervera has immediate plans to give his new strip center the necessary upgrades to help raise the value of the building and upgrade tenancy. His operations team includes maintenance, management and a renovation crew.

“We have a diverse tenant mix at West Com Plaza offering beneficial uses for the area,” said Javier Cervera, owner of Cervera Real Estate Ventures. “The surrounding area is booming in Broward and I’m looking to buy more income producing properties.”

Cervera Real Estate Ventures, a private company based in Miami, FL is actively acquiring income producing properties such as retail shopping centers, apartment buildings and warehouses. With proven management strategies, Cervera is looking for assets that will add value as a part of their ongoing acquisition plan. The investment group is primarily looking for commercial property in Dade and Broward counties that will help grow his partnerships with the acquisition of more income producing properties made available through his vast network of real estate brokers and owners. He offers his partners opportunities they might not be able to find on their own by bringing real estate expertise and unparalleled value in increased returns with efficient operations.

For more information about Cervera Real Estate Ventures and West Com Plaza (previously Nichols Plaza), please contact Sergio Quinonez at 305-374-6744. For more information, please visit


Javier Cervera, Principal of Cervera Real Estate Ventures, Acquires Retail Shopping Center in Westchester for $5.2M; Prominent Medical Anchor Tenant Renews Lease

gall shopsA partnership associated with Javier Cervera, a real estate investor and member of the well-known Miami real estate family, has just acquired a 31,000 SF, retail shopping center in Westchester. The buyer, GALLO SHOPS, LLC, acquired the property for $5.2M on August 23rd. This is the latest in a series of acquisitions by Cervera R.E. Ventures, which has been actively acquiring properties in Miami-Dade and Broward counties.

As part of the acquisition, CREV worked with the sellers to navigate various complexities unique to this deal. After 5 months of hard work, they were able to close this complicated transaction. One said challenge involved the renegotiation of a new long-term lease for Leon Medical Centers, who had been occupying the property for decades with their second longest operating location in Miami. A new lease is now in place which is advantageous to both parties.

“We are excited to have found this off-market opportunity in one of Miami’s thriving neighborhoods, where our expertise in management will surely increase the value of the property,” said Mr. Cervera, “In addition, we are thrilled to have Leon Medical Centers, one of Miami’s premier medical service providers, as our anchor tenant in this most recent acquisition for our ever growing portfolio of income producing properties.”

Through his vast network of brokers and other real estate professionals, Cervera was able to find this off-market opportunity and provide a decisive offer to acquire the center before it hit the retail market.

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Javier Cervera, Principal of Cervera Real Estate Ventures, Acquires 56-Units for $4.9M; Second Acquisition in One Month

Three-Kings-On-135thA partnership associated with Javier Cervera, a real estate investor and member of the well-known Miami real estate family, has just acquired an additional 56-units in North Miami. The buyer, THREE KINGS ON 135TH, LLC, acquired the property for $4.9M on Wednesday, December 30th, 2015. This is the latest in a series of acquisitions by Cervera, and the second purchase made by the investor in December of 2015.

“Our business model is to acquire properties that have dependable returns, with high growth, through increased income and appreciation. We concentrate on adding assets to our portfolio, that have strong core fundamentals, which persevere through all market cycles. “

Cervera has positioned himself to add to his ever growing portfolio of income producing properties, by continuing to draw upon his intimate knowledge of the South Florida real estate market. With the various resources available to him, his company has continued to thrive and grow, with a bright future ahead.

The property, known as Three Kings, is located in North Miami, just three blocks west of Biscayne Boulevard (US-1). It was built in 1963 and consists of 56 units across 3 buildings. North Miami is home to several universities including Johnson & Wales University, located a few blocks south of the property, Florida International University’s Biscayne Bay Campus, a few blocks northeast, and Barry University, southwest of the property.

