Hines Drops $430M On 1.2M SF Mixed-Use Building In Coral Gables
A mixed-use development in Coral Gables that features a Life Time residential, fitness and coworking concept has sold for $430M in one of the largest real estate deals in South Florida this year.
Houston real estate giant Hines, through its Hines Global Income Trust, has acquired Gables Station, the 1.2M SF building at 251 South Dixie Highway that stands 14 stories tall and includes roughly 500 units over 105K SF of retail, the company announced Tuesday.
It bought the property from developers 54 Madison Partners and Nolan Reynolds International for $430M, the South Florida Business Journal reported. Cushman & Wakefield brokered the sale.
The developers delivered the building last year, and the apartments are roughly 95% leased. The building is branded as Life Time Living, and includes an 80K SF Life Time Health and 20K SF Life Time Work coworking space. Life Time will continue to operate the fitness, office and amenity space, while Hines' Willowick Residential management arm is taking over the apartment management, according to a release.
The deal is reportedly the second-largest multifamily transaction in South Florida so far in 2022 — Harbor Group International's March purchase of two Parkline Miami apartment towers was for roughly $450M, The Real Deal reports.
54 Madison is a New York-based real estate firm backed by Jeffries and clients of Guggenheim Partners founded by Henry Silverman, a former Apollo executive and previous CEO of Guggenheim Partners' real estate business, according to the firm's website. NRI is a Coral Gables-based development firm with $650M under development, according to its website.
Hines Global Income is the Houston firm's public investment REIT, and the parent company is growing quickly in South Florida, with developments in Fort Lauderdale and West Palm Beach.
