The Deal: The pair brokered the $5.29 million sale of a 14,700-square-foot medical building at 3280 Ponce de Leon Blvd., Coral Gables.

Miami-based Orion Venture II Ponce sold the two-story building to Miami Beach-based Brickell 13 Ponce on Dec. 15.

Details: Orion Venture, led by Joseph Sanz and Barry Brant, was asking $6.8 million for the property when Greenberg and Lapointe approached the seller on behalf of Brickell 13, managed by Abbey Berkowitz. The building is fully leased to Flamingo Park Kidney Center, a subsidiary of DaVita Dialysis Center.

Greenberg said negotiating the price down was one of the biggest challenges because it required clarifying the lease on the building.

“Some provisions were not very clear and there was some cash flow that we were not sure how to allocate on the lease,” he said. “It took a lot of negotiating to figure out what the actual cash flow of the asset was.”

Greenberg said Brickell 13 spent months looking for income producing properties with a triple or double net lease in place, in a good location and with good parking. The problem was many other investors are pursuing the same type of assets and prices are skyrocketing.

“The net lease market in South Florida has been so bid up that the yield is so low,” he said. “We looked at properties that we thought were way over priced and yet there were multiple full-price offers on them.”

Greenberg said the Coral Gables building had all the characteristics that the buyer had been looking for, including a tenant with more than four years left on its lease with an option for renewal. Yet, that came at a price.

“So we gave up a little of yield on it,” he said. “We would have liked it to have been above a 7 percent cap but we were actually just under a 7 percent cap.”

Background: Greenberg and Lapointe are commercial brokers with BayBridge Real Estate Group in Miami.

For the FULL article from Miami Daily Business Review, please click HERE.

Tapping the leadership and foresight of their affiliate partners, Richard Berkowitz and Barry Brant, the company has created a plan to evolve beyond traditional brokerage services. Effective immediately, BayBridge will no longer source home loans. Current loans in process will be managed to completion, but no future residential mortgages will be sourced. Going forward, BayBridge will continue to assist their clients by referring opportunities to network of lenders best equipped to efficiently handle each deal.

In addition, the firm has established BayBridge Equity Investors, a platform that will provide opportunities for individuals, pension funds and other clients to access the real estate market with smaller initial investments than typically required of direct real estate ownership. BayBridge Equity Investors will acquire and manage all aspects of each investment, providing clients a passive real estate investment option. The majority of commercial and multi-use projects will be based in South Florida.

Michael Noll joins as an Associate with BayBridge and will be playing an active role for BayBridge and BDPB clients seeking real estate acquisitions, dispositions and advisory work.

Michael spent the last seven years with a real estate consulting firm and worked as an architect during the early part of his career. He has an insider’s depth of industry knowledge of design and construction that will be valuable to clients and augment BayBridge’s continuing areas of growth.

When he is not working, Michael trains in parkour and freerunning. One of his favorite hobbies is racing the Homestead Motorspeedway.

Michael Kramer joins as an intern with BayBridge. As an intern with BBRE, Michael will be assisting with financial analysis, market studies, and due diligence.

Michael is currently completing his bachelor’s degree in economics from the University of Florida with an expected completion in Spring 2012. A Native of Miami, during his spare time he enjoys boating, tennis, golfing, surfing and is also a scuba instructor.

Welcome to both Michaels!

BayBridge Real Estate Group managing director Adam Greenberg, who has brokered sales of property in Wynwood, and who owns property just west of Midtown, said a Wal-Mart would bring more traffic to the area, a positive for property owners.

The site of the planned big box store is just east of the Wynwood Arts District and just south of The Shops at Midtown, which has a host of hip, popular restaurants including Sakaya Kitchen. Recently, the Midtown Target added groceries to its offerings, so the two big-box retailers will likely be competitors in that arena, as well as in the sale of household goods.

Greenberg said some might have concerns that a Wal-Mart would undercut the cutting-edge, arts-oriented vibe that Wynwood property owners have worked to cultivate. But a lot of the arts core – including major art galleries – is west of The Shops at Midtown Miami, so it might have little negative effect on the viability of the area as an arts hub, he said.

For the FULL article from South Florida Business Journal by Oscar Pedro Musibay, please click HERE.

Abbey Berkowitz, of Wynwood Acquisitions, has bought the debt/foreclosure judgments on six parcels in Miami’s Wynwood neighborhood for about $2.5 million, or about half of the original loans.

The parcels, are at 2600, 2800, 2808, 2814-18, 2826 and 3436–3440 N. Miami Ave. Although it was not made public, real estate sources said the purchase price was about $2.5 million.

BayBridge Real Estate Group Managing Director Adam Greenberg worked with Majestic Properties principal Jeff Morr on behalf of the seller, MUNB, the holding company for some assets originally tied to Mellon United Bank. Greenberg also represented the buyer.

Berkowitz, who paid cash for the properties, has substantial holdings in South Beach and is now shifting focus to the mainland, Greenberg said.

For the FULL article from South Florida Business Journal by Oscar Pedro Musibay, please click HERE.

In addition to his internal focus, Michael will continue to handle relationships with brokers, buyers and financial firms; place financing for commercial and residential transactions; and create joint partnerships for acquiring investment groups.

Congratulations, Michael!

TECKpert created this dynamic new site which allows buyers and sellers in the South Florida real estate market to peruse available options in the area, including BayBridge’s exclusive listings and properties found on the Multiple Listing Service (MLS), obtain valuable area and neighborhood information, and even research home loan options with real-time loan rates. Commercial real estate buyers, sellers, and real estate agents can have firsthand access to BayBridge’s exclusive listings and stay informed with current market data and up-to-date financial news.

With over $1 Billion in sales and funded transactions since BayBridge’s inception in 1998, this dynamic team continues to offer the best solutions available to meet every unique real estate need. Located in South Florida, but licensed to work throughout the entire state of Florida, BayBridge is poised to expand its business outreach.

In the coming months, BayBridge plans to continue to help their clients stay informed by providing monthly newsletters featuring current news, changes in the real estate industry, property showcases and much more.

The Deal: Greenberg and Lapointe brokered the $9.1 million sale of a 2-acre development site on Biscayne Bay in the Edgewater section of Miami. The pair represented the seller, Frostproof-based partners ICE LLC, Saxon Development and 3120 Associates. The buyer was Miami-based Fifteen Alcion ICE. The cash deal closed July 26.

For the FULL article from the Daily Business Review, please click HERE.

For more information on the sale, please click HERE.

The Wohl/Gold families have sold 2 acres, where the 300-unit ICE II condominium was once planned, in Miami’s Edgewater neighborhood for $9.1 million. The buyer is Miami-based Fifteen Group.

BayBridge Real Estate Group Senior VP Michael Lapointe represented Fifteen Group, while BayBridge Managing Director Adam Greenberg represented the Wohl/Gold families in the sale of the L-shaped site at 3131 N.E. Seventh Ave.

For the FULL article from South Florida Business Journal by Oscar Pedro Musibay, please click HERE.

“It remains to be seen if you can sell units in Edgewater for that much,” Greenberg said. “But remember what Brickell looked like a year ago, and now look at Brickell.”

For the FULL article from South Florida Business Journal by Brian Bandell, please click HERE.