This Week’s South Florida Deal Sheet
The Cutler Bay Town Council has greenlighted the development of a mixed-use senior housing complex.
AJP Ventures and partners Mas Group and Treo Group are planning to develop The Contemporary & MedSquare, with 196 age-restricted units, 42K SF of medical office space and 19K SF of retail, The Real Deal reports.
The developers are planning to build a 2-acre park as part of the project, on a 19-acre plot at Southwest 216 Street and 90th Court, TRD reported. Construction is expected to start next year with a projected completion date of 2025.
In 2021, AJP Ventures delivered The MedSquare Place mixed-use complex, which also features senior housing, medical office and retail in Miami’s Westchester neighborhood.
SALES
New York-based Axonic Properties acquired the Bella Vista Lauderdale Lakes housing complex at 3541 NW 30th Place for $64M, the South Florida Business Journal reports. Axonic acquired the 2-year-old, 315-unit property from developer Integra, and secured a $45.6M mortgage from KeyBank in a deal brokered by Berkadia. Rents at the building range between $1,879 and $2,845 per month, according to Realtor.com.
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The Kalimian family of New York is carving out its footprint on South Beach with the acquisition of a Walgreens store on Collins Avenue.
A&R Kalimian Realty purchased the standalone pharmacy building at 509 Collins Ave. from Allied Partners for $35M, according to Marcus & Millichap, which represented the seller. Stan Johnson Co. represented A&R Kalimian.
The 24K SF building, walking distance from the upscale South of Fifth neighborhood and Ocean Drive, last traded in 2019 for $33M, The Real Deal reports. The property was built in 1995. Kalimian assumed the current $21.1M loan the seller had taken with Wells Fargo.
"We held an incredibly competitive sales process to this trophy asset in the heart of South Beach,” Marcus & Millichap Senior Managing Director of Investments Ronnie Issenberg said in a statement. “With over 12 years remaining on a 25-year initial lease term and with seven options to extend for five years each, our new buyer now possesses this unique rental opportunity that increases growth in both the initial term and during option periods.”
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Edwards Cos., a Columbus, Ohio-based developer, bought a 22-unit oceanfront co-op building in Palm Beach for $29M, The Real Deal reports. The firm financed the acquisition with a $16M loan from First Republic Bank.
Cushman & Wakefield brokered the deal of the two-story building built in 1962, which is slated to be redeveloped, possibly into an 18-unit waterfront condo building. The co-op was terminated as part of the deal.
LEASES
Banco Santander has signed a 95K SF lease at 830 Brickell, taking over space that WeWork had previously committed to opening at the building, Commercial Observer reports. The 57-story building, which is still under construction, has signed leases with Microsoft, CI Financial, AerCap and Thoma Bravo. Citadel signed a 93K SF deal at the tower for temporary space while it builds its headquarters nearby. Asking rents at the building are as high as $150 per SF.
