This Week’s South Florida Deal Sheet
American Landmark has sold the High Ridge Landing apartment complex in Palm Beach County for $71M to an entity controlled by Zoe Buchard of Kent, Washington, and Gary and Susan Burchard of West Palm Beach, The Real Deal reports. The buyer secured a $37.5M loan for the 184-unit apartment complex at 3609 High Ridge Way in Boynton Beach from Western Southern Life Insurance Co. American Landmark bought the property four years ago for nearly $42M, then proceeded to renovate the garden-style apartments, where rents are now between $1,855 and $2,855 a month, according to Apartments.com.
SALES
The last condo development site on the exclusive Fisher Island has sold to a group led by Jorge Perez's Related Group. Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group closed on the $100M acquisition of 6 Fisher Island Drive last week. The developers plan to build approximately 50 units that would sell anywhere between $30M and $60M. The 6-acre site sold by Heinrich Von Hanau is zoned for up to 10 stories. Madison Realty Capital provided Related Group with an $85M loan for the purchase. Sales on the project are expected to launch later this year by invitation only.
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Starwood Property Trust has sold the Grove Market at Westlake shopping center for $19.5M to a group of individual investors, the South Florida Business Journal reports. The 77K SF retail property at 5060 Seminole Pratt Whitney Road is anchored by a Winn-Dixie grocery store and was bought by Starwood for $3.4M in 2016. That same year, the city of Westlake was incorporated after obtaining the green light to develop 4,500 homes, making the town one of the fastest-growing areas in Palm Beach County. The buyers of the property were entities managed by Michael Gleit, Peter Tiflinsky and Jacob Khotovel, the SFBJ reports. ConnectOne Bank provided a $14.5M mortgage on the sale, which amounted to $254 per SF.
LEASES
Real estate firm AJP and Mas Group have signed multiple leases at the MedSquare Health medical office center in Kendall, barely a year after delivering the complex, The Real Deal reported. Cardiovascular Centers of America leased 8K SF at the property, while the Centers for Imaging and Research of America, which is relocating from 2760 Southwest 97th Ave. in the University Park area, leased 9K SF. HCA Florida Institute for Gynecologic Oncology inked a lease for 6,800 SF at the complex at 9408 Southwest 87th Ave., moving from 2760 Southwest 87th Ave. in Sunset.
MedSquare Health is just south of Baptist Hospital. Tenants already leasing space there include My OB/GYN Specialists, which added 1,600K SF to its existing 5K SF. Coral Gables-based AJP and Mas Group acquired the 4.4-acre site, which was previously a synagogue, in 2016 for $5.4M.
DEVELOPMENT
Related Cos. is continuing its Palm Beach project streak. The developer is planning a 25-story tower in downtown West Palm Beach with 456K SF of office space and 15K SF of retail. The project, named 515 Fern, will connect to the Brightline passenger train station and will be next to the 360 Rosemary office tower, which Related completed last year and since then has successfully leased all the available space. A Canadian-based group connected to Normand Lepine, which paid $5M for the site in 2010, is also involved in the project, The Real Deal reports. The first phase of construction is expected to start next year and deliver in 2025.
