This Week's South Florida Deal Sheet
An Ohio multifamily investor has acquired two apartment complexes totaling 371 units in Miramar for $138M, The Real Deal reports. The Connor Group bought the properties, which sit on 28 acres, from North Carolina-based Bell Partners, assuming a $54M loan in the transaction.
The financing was raised to $87M for the properties — the Grand Riviera Miramar, which sold for $84.4M, and the Bell Apartments, which sold for $53.6M. The sale broke down to $372K per unit, TRD reports.
In total, Connor bought 11 three-story buildings and 15 two-story buildings, all of which were delivered between 2008 and 2009. The complexes traded for $99M in two sales in 2018 and 2019.
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The developers of the Link at Douglas transit-oriented development at the Douglas Road Metrorail station have recapitalized the first phase of their project with a $127M sale.
Developers the Adler Group, 13th Floor Investments and Barings delivered the Core Apartments last year and have agreed to sell the ground lease on the building to entities controlled by the LeFrak Organization and 13th Floor, the South Florida Business Journal reports. The buyers assumed the $42M Santander Bank mortgage on the property and increased the debt to $72M.
The Core Apartments building offers 312 apartments and 6K SF of ground-floor retail and makes up part of the 7-acre development on land leased from Miami-Dade County. The developers said the building, which is 12.5% workforce housing, is 100% leased.
Plans for Link at Douglas’ next phase include a 36-story tower dubbed Cascade, offering 421 apartments and a 25K SF Milam’s Market grocery store on the ground floor slated for delivery this month. The third phase is expected to feature 854 units and 85K SF of office space, 4K SF of commercial space and a parking garage that fits 1,166 vehicles.
LEASES
Sheltair Aviation has relocated its office to 20K SF at Fort Lauderdale Executive Airport. The new space at 5302 Northwest 21st Terrace houses 50 employees with room to grow, the company announced in a statement. The aviation firm used to lease space at 4860 Northeast 12th Ave. in Oakland Park, TRD reports. The hangar developer was founded by Jerry Holland in 1963 and today oversees over 4.5M SF of aviation-based real estate.
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Home security company ADT has renewed the lease for its corporate headquarters in Boca Raton with landlords Tortoise Properties and PEBB Enterprises. ADT moved to its 104K SF spread at 1501 Yamato Road in The Park at Broken Sound in 2012 and with the renewal has secured new tenant improvements, like renovated pantries and new wellness spaces. Newmark's Greg Katz and CBRE's Jeff Kelly represented the landlords in the lease, while JLL's Scott Panzer and Deanna Becker represented ADT. There are still roughly 70K SF available at The Park at Broken Sound.
FINANCING DEALS
Lincoln Property Co. refinanced the Amalta Broken Sound Apartments in Boca Raton it bought last year for $108.5M.
Dallas-based LPC acquired the 11-acre, 297-unit luxury development — where rents range from $2,874 to as high as $11,878 — for $194M last year, Commercial Observer reports. Related Group and Rockpoint developed Amalta Broken Sound after acquiring the site in 2019 for $20M.
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Lotis Group, a developer led by John Markey, Adam Freedman and James Gielda, has secured a $25M loan to acquire 51.6 acres in Wellington to develop the second phase of a master-planned community. The loan, from a private lender, was arranged by LV Lending and Aztec Group.
Lotis plans to develop 136 townhomes, 102 single-family homes, 18K SF of retail space and nearly 51K SF of outdoor green areas on land it acquired for $13.5M. It is expected to break ground in the summer.
The first phase, which broke ground in January, will have 191 apartments, 24K SF of retail, 17K SF of office space, two restaurants, 40K SF of medical offices, an early learning center and two senior living facilities, according to a press release from mortgage broker LV Lending.
LV Lending's Camilo Niño, Ricardo Uribe and Alen Hernandez and Aztec Capital's Sean Harrington arranged the loan. LV Lending arranged a $24M refinancing in March for the first phase.
DEVELOPMENT
Miami Worldcenter’s developers have delivered a new 80K SF retail building dubbed the Jewel Box, Profile Miami Real Estate reports.
Managed by principal Art Falcone and Managing Partner Nitin Motwani, Miami Worldcenter is a 27-acre, $4B mixed-use project in Downtown Miami. The whole development now has 255K SF of open retail space, including Rihanna’s Savage X Fenty, Sephora, Lucid Motors, Ray-Ban, Bowlero and Sports & Social.
Miami Worldcenter now has three open residential towers: Paramount Miami Worldcenter, Caoba and Bezel Miami. Additionally, a 351-key citizenM hotel is slated to open next year as part of the development. More than 1,000 additional apartments and condos are under construction.
