This Week's South Florida Deal Sheet
Moss & Associates signed an 11-year, one-month lease for a 119K SF office building at 6363 Northwest Sixth St. in Fort Lauderdale’s Cypress Creek. The Florida-based construction company had been subleasing around 40% of the building before the direct deal with the landlord, Gladstone Commercial Corp., according to a release.
Citrix previously leased the property. It is unclear when the cloud computing company vacated the building, but its parent company, Cloud Software Group, announced it was cutting around 15% of its workforce in January.
LEASES
Two floors totaling nearly 28K SF are available for sublease at the nearly completed 830 Brickell after law firm Kirkland & Ellis downsized its footprint at the tower, The Real Deal reported. The 55-story property had been fully leased before Kirkland & Ellis decided not to move into the 14th and 15th floors, although it will keep its lease for four floors higher in the tower. OKO Group and Cain International are building the office tower, and Newmark is handling the sublease. Kirkland & Ellis signed a 115K SF lease at the building, its first office in Miami, in December.
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Trucking company GLB Solutions signed a 52K SF lease at the under-construction Miami Midway Park, according to a release. The 505K SF development at the intersection of Northwest 97th Avenue and 170th Street is being built by Broward County-based Butters Construction and South Carolina-based Greystar. The development is expected to deliver in the winter. SVN Commercial Realty broker Peter Messina represented GLB Solutions, and the landlord was represented by State Street Realty and Butters Realty & Management.
CONSTRUCTION AND DEVELOPMENT
The Jim Moran Foundation broke ground on a new 63K SF headquarters at 4545 North Federal Highway in Fort Lauderdale, the South Florida Business Journal reported. Broward-based Stiles is the general contractor on the five-story building that will include office space for 42 of the foundation’s staff, event space, a gallery and the Jim Moran Institute for Global Entrepreneurship. The foundation acquired the 2.4-acre site in 2021 for $9.8M. Moran was a self-made billionaire and founder of JM Family Enterprises, a car distribution business that made him one of the United States' richest people at the time of his death in 2007.
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Miami-based homebuilder Lennar is planning a 266-townhouse community near Princeton in Miami-Dade County, The Real Deal reported. The developer has 20 acres under contract for an undisclosed price at Southwest 157th Avenue near Waldin Drive. The land is owned by Thang Dang and Mihn Tran Dang, who purchased it in 2012 for $505K, according to property records. Lennar is asking the county to rezone the site to allow for up to 102 villa-style townhomes on the northern half of the property and 164 townhouses on the development’s southern portion.
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Urbana Holdings wants to build a 121-unit condo property that allows short-term rentals in Edgewater. The Atlanta-based firm is planning a nine-story building called Vida Residences on 0.7 acres at 410 Northeast 35th Terrace, TRD reported. The developer paid $14M for the site, purchasing it from an entity led by Zachary Schiffman, of Miami. Urbana secured an $8.5M loan from the Illinois-based real estate lender Bixby Bridge Capital, according to TRD. The property would offer furnished units ranging from studios to four-bedroom condos that buyers can purchase as investment properties and rent without restrictions.
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The Davie zoning board will consider plans for a 136-unit apartment building proposed by a Hollywood-based entity managed by Jonathan Daniel, SFBJ reported. The project, called Midtown Davie, would also have 4,500 SF of commercial space and 245 parking spaces and be built on a 1.9-acre site the buyer assembled for a combined $1.86M in 2020 and 2021. The four-story development would replace a three-unit apartment property, a 2,600 SF office building and a 1,500 SF retail building.
FINANCING
Benmark Capital provided a $15M pre-development loan for Cove Miami, a planned 40-story condo tower from New York-based SB Development and Hazelton Capital Group. The 12-month loan closed in 30 days, Commercial Observer reported, and was disclosed the day after the developers announced the project, a 116-unit luxury condo property in Edgewater. The development is proposed on a 27K SF assemblage at 456 Northeast 29th St.
THIS AND THAT
The City Commission of Parkland voted 4-1 to start negotiations with homebuilder Toll Brothers to acquire a piece of the former Heron Bay Golf Course for $18.46M, the South Florida Business Journal reported. The Pennsylvania-based developer will be able to build up to 52 homes on the site if a purchase contract is agreed to and approved by the commission. Two other developers, K Hovnanian and Mattamy Homes, offered more money for the site, but the four commissioners chose Toll Brothers because of the developer’s experience in the city and because they were impressed by the site plan, according to the report. Colliers helped Parkland evaluate the bids.
PEOPLE
A private equity commercial real estate firm called Stax Equity launched in Miami Beach, opening its headquarters in a 6K SF suite at 846 Lincoln Road, according to a release. The investment firm specializes in the acquisition, development and disposition of net-leased retail industrial assets like service stations, convenience stores, billboards and energy infrastructure. The firm was founded in November 2022 and has deployed more than $100M in investments in 2023 across Florida, Texas, Arkansas, Tennessee, Alabama, Missouri, Wisconsin, North Carolina and Kansas.
