This Week's South Florida Deal Sheet
Developers Sumaida + Khurana and Bizzi & Partners, backed by former Google CEO Eric Schmidt, are planning to develop the first new office building in the posh South of Fifth neighborhood of Miami Beach in over 15 years, seeking asking rents north of $170 per SF.
The developers announced plans last week to develop The Fifth Miami Beach, a five-story office building with 60K SF of offices and 3K SF of ground-floor retail at 944 Fifth St. and 411 Michigan Ave. Construction on the building is expected to start in the next few months, the developers said in a press release.
The firms acquired the development site in 2021 for $8.9M, The Real Deal reports. Plans for The Fifth Miami Beach were approved by the Historic Preservation Board in June. Cushman & Wakefield’s Brian Gale is managing leasing affairs for the development, which is being designed by Spanish architect Alberto Campo Baeza
LEASES
Home Goods has signed a 26K SF lease at the Doral Square shopping center with property owner Terra, the development and investment firm announced.
Terra has announced a handful of leases spanning about 150K SF at the center, Commercial Observer reports. The Home Goods deal brings the property to 100% leased. Metro Commercial Real Estate represented Terra in the deal. It is unclear which entity represented Home Goods.
Other tenants in the shopping center include One Medical, Pet Supermarket, Paradise Grill and Nacion Sushi. Terra in July refinanced the property at 87th Avenue and Doral Boulevard with a $47M loan from Ocean Bank. The company acquired Doral Square for $12.5M in September 2017.
SALES
Mesirow Financial has acquired a multifamily complex in Broward County for $132M.
The Broadstone Cypress Hammocks in Coconut Creek spans 18 three-story buildings and contains a total of 396 units, CO reports. Mesirow, based in Chicago, secured a loan for $94.2M from The Guardian Life Insurance Co. for the acquisition. Rents average between $2,162 and $3,005 at the property.
PGIM Real Estate developed the Broadstone in 2014. The CRE arm of Prudential Financial acquired the site in 2013 for $12.5M.
CONSTRUCTION AND DEVELOPMENT
Texas developer Lynd Development Group is planning to build an eight-story mixed-used building with 128K SF of self-storage and over 6K SF of retail, the company announced Monday.
The $30M project in South Miami will be built on land on which Lynd inked a 99-year ground lease. The San Antonio-based firm plans to start construction next year and deliver the building a year later. Lynd said it has more than $1.8B worth of developments in the works, including a residential tower in the Miami Worldcenter megaproject.
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The University of Florida and Jupiter Medical Center are collaborating on a hospital in West Palm Beach.
The academic institution and the medical center plan to construct a 53K SF hospital in the Avenir community in Palm Beach, the Palm Beach Post reports. The development is set to be delivered in 2024 and will be built by Sina Cos.
The medical facility would provide 24-hour emergency services and house 20 inpatient beds, operating rooms, imaging services, medical offices and a diagnostic lab, the South Florida Business Journal reports.
