This Week’s South Florida Deal Sheet
IT management and security software firm Kaseya will renovate nearly 102K SF of Miami office space to accommodate a planned 3,400-job hiring spree.
The tech company, which is headquartered in Miami and employs 4,000 people globally, had $4.56M in incentives approved by the Miami-Dade Commission last week.
The economic development package is the largest in Miami-Dade Beacon Council history, the group said in a statement. The Bacon Council serves as the county's economic development arm, and the Kaseya deal is the largest number of jobs in its history.
“We are proud to be growing in Miami-Dade County as we continue creating jobs at our headquarters and investing directly in developing this community’s future tech leaders and entrepreneurs,” Kaseya CEO Fred Voccola said in a statement.
The company is renovating and expanding its offices in the Wells Fargo Center in Downtown Miami and has multiple locations in Brickell as well, the Miami Herald reported.
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Another tech company, LeverX, is shifting its global headquarters from Silicon Valley to Miami.
The move comes as the firm plans an international expansion, and LeverX said in a statement that Miami’s location is ideal for those aims.
“Our new home will enable us to better meet the needs of our customers and collaborate with our partners, both in the U.S. and around the world,” said Victor Lozinski, LeverX's co-founder and chairman of the board.
The firm said it will continue its West Coast-based operations in Mountain View, California. LeverX leases space at the Wells Fargo Center at 333 Southeast Second Ave. It has not confirmed how many employees will be working out of the office.
SALES
Boca Raton real estate investor Yevgeniy Yermakov has acquired a 78K SF Publix-anchored shopping center in Palm Beach County.
Yermakov paid Stiles Corp. $41M, or $524 per SF, for 11300 South Military Trail in the Village of Golf, the South Florida Business Journal reports. Stiles developed the center retail facility in 2021, where Publix leases 47K SF and other tenants include Chipotle, the SFBJ reports.
The deal doesn't include two additional lots nearby that span over 2.4 acres, where Stiles holds entitlements for 17K SF of additional development, The Real Deal reports.
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An affiliate of private equity firm Ares Management acquired a newly built industrial site in Boca Raton for nearly $28M.
McCraney Property Co. sold the recently completed warehouse to AIREF Boca Park of Commerce LLC, the South Florida Business Journal reports. The 120K SF space sits at 644-646 Park of Commerce Way. The price totaled $234 per SF. The two industrial developments were built by Butters Construction and have 24-foot clear heights, the SFBJ reports. This sale comes as vacancy levels for industrial properties in Palm Beach County hit record lows.
