North Miami Beach Assemblage & Redevelopment
In November 2017, Mr. Laskody was exclusively retained by The Kaballah Centre (“TKC”), a global religious organization, to dispose of their real estate assets located throughout South Florida. As part of the disposition, TKC owned a 1.44-AC site improved with a 15,981-square foot building that they were using as a center for worship. Adjoining the TKC property to the immediate east is the Eastern Shores Professional Center (“ESPC”), which is a 1.611-AC site improved with a 12,498-square foot building. Both properties are located within the municipality of North Miami Beach and in area spotted with high-density residential re-development projects. The location along NE 163 Street is very desirable, as this is one of the few routes in the immediate area that links the barrier islands to the east with the mainland, and it is the main hurricane evacuation route for residents that live on these barrier islands. As part of the disposition services for TKC – and largely because of Mr. Laskody’s experience as a former Florida State-Certified General, MAI-designated commercial real estate appraiser – it became evident that these two parcels would be far more valuable ‘as assembled’ than they would be if they were sold individually. For empirical proof, Mr. Laskody consulted with the land planners at the City of North Miami Beach, along with some land use lawyers active in that market. This led to Mr. Laskody contacting the ESPC owners – whom at that time had no interest in selling. After a long – and oftentimes terse – negotiating period involving Mr. Laskody acting as a liaison between these two property owners, it was eventually decided that both property owners would cooperate in listing their real estate jointly and exclusively with Mr. Laskody. Based on his market research and experience, Mr. Laskody performed a customized “Land Residual Analysis” – sometimes referred to as a “Development Approach Model” – in order to determine an appropriate asking price for the combined site; this price would now be much higher, as more building area could be constructed on this larger site, in comparison to the two sites remaining as smaller individual sites. Analyzing and combining the properties in this way resulted in a nearly 30 percent premium to the property owners. After Mr. Laskody’s preparation of an Offering Memorandum was completed, within one month no less than twelve highly experienced, well-capitalized, significant developers all submitted binding Letters-Of-Intent (“LOI”s) that substantiated Mr. Laskody’s pricing analyses. As of this writing, the joint property owners are going through the decision process of which developer will be awarded the Purchase and Sale Agreement (“PSA”).