This Week’s South Florida Deal Sheet
Boston-based TA Realty has closed on one of the biggest industrial deals to date in South Florida, acquiring a 12-building industrial park in Medley in Miami-Dade County for $241M.
The 1M SF complex, located at 9701-9793 Northwest 91st Court, was sold by DWS, an Illinois-based global asset management company, according to CBRE, which represented DWS in the deal.
The buildings, which were delivered between 1982 and 1988, are occupied by 46 tenants across a variety of industries including aviation, food and beverage, third-party logistics, and home and design. DWS acquired the buildings for nearly $37M in 1996, The Real Deal reports.
Warehouses around busy airports in land-constrained markets, like Medley, just north of Miami International Airport, command a rent premium. In Miami's case, warehouses near MIA have a nearly 25% rent premium over the overall market, according to CBRE, which recently published its Supply Chain Advisory showing that warehouses around busy airports command higher rents than their market average.
***
New Jersey private equity firm Cedar Health Group is deepening its presence in South Florida, paying $39M for a Fort Lauderdale nursing home.
Cedar Health purchased the facility at 2855 West Commercial Blvd. from Wickshire Senior Living backed by a $38.1M loan from Ocean Bank, The Real Deal reports.
Wickshire sold the property, previously known as Atria Willow Wood, for more than twice the $17.3M it paid for it last year. The 18-acre facility, now renamed Oasis Living Quarters, includes 293 units on-site and two lakes. The 304K SF space was delivered in 1988.
Cedar Health Group was founded in 2019 and manages long-term acute care in hospitals and outpatient centers around the country.
FINANCE
13th Floor Investments and Key International secured a $102M construction loan to build an apartment building in Delray Beach where an Office Depot office campus once stood.
Centerpointe Delray Holdings — a partnership of 13th Floor, Key International, Boca Raton-based CDS International Holdings and Connecticut-based Wexford Capital — secured the mortgage provided by CIBC Bank USA, South Florida Business Journal reports.
The loan will be used to build the 420 apartments and townhouses that will be dubbed The Parks at Delray, SFBJ reports. Local general contractor ANF Group is managing the project that is slated to be delivered in approximately 18 months. The site is located at 2400 Palm Drive.
CONSTRUCTION & DEVELOPMENT
Coral Gables developer Location Ventures broke ground on its latest project, URBIN Miami, a mixed-use coworking, wellness and condominium complex in Miami Beach.
The 34K SF, six-story project is located in the heart of South Beach at 1260 Washington Ave. It will offer 20K SF of coworking space, a 5K SF wellness center and 69 condominiums, South Florida Business Journal reports.
The condos range between 275 SF studios and 1,334 SF four-bedroom units. Both long-term and short-term rental arrangements will be permitted. Additionally, owners have the option to lease back their units with annual, live-in flexibility of up to 90 days.
Prices begin at $400K and go up to $2.4M. The development is slated to be delivered in 2025.
***
Nova Southeastern University is slated to break ground on a $56M simulation and technology center in Broward County.
The private college seeks to revamp a former Miami Dolphins practice facility, University President George Hanbury II said in a statement.
Prior to relocating to Hard Rock Stadium in 2021, for over two decades the Dolphins used Nova’s field as a training facility. Plans are in the works for the 85K SF training complex to be expanded to total 105K SF and stay open 24 hours a day, seven days a week, where students can practice complex, simulated surgeries or can experiment with traveling holograms.
A hotel and a cancer facility are also in the pipeline, South Florida Business Journal reports. The center is slated for a Q1 2024 delivery.
