This Week's South Florida Deal Sheet
A portion of Palm Beach Gardens’ Avenir estate was sold for $57M.
Landstar Development Group acquired 856.2 acres from Avenir Holdings, South Florida Business Journal reports. The transaction included $51M in seller financing.
The 5,000-acre Avenir community is one of the largest development sites in South Florida. The land purchased is planned to include a professional office park and a new community hospital that is slated to be run by the University of Florida’s health division and Jupiter Medical Center.
Landstar will conserve a portion of the land it acquired, part of the more than 2,300-acre conservation agreement as part of the approved development, which is also slated for 1.8M SF of office space, 200K SF of medical office space, 400K SF of commercial space, 300 hotel rooms and 220 acres of agricultural land.
On the residential side of things, 2,690 single-family homes, 960 age-restricted homes and 250 multifamily homes were approved.
CONSTRUCTION AND DEVELOPMENT
Newgard Development Group is set to begin construction next month on a new 44-story tower in Brickell.
The site was previously occupied by River Dry Cleaners across from Brickell City Centre at 99 Southwest Seventh St., the Miami Herald reports. Expected to be delivered in 2025, the tower will offer condos with sale prices that begin at $600K for 500 SF studios.
Prices for 1,300 SF, two-bedroom and two-bathroom units start at $3.5M. The homes are all expected to be delivered furnished and homeowners can rent their properties on a short-term or long-term basis. Newgard Development Group already has sold 320 of the 362 units available, the Herald reported.
LEASES
NYC-based Dwight Mortgage Trust is slated to open an office in Sunny Isles Beach. The real estate firm has signed a 3,600 SF office space at Milton Tower at 16690 Collins Ave., South Florida Business Journal reports. DMT and 27 Capital are preparing to debut a rescue capital fund for developments in the pipeline across the United States.
FINANCING
The developers of Wynwood Plaza have locked in a $215M construction loan to break ground on the mixed-use development. Bank OZK provided L&L Holding Co., Oak Row Equities, Shorenstein Properties and Claure Group the loan to build a 1M SF development at 95 Northwest 29th St., which will incorporate office, retail and residential, The Real Deal reports.
The site was previously used to house the Rubell Family Museum, which moved from Wynwood to Allapattah in 2016. Newmark represented L&L and Oak Row in securing new partners, including the family office of former WeWork and SoftBank executive Marcelo Claure. Berkadia arranged the loan, and construction could wrap up in 2025.
The project will feature a 266K SF, 12-story office building, a 509-unit luxury rental development, 32K SF of retail and a 26K SF public plaza.
THIS AND THAT
The Shadowood 16 at 9889 Glades Blvd. in Boca Raton and the South Beach Stadium 18 and IMAX on Miami Beach's Lincoln Road are slated to close as part of global movie chain Cineworld's bankruptcy.
Cineworld, the parent company of Regal Cinemas, is closing 39 locations across the country as part of its Chapter 11 bankruptcy restructuring, Business Insider reports. The theaters will be closing their doors after a judge approved their leases' rejection.
