This Week's South Florida Deal Sheet
LEASES
Related Cos.’ latest office tower development, being built in West Palm Beach, signed on six new tenants totaling more than 50K SF.
One Flagler leased an undisclosed amount of space to GTCR and Diameter Capital. Both tenants are scheduled to open operations in 2024, according to a press release.
The identities of the other tenants haven't been disclosed, although The Real Deal reports the out-of-town companies are in the financial and pharmaceutical sectors.
One Flagler broke ground in November and will span 275K SF across 25 stories. Previously signed tenants include First Republic Bank and Siris Capital for a total of 10K SF.
PEOPLE
Bal Harbour-based developer Eric Sheppard allegedly improperly took close to $1M from the national Paycheck Protection Program, per a federal indictment.
Sheppard, who is the owner of WSG Development, is up against one felony count of wire fraud. According to indictment documents, the “false and fraudulent” paperwork was to gain coronavirus-related financial assistance via loans for six entities spread over four states, The Real Deal reports.
Three of those companies are in Bal Harbour.
His lawyers say Sheppard used the funds properly to pay construction workers and buy materials to build a 60K SF store in Florida.
SALES
An affiliate of Continua Group acquired a 1.3-acre property for $7.6M in North Miami with the aim to deliver a multifamily complex.
The site at 1150 Northeast 125th St. was sold by 125 St Development, which is managed by LeaseFlorida’s Alan Waserstein.
The multifamily complex is slated to feature 130 units. Continua hopes to rezone the development to 195 units, per a report from the South Florida Business Journal.
CONSTRUCTION AND DEVELOPMENT
CitizenM has opened citizenM Miami Brickell, its first hotel in South Florida.
The 82K SF luxury hotel is located at 11 Southeast 10th St. The 20-story tower houses 252 rooms, various art installations from local artists, conference rooms and a rooftop pool.
Other citizenM developments include 27 hotels dispersed in 17 metropolitan areas such as London, Paris, Amsterdam, New York, Los Angeles and San Francisco. The company has plans to open two more Miami locations, according to a press release.
FINANCING
Resia snagged $60M from PNC Bank to finance the construction of Resia Old Cutler, a 390-unit apartment building in Miami. The development is scheduled to be delivered in Q3 2023, according to a press release.
The apartment complex is south of 216th Street on Old Cutler Road and Southwest 107th Avenue in South Miami, parallel to the Turnpike.
The multifamily development will include three-story garden-style buildings and floor plans for two- and three-bedroom options.
Five duplex townhouses will be donated to the Miami-Dade County Homeless Trust. The units come with parking, built-in laundry, modern appliances, a gym and two swimming pools.
Resia, formerly known as AHS Residential, is a real estate firm focused on multifamily developments. This is the firm’s 15th project in Dade County.
THIS AND THAT
Car wash operator El Car Wash was acquired by Warburg Pincus from Wafra Inc., Audrose Partners and Fireside Investments, according to a press release shared by the firm. Details of the sale weren't disclosed.
El Car Wash operates 17 locations in Miami and has 30 other projects in development throughout Florida. Its partners include Baptist Hospital, the Miami Zoo and the Miami Heat.
The company grew from four locations in 2019 to 50 locations in 2022, including locations under development. William Blair & Co. was the exclusive financial adviser during the acquisition.
