This Week’s South Florida Deal Sheet
Banesco USA has moved its headquarters to a new building in Doral, more than tripling its footprint in the process.
The bank, which has nearly $3B in deposits, opened its new, three-story building at 3155 NW 77th Ave., which spans 60K SF and includes office space and a new bank branch.
The bank acquired the building in December 2020 for $12M and renovated it for a headquarters expansion from its previous 18K SF office at 150 Alhambra Circle in Coral Gables, the South Florida Business Journal reported. The bank, which is an active CRE lender, increased its assets by 40% last year and plans to increase its lending, despite many banks pulling back from new loans.
LEASES
International Money Express, also known as Intermex, is moving its operations to a 41K SF office at One Datran Center in Kendall. The company, which focuses on wiring cash to Latin America and the Caribbean, is moving either later this year or in early 2024, South Florida Business Journal reports.
The new space sits at 9100 South Dadeland Blvd. less than a half-mile from Intermex’s current, 33K SF office at 9480 South Dixie Highway. The 257K SF, 17-story One Datran Center has asking rents ranging from $42 to $45.50 per SF.
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A UK-based superyacht maintenance company is opening its first U.S. office in Fort Lauderdale, Superyacht Times reports. The move is part of an international expansion for the 2-year-old firm, which also opened a new office in Mallorca.
The company said its expansion into South Florida was prompted after new marina developments had been commissioned in Fort Lauderdale as demand from clientele with superyachts rose significantly. Lizard Yacht Service’s Fort Lauderdale operations will also service clients from Georgia and the Caribbean.
SALES
Fort Partners has closed on its purchase of the site of its next waterfront development.
The developer bought the Hillcrest by the Sea co-op building at 9165 Collins Ave. in Surfside for $41.5M, Commercial Observer reports. Bank OZK provided a $169M construction loan, while Madison Realty Capital chipped in an additional $50M in debt to develop a 14-unit, 11-story condo tower just four blocks from the deadly Champlain Towers South collapse.
The deal shows the continued investment appetite for luxury condos with waterfront views in South Florida. Fort also developed the Four Seasons Surf Club hotel and residences nearby and is planning another condo building at 8995 Collins Ave., CO reports.
The building replacing Hillcrest will also feature 32 parking spots. The development site was previously owned by Wexford Real Estate and Aria Development, which paid $4M for the lot in 2013.
CONSTRUCTION AND DEVELOPMENT
Related Group’s plans for a new mixed-used development to replace the College Station Garage at 190 Northeast Third St. near Bayfront Park have been approved by the Miami Parking Authority.
Related and partner ROVR Development have signed a 99-year ground lease with the city and will develop two 48-story towers that will include 1,200 rental units, of which 180 will be designated as workforce housing. The towers will also offer 30K SF of commercial space, Commercial Observer reports. The Miami Parking Authority will own a 1,355-space parking garage that will be located inside the development, South Florida Business Journal reports.
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Developers Terra and Turnberry are starting construction on their 17-story Miami Beach Convention Center hotel this year after selecting Dallas-based Balfour Beatty to serve as the general contractor, South Florida Business Journal reports.
Site work has already begun on the 800-room Grand Hyatt Miami Beach Convention Center Hotel, which is slated to be delivered in 2025. It will sit on the corner of 17th Street and Convention Center Drive and include four floors for event spaces, a pool deck, dining and retail options, and a pedestrian skybridge for easy access to the convention center.
The 185-foot-tall resort will be the fifth-largest hotel in South Florida and the second-largest in Miami Beach, Construction Dive reports. Arquitectonica’s design of the $362M hotel was approved in July 2019 by the Miami Beach Design Review Board, The Real Deal reported.
