This Week's South Florida Deal Sheet
Bridge Industrial Group has agreed to acquire the headquarters of Ryder System and replace it with warehouses, the South Florida Business Journal reports.
The 249K SF office building sits on 16.8 acres at 11690 NW 105th St. Bridge intends to build a 330K SF complex of warehouses. Earlier this year, Ryder announced it would be selling the office campus, built in 2005, due to an increase of employees working from home due to changes sprung by the pandemic. Ryder is looking for new office space in Dade County, but it has not ascertained how much space it needs moving forward.
***
Wurzak Hotel Group is continuing its South Florida buying spree. The Philadelphia firm acquired the DoubleTree by Hilton Hotel Deerfield Beach-Boca Raton for $27M, The Real Deal reports. Howard and Jake Wurzak acquired the 163K SF hotel, which has 221 rooms and sits on a 6.2-acre lot, from an affiliate of Vista Group. A $27.5M loan was provided by Amerant Bank to secure the deal, TRD reports. The establishment was built in 1985 and has nearly 17K SF of additional event and recreation space and 10 conference areas. This is the fourth investment that Wurzak Hotel Group has made in Broward.
LEASES
Michigan-based grocery chain Plum Market is the latest migrant to South Florida. Plum Market is opening its first store in the area in a 23K SF former Office Depot in Miami’s posh Aventura neighborhood, the South Florida Business Journal reports. The new shop, which will include space for seated dining, will open in a 109K SF shopping center owned by Aventura Plaza Partners LLC.
Plum Market has 25 locations throughout the U.S. including in Michigan, Texas, Indiana, Ohio and two new shops in the works in Los Angeles. The organic food chain expects to create about 125 new jobs with the launch of the Plum Market Miami store.
***
An entity connected to David Beckham’s Inter Miami CF was granted a $31M mortgage from the City National Bank of Florida for 9 acres in Overtown. The mortgage mentioned Miami Beckham United LLC and local developers from MasTec, a co-owner of the soccer team, as guarantors, the South Florida Business Journal reports.
City of Miami Commissioners approved last month the rezoning of the former Melreese Country Club to build a soccer stadium, a hotel with 750 rooms, a park on 58 acres and a 1M SF mixed-used center. Back in April, the city approved the 99-year lease with Inter Miami CF.
PERSONNEL
Real Estate attorney Pejman Razavilar has rejoined the team at Weil, Gotshal & Manges LLP. Razavilar will be managing the East Coast operations based out of New York City and the South Florida division based in Miami, according to a statement. Razavilar was previously a partner in the real estate practice group at McDermott Will & Emery LLP. His specialties include real estate private equity and capital markets. He also has a background in representing international investors, and complex transactions, senior and mezzanine debt facilities and other real estate arrangements and assets.
