This Week’s South Florida Deal Sheet
The partners behind the sought-after 830 Brickell office towers have teamed up to acquire two co-op apartment complexes in Palm Beach County for a combined $146.6M.
OKO Group and Cain International purchased The Ambassador Palm Beach Hotel & Residences at 2730 South Ocean Blvd. for $87.7M and bought Edgewater House at 2720 South Ocean for $48.6M, The Real Deal reports.
The seller of the adjacent buildings is Richard Schlesinger from West Palm Beach-based Copperline Partners, according to property records. The firm greenlit leasing agreements for both buildings, in addition to a deed totaling $10.2M, for Edgewater House.
MSD Capital, the investment firm founded by Michael Dell, provided OKO and Cain with a $105M mortgage, per TRD. The deal gives the developers ownership of 97 units at the Ambassador Palm Beach and 36 units in Edgewater House.
SALES
The Related Group has acquired a site previously home to Johnson & Wales University’s North Miami campus.
The Related Group paid $13.65M for the 3.12-acre lot to Biscayne Apts Development LLC, an affiliate of IMC Equity Group, the South Florida Business Journal reports.
IMC bought the campus and adjacent complex for $12.25M in July 2021 when the academic institution consolidated its Denver-based and North Miami campuses. It broke the 25-acre campus into different pieces and sold it to multiple buyers.
In the works for the site are plans for an eight-story, 373K SF apartment building dubbed Manor Biscayne Apartments, designed by RLC Architects. The building will offer 382 units ranging between 600 SF and 1,500 SF. There will also be over 9K SF of retail and a 668-unit parking garage that will come with 13 electric charging stations.
In total, Manor Biscayne Apartments will offer 27 studios, 138 one-unit bedrooms, 173 two-bedrooms and 44 three-bedroom apartments. There will also be a handful of two-story townhomes available.
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Miami-Dade County’s Aviation Department has acquired 5.3 acres for $10.1M from the Miami-Dade Expressway Authority. The land is intended for Miami International Airport’s Capital Improvements Program.
The sale of the land was approved by the MDX Board of Directors this month, Miami Today reports. The Miami-Dade Board of County Commissioners is expected to review the acquisition in early 2023.
The MIA Capital Improvement Program was approved by Miami-Dade in 2019. The goal is to provide funding totaling up to $5B for modernization projects in the next 15 years, including construction of new facilities and more cargo space, as the Aviation Department expects 77 million travelers and over 4 million tons of cargo to cross MIA by 2040. The land acquired from the expressway is expected to be used for construction staging, Miami Today reported.
LEASES
Paper packaging firm Smurfit Kappa will be moving its North Americas headquarters to a smaller space at Royal Palm Office Park.
The Irish company has leased 11K SF on the sixth floor of the under-construction Royal Palm II building at 900 South Pine Island Road in Plantation. The complex, expected to be delivered by the end of 2023, will include a conference area, lounge space and will provide housing for 50 upper management personnel, the South Florida Business Journal reports.
Butters Realty & Management represented the tenant. The landlord, TR Royal Palm Corp., was represented by Blanca Commercial Real Estate.
TR Royal Palm Corp., an affiliate of Lincoln Property Co., and LPC Realty Advisors purchased the four-building office park in August of 2014 for $128M. In total, Royal Palm Office Park offers 465K SF of office space, Plantation News reports.
Smurfit Kappa serves 23 countries in Europe and another 13 countries in North America. It was built in 1934. The firm is moving its Americas office from 1301 International Parkway in Sunrise where it leases 19K SF.
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Puttshack, the mini-golf restaurant developed by Swire Properties, has opened its fourth South Florida location at Brickell City Centre.
The tech-based indoor attraction announced on Monday that its 27K SF at 701 South Miami Ave. is now open. The location features three nine-hole competitive mini-golf courses and an events area, in addition to an outdoor terrace that will seat up to 96 guests.
Puttshack landed a $150M investment from BlackRock with plans to grow across the country. Its latest markets are Miami, Boston and St. Louis. The company was founded in the UK.
