This Week's South Florida Deal Sheet
A pair of neighboring senior care facilities in Hialeah sold to a for-profit operator for more than $30M. The two properties were sold by an undisclosed seller represented by Madelyn Lozano to New Jersey-based investor Benjamin Berkowitz, the South Florida Business Journal reported.
Separate entities controlled by Berkowitz were used to purchase the properties. They were a 290-bed independent living facility called Epworth Village at 5300 West 16th Ave and the 120-bed skilled nursing facility called Susanna Wesley Health Center at 5345 West 18th Ave. According to deed records, the properties sold for a combined $30.9M, but a representative of the seller told the SFBJ that the actual sale price was higher. VNB New York provided a $34.8M mortgage for the properties.
PEOPLE
Real estate firm Avanti Way launched its fifth subsidiary, Avanti Way Commercial, a Doral-based brokerage aimed at providing commercial real estate services throughout Florida including tenant representation, leasing and acquisitions. Avanti Way Group’s Enrique Teran and Andres Koda partnered with brokers Jennifer Wollmann and Fernando Arenciba Jr. to launch the subsidiary, according to a press release announcing the deal.
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Jonathan Rosen joined JLL’s Miami office as a senior vice president, bolstering the firm’s retail brokerage and bringing a client list that includes Related Group, Rockpoint and Continuum Cos., according to a JLL release. Prior to joining JLL, Rosen was a retail broker at Colliers and CBRE and worked in property management at Colliers.
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Colliers has named former Avison Young principal Gary Gottlieb as an executive vice president at the company’s Boca Raton location, the firm announced in a release. At Avison Young, Gottlieb was focused on marketing office and medical properties for lease and sale on behalf of high net worth private clients.
LEASES
Riviera Dining Group signed a 10-year deal with renewal options at E11even Hotel & Residences for a 16K SF, second-floor restaurant and a 5K SF rooftop lounge, according to a release from developer Property Markets Group. The upscale restaurant operator already runs at least six restaurants in Miami, most recently acquiring Bâoli Miami in South Beach.
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Club Studio, a high-end fitness concept from the owners of LA Fitness, signed a 38K SF lease at Grove Central, a new mixed-use transit-oriented development in Coconut Grove, developer Terra announced in a release. Terra is partnering with Grass River Property to develop the project, which is expected to deliver later this year with Club Studio planning to open at the property in 2024. The gym joins Target, Sprouts Farmers Market, Total Wine and Five Below at the development, which includes 402 housing units, a 1,250-space parking garage and around 170K SF of retail.
CONSTRUCTION AND DEVELOPMENT
Butters Group and Channing Corp. are seeking county approval to build an industrial project on the border of the county Ag Reserve, the Palm Beach Post reports. The project, called The District, would be built on a 47.2-acre parcel on Boynton Beach Boulevard and would include 16 indoor pickleball courts, a fitness center, a microbrewery and warehouses. It’s one of the first projects to seek approval under a new “Commerce” designation in Palm Beach’s Ag Reserve, a district administered by the county that is meant to encourage environmental and agricultural preservation.
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Standard International and Rosso Development announced the start of construction on The Standard Residences, Midtown Miami. The 12-story multifamily development with 228 units and 34K SF of amenity space is located at 3100 Northeast First Ave. The release said the property is 80% sold with units ranging from 432 SF to 965 SF and starting at $499K.
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Integra Investments completed construction of Wrecker’s Cay Apartments, a 280-unit workforce housing development on 9 acres in the Florida Keys, the company announced in a release. The property, located on Stock Island, is fully leased and has units designated for low-, median- and moderate-income levels.
CORRECTION, MAY 5, 11:30 A.M. ET: A previous version of this story incorrectly reported that Madelyn Lozano was the seller of two senior living facilities, based on reporting from the South Florida Business Journal. She was the seller’s representative for an undisclosed seller. Additionally, a spokesperson said the properties' sale price was greater than the $30.9M that was recorded in deed records.
FINANCING
Mast Capital, Rockpoint and The Spear Group began construction of a 264-unit multifamily project on a former YMCA property in Palm Beach County after the developers announced in a release that they had secured a $42.5M construction loan for the project. Santander Bank provided the financing to build the property at 2085 South Congress Ave. in Palm Springs. Designed by MSA Architects, the development will be called Palm Spring Residences and will consist of 11 three-story buildings. The trio of developers bought the 18-acre site from the YMCA of Palm Beaches last April for $10M.
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Landmark Development secured a $19M construction loan from TD Bank to start construction of a 106-unit affordable housing project for seniors called Autumn Ridge, The Real Deal reported. The developer is partnering with Magnolia Affordable Development, an entity tied to the West Palm Beach Housing Authority, on the project. Landmark also secured $3.4M in tax-exempt financing from Palm Beach County for the development.
