This Week's South Florida Deal Sheet
Real estate tycoon Jeffrey Soffer has acquired a North Miami marina for $10.1M. Soffer’s Fontainebleau Development bought PowerHouse Marina from an entity managed by David Marcus, The Real Deal and the South Florida Business Journal report.
Records show that the 1-acre site was previously sold in 1995 for $912,500. The site, a two-story building, is approximately 10K SF and was originally delivered in 1967. Property records also show there is a boat repair yard on site. Soffer, who in the last year has focused on expanding his residential portfolio, has a project in the works with top developer Related Group. The two giant development houses are in the construction phase for Las Carreras, a 642-unit building in Hialeah.
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Lincoln Property Co. is the new owner of the Manor Broken Sound complex in Boca Raton after the firm acquired the property from Related Group and Rockpoint for $194M, The Real Deal reported. The 297-unit multifamily complex sits on 11.5 acres at 5400 Broken Sound Blvd. inside Park at Broken Sound — a 700-acre park, residential and retail community.
Related Group and Rockpoint bought the Manor Broken Sound site back in 2019 for $20M and recently delivered the building. This was the first major, multifamily development project in Boca Raton for Related Group. The development is made up of six buildings with 261 apartments and six villas that each have six separate units. One-bedroom to three-bedroom apartments are available for rents that range between $2,893 and $5,587, according to the building’s listings online. The deal comes out to approximately $650K per unit.
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PEBB Enterprises and Banyan Development sold a Boynton Beach shopping plaza for $33M. The 70K SF, Sprouts-anchored retail center was purchased by West Parkway Realty LLC, Commercial Observer reports. Fellow tenants at 6405 Boynton Beach Blvd. include F45 gym, Crown Wine & Spirits, GoodVets, Capitol Carpet & Tile stores, and AT&T. PEBB and Banyan also joined forces back in May to purchase a 309K SF research and office park facility for $37.5M at Florida Atlantic University.
LEASES
Seven firms inked office leases at Doral Center, the two-building office complex at 8750 Northwest 36th St. and 3750 Northwest 87th Ave. owned by Banyan Street Capital and Independencia Asset Management, the South Florida Business Journal reports.
The Florida Department of Revenue signed a nearly 29K SF deal and was represented by CBRE. Fellow new Doral Center tenants include Mercury Air Cargo, which leased 5,429 SF; general contractor Waypoint Contracting, which leased 3,841 SF; Silver Bullet Technologies, a local software logistics firm, leased 3,688 SF; Just Insurance Brokers leased nearly 3,530 SF; architecture and design firm Ware Malcomb leased 3,221 SF; and Sunlight Foods nabbed 1,353 SF. Banyan Street and Independencia paid $43M two years ago for the two buildings. One Doral Center was built in 1985 and Two Doral was built in 1991.
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Rental homes management firm Belong is joining the migration bandwagon and secured space for an office in Brickell. The California-based company signed a 7K SF deal at 80 SW Eighth St., the company’s co-founder, Owen Savir, told TRD. While space at that tower is built, the management firm’s 20 employees are taking temporary space at 800 Brickell Drive. More employees are expected to make the transition from California to Miami in the upcoming weeks. Belong has approximately 300 employees across the country. The firm’s investors include Andreessen Horowitz, GGV Capital and Battery Ventures.
FINANCING
An affiliate of Miami developer DiFalco Group has secured $34.2M in construction financing to develop new apartments on a 5.4-acre South Miami site. Abanca USA, the U.S. subsidiary of a Spanish bank, is lending to GP SW 248 Land LLC, which is managed by Christophe DiFalco. His firm, which acquired the site for $4.4M last year, was recently greenlit to develop 206 apartments and six townhouses.
