This Week's South Florida Deal Sheet
The owners of the Cube Wynwd office building, shortly after Northeastern University signed a lease to bring the building to full occupancy, have sold the property, more than doubling their investment.
San Francisco-based Brick & Timber Collective paid $62M to acquire the 100K SF building at 222 Northwest 24th St. from Miami-based Tricera Capital and Lndmrk Development, which kept a minority interest stake, the South Florida Business Journal reports.
The office buidling was delivered in 2018, and Tricera and Lndmrk acquired it in April 2021 for $28M. Dwntwn Realty Advisors served as brokers in the deal, while Berkadia helped secure nearly $37M in financing from JPMorgan Chase.
The owners are fresh off signing a five-year, 11K SF lease with Northeastern University, which will utilize the space to run a graduate degree program for the fintech sector. CBRE represented the landlord and Colliers represented the university in the leasing negotiations, The Real Deal reports. Northeastern University’s 14th campus is slated to debut in Wynwood in 2023, the Boston Herald reports.
SALES
Boca Raton investment firm PrivCap Cos. sold two assisted living facilities in Broward County for a total of $12.7M, according to a press release.
PrivCap sold the buildings, a 131-bed portfolio, to Brooklyn-based Zalman Skoblo and Zvi Jacobowitz. The DeMarco Real Estate Group at RE/MAX represented the seller in the deal that broke down to $97K per unit. The buildings are located in the Margate neighborhood at 6810 Southwest Seventh St. and at 4681 Southwest 66th St.
In 2021, PrivCap acquired the Midtown Manor assisted living facility at in Hollywood at 2001 Polk St. for almost $10M, The Real Deal reports.
LEASES
Quest Workspaces has inked a 24K SF lease on the seventh floor of Two Doral Center, Commercial Observer reports. The new digs, Quest's second in Doral, will open next summer and will be the firm’s 10th location.
Newmark represented the tenant in the 10-year lease with landlords Banyan and Independencia Asset Management, which were represented by CBRE. The building is nearly 300K SF and secured 122K SF of leases in 2022. Quest Workspaces also has locations in Downtown Miami, Brickell and West Palm Beach.
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Add another name to the list of New York companies expanding to Miami. Pretium Partners is opening a new office in Miami Beach’s Sunset Harbor neighborhood.
The New York-based investment firm signed a 12K SF lease on the fourth floor of the 1769 Purdy Ave. building, according to a release from the firm. Colliers and CBRE represented the landlord, while JLL represented the tenant in the leasing negotiations.
Deco Capital Group is partnering with RWN Real Estate Partners on the five-story development, which is 80% leased and slated to be delivered in 2023, The Real Deal reports.
DEVELOPMENT
Related Group and Rockpoint broke ground on a luxury mixed-use project in midtown Miami. WNWD21, at 2150 North Miami Ave., would bring 304 apartments, 63K SF of offices and 18K SF of retail.
Bank OZK provided the developers with a $118M construction loan for the building, which will have apartments ranging from 500 to 1,300 SF and include a 500-space parking garage, coworking space, a rooftop pool and a "curated art museum" as amenities, Multifamily News reports.
