This Week’s South Florida Deal Sheet
International flex office provider Mindspace has inked a 30K SF lease at The Gateway at Wynwood for its first Miami location.
The Israeli coworking firm has agreed to operate the sixth floor at 2916 North Miami Ave. with space for 435 desks. The space is set to open next spring, according to a press release.
The 14-story development by R&B Realty Group has signed leases with other tenants, such as crypto company Ripple and brokerage firm Marcus & Millichap, Commercial Observer reports. Colliers represented the landlord in the deal.
Tel Aviv-based Mindspace operates 40 locations in more than 20 global cities, and its Miami post is the company’s fourth hub in the United States.
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A real estate private equity firm has relocated its office to the Wells Fargo Center in Downtown Miami. Participant Capital Advisors, an affiliate of Dan Kodsi’s Royal Palm Cos., signed a 19K SF lease on the 39th floor of the tower, located at 333 Southeast Second Ave. It is moving from its previous space at 1010 Northeast Second Ave. The Wells Fargo Center, developed in 2010 alongside the JW Marriott hotel, is owned by MetLife, according to its website.
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Manhattan retailers Unfashional and Callista Couture will be opening up shop on Miami Beach’s Lincoln Road. Unfashional signed a deal for 1,600 SF at 817 Lincoln Road, and will operate a pop-up in 1,700 SF next door, according to a press release from landlord Terranova Corp. Callista Couture signed a 1,200 SF lease for space at 612 Lincoln Road. Neighboring tenants include Armani Exchange, Apple, Sephora and Zara, Commercial Observer reports. Terranova manages 140K SF of retail space along the prime shopping district on Lincoln Road.
Elderly care provider Kinship PACE of South Florida LLC signed a lease for its first facility in South Florida at Westport Business Park in Davie. The affiliate of New York-based Kinder Health signed a 13-year, 22K SF lease with landlord Duke Realty, according to a press release from Cushman & Wakefield, which represented the tenant. Kinship will operate an all-inclusive care facility at 2555 Davie Road, a part of the 200K SF business park that offers flex office/warehouse spaces.
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Silicon Valley Bank inked its first direct lease in South Florida for a 9K SF, Class-A office space in the 15th floor of The Four Seasons Hotel and Tower in Brickell. The office space in the 1.5M SF, 70-story mixed-use building is slated to be delivered by 2023. Cresa Partners represented Silicon Valley Bank in the deal. CBRE Executive Vice President Gordon Messinger is the leasing agent representing owner and developer Millennium Partners.
PERSONNEL
South Florida-based developer Two Roads Development has named Brad Meltzer a partner and new president of the firm.
Meltzer comes to Two Roads, which has offices in Palm Beach, Miami and Tampa, after a long stint at Plaza Construction, ultimately serving as CEO. He was named as the chief executive of the contracting firm in 2021 after his predecessor retired, but abruptly left the firm earlier this year, the South Florida Business Journal reported.
Two Roads Development has been active with projects that stretch from Miami to West Palm Beach, including a three-story condo in Edgewater, a condo development on the Biscayne 21 site, the Carlton Terrace development in Bal Harbour and a project in the Bahamas, according to The Real Deal.
DEVELOPMENTS
The Estate Cos. won site plan approval for another luxury residential tower in North Miami Beach, the developer announced last week. Estate plans to break ground in the fourth quarter of this year on a 28-story, 363-unit tower at 16375 Biscayne Blvd. dubbed Soleste on The Bay. The building will include 645 parking spaces and 14K SF of ground-floor retail. Form Group has been tapped as the architect.
Estate is already under construction on its first tower in the city, Soleste NoMi, just down the block at 16395 Biscayne Blvd. That project spans 23 stories and 367 units. Estate paid $21.3M for the Soleste on the Bay site last year after paying $13.1M for the Soleste NoMi site in December 2020, The Real Deal reported. Estate has approval to add a riverwalk, an 18-story hotel and a 30-story apartment complex to later phases of its development, according to public documents. Completion of Soleste on the Bay is slated for 2024.
FINANCING
Hersha Hospitality Management has secured a $232M loan from Citi to refinance the Cadillac Hotel and Beach Club. Nestled in Mid-Beach near the Shore Club, Fontainebleau and Four Seasons resorts, the oceanfront property at 3925 Collins Ave. debuted in the 1940s. This is the third loan Citi has provided Pennsylvania-based Hersha on the 14-story property, Commercial Observer reports. Hersha acquired the art deco-style resort in 2015 for $52.7M, landing a $60M Citi loan to renovate and expand the hotel. In 2019, Hersha temporarily shut the property down and began a $47M renovation. It then reopened as part of Marriott’s Autograph Collection. In 2020, Hersha Management landed a $172M debt package, also from Citi, according to property records.
SALES
Faropoint RE firm recently purchased 240K SF of industrial properties, largely in Miami-Dade and Palm Beach counties. In Miami-Dade, it acquired the 25K SF 14735 NW 25th Court building, the 28K SF 13281 NW 43rd Ave. building and a 33K SF building at NW 60th Street. The Israeli firm also bought 7970 Central Industrial Blvd. in Palm Beach, a 40K SF building, and a 114K SF building in Jacksonville. Faropoint recently opened new offices in Miami as it tries to capitalize on the increased demand for warehouse space in the area. The firm intends to spend $200M in acquisitions across Florida in 2022.
