JLL Capital Markets announced today that it arranged the sale of Monty’s Coconut Grove, also known as Bayshore Landing, a fully leased mixed-use marina, retail, office and restaurant operating business nestled in the heart of Coconut Grove, one of Miami’s most coveted neighborhoods.
JLL marketed the property on behalf of the seller, Aligned Bayshore Marina, LLC. Suntex Ventures, LLC purchased the asset.
Monty’s Coconut Grove/Bayshore Landing is a remarkable operating business comprised of a 111-slip best-in-class marina, a 30,535 square feet of boutique office and retail building and Monty’s Raw Bar, a highly successful 750-seat iconic restaurant that’s been a Miami landmark for 50 years. The property is situated along Biscayne Bay at 2550 S. Bayshore Dr., with direct ocean access in the heart of Coconut Grove. Coconut Grove is an affluent community four miles south of downtown Miami that is experiencing a rapid urbanization with a flurry of luxury residential and commercial developments.
The JLL Retail Capital Markets team representing the seller was led by Executive Managing Director Manny de Zárraga, Managing Director Luis Castillo, Director Ted Taylor and Senior Associate Kim Flores.
“The opportunity to acquire a storied operating asset like Monty’s Coconut Grove hardly ever presents itself in a major market like Miami, and we were honored to have represented Aligned Bayshore Marina LLC in this transaction,” Castillo said. “Suntex Ventures astutely recognized the inherent value of this marina-based asset and the long-term appreciation potential it presented.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Suntex Ventures, LLC
Suntex Marinas engages in the ownership and management of marina properties. The executive officers at Suntex have over 100 years combined experience investing in, acquiring, and managing marinas. Suntex prides itself on a growing reputation in the marina industry for its commitment to superior customer service, experienced marina managers and staff, conscious contributions to marina communities and expansive enthusiasm for creating memorable experiences on the water. suntex.com
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
