This Week's South Florida Deal Sheet
Citadel is pouring more money into the neighborhood it will soon call home.
An affiliate of the Ken Griffin-run hedge fund acquired a three-story apartment building in Brickell for $20M, the South Florida Business Journal reports. The entity acquired 1250 and 1260 Brickell Bay Drive, which include a 12-unit building and an adjacent alley, from YTech, which had paid $11M to acquire the properties the day before from CW Holdings LLC, an entity managed by Miami local Cecilia Zurita, per the SFBJ. The properties sit between two properties Citadel reportedly purchased earlier this year — a vacant lot at 1201 Brickell Bay Drive and an office building at 1221 Brickell Ave. Citadel is planning on moving its headquarters to Miami from Chicago, and it has leased six floors at 830 Brickell as temporary space before it develops a new building at its recently acquired sites.
SALES
Federal Realty Investment Trust has made a big addition to its South Florida portfolio, acquiring the Shops at Pembroke Gardens for $180.5M. The 392K SF shopping center sold for a $7.5M discount from what its previous owner, Jeffrey R. Anderson Real Estate, paid in 2015, The Real Deal reports. The property, which is located at 527 Southwest 145th Terrace and sits on 41 acres, was built in 2008 and is home to tenants such as DSW, Sephora and Nike.
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Fort Lauderdale's Summerwind Properties has acquired a 6.6-acre commercial site in Davie in Broward County for $9.84M. The site includes two industrial buildings with a combined 15K SF, but a spokesperson for Native Realty, which represented Summerwind in the deal, said the buyer ultimately plans to redevelop the site though "there are no concrete plans at this stage." The seller of the property, which is proximate to Fort Lauderdale-Hollywood International Airport, was Digital Comm Link. Native Realty recently opened an office in the area, leasing a 4K SF office space at 1926 East Sunrise Blvd. in Fort Lauderdale.
LEASES
A handful of new tenants have signed a combined 130K SF of leases at Miramar Park Commerce, a 5M SF business park in Broward County. Owner Sunbeam Properties and Development landed a group of new healthcare and medical equipment tenants across six deals. It also signed a 13K SF lease with the city of Miramar's Fire-Rescue Department. Sunbeam’s Ryan Goggins and Peter Apol represented the landlord in-house, alongside Colliers’ Jonathan Kingsley and Jarred Goodstein, in the deals.
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Lapciuc Group is tearing down a Taco Bell in Doral after signing a lease with a new-to-market car wash concept. Driven Brands inked a 0.7-acre lease with Lapciuc for Take 5 Car Wash at 1350 Northwest 87th Ave. The Shopping Center Group’s Bryan Fetherston represented the tenant while Azor Advisory Services represented the landlord in the lease. North Carolina-based Driven Brands owns over 900 car washes globally, 200 of which are in the U.S. While the new Doral location is the company’s first South Florida car wash, Driven Brands announced last year the development of a Take 5 Oil Change at the East Hialeah Market on 79th Street in Hialeah.
FINANCING
Prolific developer The Estate Cos. has landed a $93.2M construction loan from Synovus Bank to develop apartments on the site of a former Target in Lauderhill, the South Florida Business Journal reports. The developer bought the site at 7730 West Commercial Blvd. last year for $23.6M and filed plans to develop a 529-unit, six-story apartment building, according to SFBJ.
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Tricera Capital has secured a $19M refinancing deal to expand The Press, a mixed-used property site in West Palm Beach. Chicago’s Monroe Capital’s previous loan of $51M was used for initial construction of what will ultimately be a 120K SF shopping center and a separate, 136K SF office building. The financing was arranged by Jason Krane of Ackman-Ziff Real Estate Group. Tricera landed the new debt after signing a combined 68K SF of retail and office leases. Among those new deals are a 10K SF retail lease to Salons by JC, and office leases of 26K SF to SROA and 18K SF to flexible office platform Knotel.
