This Week's South Florida Deal Sheet
Miami-based Newgard Development Group acquired three-fifths of an acre for $7M in Brickell to complete the site of a planned 2M SF development.
The purchase of the three parcels, at 66 SW Sixth St., 625 SW First Ave. and 69 SW Seventh St., completes the development site where Newgard is planning to build a $1.5B residential and marina development, Connect CRE reported. Avison Young represented the seller, a family trust.
The purchase brings Newgard Development Group’s full investment into the site, which includes a previously acquired 1.6-acre complex on Seventh Street that faces the river, to $58M.
The 2M SF project, located northwest of Brickell City Centre along the Miami River, would include two condo towers, including the nearly sold-out Lofty Residences Brickell, and a multifamily tower, Connect CRE reports.
LEASES
Flexible office provider Knotel has signed a deal to open its fourth location in South Florida, this time in Coral Gables.
The firm, which was acquired out of bankruptcy by Newmark last year, leased approximately 24K SF across three stories at Ofizzina, a 16-story office building at 1200 Ponce de Leon Blvd. The floors have different owners but the same asset manager, Black Salmon, who was represented by CBRE's Gordon Messinger, the South Florida Business Journal reports.
The Coral Gables announcement comes on the heels of Knotel's September deal with Morabito Properties for a new, 47K SF building in Wynwood.
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Amped Fitness is opening a 36K SF fitness hub at 2751 South Dixie Highway in West Palm Beach, the South Florida Business Journal reports. The company is poised to be the anchor retail tenant at Shops at The Press, a 133K SF adaptive reuse of a former Palm Beach Post printing and distribution facility.
Developer Tricera Capital acquired the shuttered facility from Cox Media in 2019 for $24M, and landed a $70M loan from Chicago-based Monroe Capital to redevelop the building into office and retail space.
Tenants at Shops at The Press, located 2 miles from downtown West Palm Beach, include Calico and Salons by JC and Joseph’s Classic Market. The project is now 96% leased.
This is the fitness chain's third South Florida location, after spots in Doral and Pembroke Pines. In total, Amped Fitness boasts 10 locations throughout the Sunshine State.
FINANCING
Blackstone secured a $108M financing package from Wells Fargo for a Boynton Beach apartment complex it bought in May, Commercial Observer reports.
Blackstone acquired Green Cay Village, a 10.5-acre, 160-unit complex, for nearly $41M. The property's construction was financed with nearly $13M in bonds from Palm Beach County's Housing Finance Agency, which came attached with land use restrictions keeping the property classified as affordable for a minimum of 15 years, CO reported.
The HFA ended the land use restrictions on the property after the bond was repaid, an agency spokesperson told CO, adding that other agency loans tied to the property will keep the units affordable going forward.
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Farrell Cos. has secured a $40M construction loan to develop a 172-unit apartment building dubbed Central Parkway Lofts in Stuart, just north of Palm Beach County, Commercial Observer reports. The Long Island-based developer received the financing package from Webster Bank, and expects to finish construction in June. About 10% of the units will be reserved for tenants making up to 80% of area median income.
