🏆 Commercial: Palm Beach Gardens logged the most expensive commercial deal to hit records in South Florida. A 16-key hotel and adjacent vacant lot spanning 4 acres at 4350 PGA Boulevard sold for $40 million. The seller was an LLC tied to Dallas-based Ashford Hospitality. The buyer was Joe Lubeck. The deal breaks down to $212,500 per key.
🏆 Residential: A waterfront mansion at 9360 Gallardo Street in Coral Gables sold for $36 million, representing the priciest residential sale recorded in the tri-county region. The sellers were spec developer Irving Padron and architect Cesar Molina, and the buyer was a trust. The newly built property spans some 8,600 square space and has six bedrooms, eight full bathrooms and two half bathrooms, according to a website for the property. It also has a fitness room, terrace, summer kitchen, pool and private dock.
📊 Residential: Rebecca Arcaini, wife of businessman Tonio Arcaini, picked up a 7,600-square-foot, waterfront home at 1422 Southeast Atlantic Drive in Lantana for $17.5 million. The seller was an LLC tied to developer Joseph G. Farrell, Jr. The residence, built in 2024, has seven bedrooms and eight and a half bathrooms. It also has a pool and a four-car garage. The deal pencils out to $2,300 per square foot. The home has been on and off the market since December 2024, when it was listed for just under $20 million. Margit Brandt with Premier Estate Properties had the listing. Gary Pohrer with Serhant represented Arcaini, who with Tonio Arcaini recently sold a Manalapan estate for $35.1 million.
📊 Residential: Also in Coral Gables, a 6,600-square-foot home that sits on a 1.3-acre lot at 5501 Snapper Creek Road traded for $11.1 million or roughly $1,700 per square foot. The sellers were Roberto Velarde and Maria Paula Carvajal. Built in 2021, the property has six bedrooms, six full bathrooms and two half baths. Its last asking price was $11.5 million. Jaqueline Molina with Fortune Christie’s International Real Estate had the listing. Juan Zuluaga with Coldwell Banpker Realty brought the buyer, Elsa Echavarria.
By the Numbers: Proptech investment rises, powered by a few big bets
Proptech investment surged in the first quarter — but a handful of oversized deals, many of them debt, did most of the heavy lifting.
Investment into proptech firms jumped about 64 percent year over year to $3.3 billion in the first three months of the year, according to data from the Center for Real Estate Technology and Innovation.
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