This Week's South Florida Deal Sheet
Bridge Industrial, a Chicago-based developer, is planning to start speculative construction on a 2.6M SF industrial park in Doral.
Bridge expects to break ground on the huge development, located on 175 acres in the Airport West submarket, later this year, and brought on Cushman & Wakefield's Gian Rodriguez, Wayne Ramoski and Skylar Stein to manage leasing of the project.
The six-building project can accommodate tenant sizes up to 1.4M SF, according to a Cushman & Wakefield press release. It will be located in Doral’s central business district at Northwest 107th Avenue and 41st Street.
LEASES
Sidley Austin is the latest out-of-town firm joining the wave headed to South Florida.
The international law giant inked a 60K SF lease at the under-construction 830 Brickell tower in Miami’s Financial Business District. This is the law firm's first expansion out of its native Chicago and, according to a statement from 830 Brickell's developers, OKO Group and Cain International, the largest new-to-market office lease signed in the city’s urban core this year.
The deal, which comes in space with triple-digit asking rents, likely softens the blow of the tower losing its first signed tenant, WeWork, which reportedly pulled out of its nearly 150K SF lease at the tower this week.
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Manhattan-based financial services firm Anchin announced it is expanding to South Florida.
Anchin opened an office at the 278K SF Class-A office building One Boca Place at 2255 Glades Road in Boca Raton, it announced last week.
The firm targeted Florida as its first out-of-town expansion project since most of its clients are based in, or have relocated to, the Sunshine State. This is a common trend amid the pandemic, including within CRE, and New York-to-Miami migration was one of the strongest flows of people.
SALES
Active multifamily investor Harbor Group International acquired an apartment tower in Brickell last week for $184.5M. The firm, based in Virginia, purchased Miro Brickell at 251 Southwest 11th St., The Real Deal reports.
This is the seventh purchase that the real estate and management firm has made in South Florida, Harbor Group International said in a press release. The property was developed and sold by Broadstone at Brickell, an entity affiliated with multifamily giant Alliance Residential and investment firm Clarion Partners. The sale price works out to approximately $496K per unit.
Broadstone at Brickell purchased the development site for $20.2M back in 2014 and built the 24-story tower, which includes a clubhouse and a pool, in 2017.
Anchor Health Properties bought a 102K SF Class-A medical office building at 8100 Southwest 10th St. in Plantation for $45.5M.
A Starwood Capital Group affiliate sold the property, previously leased by the University of Miami, to the Virginia-based company, The Real Deal reports. The acquisition comes out to $475 per SF. Barry Sternlicht's firm, which opened its news headquarters in Miami Beach this year, acquired the Plantation property in 2015 for $20.2M.
THIS AND THAT
Asi Cymbal's development firm, Cymbal DLT, is relocating a 100-year-old raintree to the heart of its upcoming $1B downtown Fort Lauderdale development.
On Thursday, Cymbal DLT is relocating the symbolic raintree to the heart of its upcoming Riverwalk Raintree Residences project, part of a $1M preservation effort Cymbal is undertaking to relocate the six-story tree.
Plans for the Riverwalk Raintree Residences include a hotel, a condominium and residential towers, and 18K SF of retail, all with access to public walkways around the raintree. The complex, which will also feature fountains, an amphitheater and a dock, will be built along the New River in Fort Lauderdale.
DEVELOPMENTS
The city of Oakland Park has taken the final step toward the redevelopment of its downtown area.
The Oakland Park City Commission approved the development of a mixed-use hub from a joint venture of Falcone Development and Kaufman Lynn last week.
The joint venture acquired the site, which includes Oakland Park City Hall, for $11.2M after a public bidding process, and the venture expects to spend $148M on the construction.
The development is set to include a five-story mixed-use building with 48K SF of commercial space, a three-story apartment building, a park, parking garages, ground-floor retail and a woonerf, which is a street shared by cars and pedestrians.
The Broward County city posted a request for qualifications last year in the hopes of finding a pool of real estate developers and investors interested in the 6-acre development on the southeast corner of Northeast 12th Avenue and Northeast 38th Street.
