Joint Venture Acquires Mixed-Use Asset in Miami’s Brickell District for $72M
Conrad Miami includes 267,000 square feet of Class A office space, 203 hotel units and 116 residential units.
MIAMI — Miami-based investment firm Mast Capital, in a joint venture with Angelo, Gordon & Co., has purchased Conrad Miami, a mixed-use development located at 1395 Brickell Ave. in Miami, for $72 million. The tower includes 267,000 square feet of Class A office space, 203 hotel units and 116 residential units. The portion purchased by the joint venture includes the hotel units, rooftop amenity deck and a rental program with 41 out of 116 residential units participating. Renovations are planned for individual rooms and public spaces.
Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels facilitated the transaction. Kimberly LeCompte, Joel Maser, Iris Escarra, Nancy Lash, Nelson Migdal, Andrew Sharpe and Brian Dombrowski of Greenberg Traurig represented Mast Capital in the purchase, and Lauren Giovannone and Michael Bradford of Paul Hastings acted as co-counsel with Greenberg Traurig. Suzanne Amaducci-Adams and Alexander Roitman of Bilzin Sumberg Baena Price & Axelrod LLP represented the seller.
Following the sale, the joint venture will enter into a franchise agreement with Conrad Hotels & Resorts. HEI Hotels & Resorts will manage the property.