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Javier Cervera, of Cervera Real Estate Ventures, Acquires 24-Unit Apartment Building Near Miami International Airport

airport-view-iiA partnership associated with Javier Cervera, of the well-known Miami real estate family, has just acquired a 24-unit apartment complex near Miami International Airport. The buyer, Airport View II, LLC, acquired the property for $1,825,000 on Wednesday, November 9th. Mercantil Commercebank financed the transaction. This is the latest in a series of acquisitions by Cervera Real Estate Ventures, a company founded by Mr. Cervera.

“Our company is focused on acquiring profitable, income producing assets for our portfolio, while also shaping the community by providing clean and quality homes for our residences,” said Cervera. “This building is a perfect opportunity for this type of venture.”

The building, located at 4271 NW South Tamiami Canal Drive, was built in 1971 and consists of 24 units, to the east of Miami International Airport and west of Melreese Golf Course, in the neighborhood known as Flagami (a combination of Flagler & Tamiami).

Robert Adams, a real estate attorney, and Carlos O. Rovira, a real estate broker, are minority partners in the building. Rovira Realty brokered the transaction, representing the buyer.

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Javier Cervera buys out 1800 Biscayne Plaza partner

SFBJ 1800 Biscayne Plaza street view 315Real estate investor Javier Cervera has paid about $7 million to pay off debt and buy out his partner in a joint venture that held seven condos and 20,000 square feet of street-level retail space at Miami’s 1800 Biscayne Plaza.

Cervera’s company, Cervera RE Ventures, is looking to sell the seven condos and lease the retail space. The corner space can accommodate a 7,000-square-foot tenant, he said.

Javier Cervera, brother of broker Alicia Cervera Lamadrid and son of Alicia Cervera Sr., did not disclose his partner, who he said was in the entertainment industry. However, both Biscayne Plaza and Biscayne Plaza II list Cecile Barker as partners in the joint ventures created to control the residential and retail separately. Barker is chairman of the board of Miami Beach-based SoBe Entertainment LLC, which represents artists including Jah Cure and Stack.

1800 Biscayne Plaza is a 22-story condo tower at 275 N.E. 18th St., on the west side of Biscayne Boulevard. The tower, built in 2006, sits just north of the site of a new Publix now under construction. Units have from one to four bedrooms, the latter at the penthouse level, and have sold from $120,000 to more than $450,000. The building is located in the heart of Miami’s Omni district, which includes several condominiums and the Adrienne Arsht Center for the Performing Arts.

Cervera put together his investment strategy eight years ago, when he and his partner assembled three parcels across the street from Margaret Pace Park. The parcels had apartment buildings on them, one of which was eventually demolished.

Melo Contractors, the developer of 1800 Biscayne Plaza, had the parcels under contract, but did not close. So, Cervera sued for nonperformance and settled, getting 42 condos and the retail space.
Cervera said he received calls Tuesday from investors interested in buying the retail, but his company has a five- to 10-year hold on the assets, which he expects to increase in value. Cervera has hired Metro Consultants to work with him on managing the investment.

Source: South Florida Business Journal

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His own way: real estate entrepreneur Javier Cervera Jr. leverages his family name while blazing an independent path for his business.

Javier-CerveraJavier Cervera Jr. faced a choice several years ago: go to work for the successful real estate company his family grew over 25 years, or go it alone. He chose the latter and now finds himself busy building his own identity while leveraging his family name.

Cervera’s only regret is that he didn’t do it sooner.

“I wish I would have started five years ago,” he says from his Cervera-Bankers Holdings LLC office in Miami. “We saw there was a really good opportunity to go in and buy these Class B, A-, B- rental buildings, do a minimum amount of work and in a minimum amount of time convert them to condominiums.”

Today, the company has 500 apartment units in the process of being converted to condos, and has sold another 500 units since its launch two years ago. The 37-year old has also amassed a small but strategic group of land holdings that he hopes to build on or sell for profit.

It would not be far off the mark to say Javier Cervera was born into the real estate business.

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