This Week’s South Florida Deal Sheet: Amazon Warehouse Sells For $106M
A 1M SF Amazon fulfillment center near Jupiter was acquired for $106.5M by the investment firm founded by Ross Perot, the late billionaire who ran for president in 1992.
Dallas-based Hillwood, the commercial real estate arm of Perot Co., acquired the property through a subsidiary from an entity controlled by Truist Securities, property records from the data intelligence firm Vizzda confirm.
The distribution center at 14490 Corporate Road North was built by Truist in 2021 after it paid $22M in 2020 for the 100-acre site in the Palm Beach Park of Commerce. The warehouse has around 125 dock doors and a 14K SF office space.
Hillwood is led by Ross Perot Jr., the son of the late third-party presidential candidate.
SALES
Illinois-based Venture One Real Estate paid $36M for a three-building warehouse portfolio in Boynton Beach, records from Vizzda confirm. The investment firm secured a $50M mortgage from Illinois-based Lake Forest Bank & Trust Co. for the acquisition.
Miami-based Elion Partners sold the properties, which total roughly 198K SF and were built between 2005 and 2018. Collectively known as Boynton Logistics Center, the properties at 1200, 1210 and 1220 SW 35th Ave. have clear heights ranging from 30 feet to 34 feet and were built on 12 acres.
The seller was represented by a Cushman & Wakefield team of Mike Davis, Dominic Montazemi, Greg Miller, Rick Brugge and Rick Colon, according to a standalone website listing the property. The warehouses were advertised as 91% leased to seven tenants.
FINANCING
First Citizens Bank and Trust Co. provided a $58M construction loan for the development of a 97K SF medical rehabilitation center and an adjacent 180-car garage, The Real Deal reported.
Virginia-based Anchor Health Properties secured the funding to build the Baptist Health facility on 2.4 acres of vacant land at 6233 Sunset Drive in South Miami. The project is a joint venture between Baptist Health South Florida and Lifepoint, a Tennessee-based healthcare provider.
Anchor Health is leasing the site from a Baptist Health affiliate. The planned 92-bed facility will offer inpatient care for people recovering from physical and cognitive medical conditions and will not include an emergency department or operating rooms, per TRD.
LEASES
It’Sugar opened a 16K SF specialty candy store at Bayside Marketplace just south of the Kaseya Center in Downtown Miami. The flagship location is an expansion for It’Sugar, adding a second floor atop an existing 2,500 SF location at the mall.
The store has dedicated sections for confectionery staples like Sour Patch Kids and Skittles, along with dedicated areas for retro offerings, international candies and treats that are trending on TikTok.
It’s the fifth flagship store for It’Sugar, which has more than 100 locations across the U.S. and Canada, according to a release. It’Sugar is a subsidiary of Fort Lauderdale-based BBX Capital that emerged from Chapter 11 bankruptcy in June 2021.
The 235K SF Bayside Marketplace was built in 1987 and is owned by Ashkenazy Acquisition Corp. The New York-based real estate investment firm is working on a revitalization plan for the property and, in March, opened Pier 5 at the development, expanding the mall’s dining and hospitality options.
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The under-construction Standard Residences, Midtown Miami secured a lease with an all-day café, a separate hidden bar and a private lounge “born from Miami’s bustling nightlife scene,” according to a release.
The lease with Rosetta Bakery spans 2,500 SF of space adjacent to The Standard’s lobby along with a 1,200 SF outdoor terrace. The café will serve breakfast, lunch and dinner in a lounge-style interior and outdoor patio, with a bar named Privato by Rosetta hidden in the back of the space. It’s the eighth Miami location for Rosetta.
The Standard Residences is a 228-condo project at 3100 NE First Ave. being built by Miami-based firms Rosso Development, Midtown Development and the Standard International real estate brand. Its units are 95% pre-sold, and the building is slated to deliver late this year.
CONSTRUCTION & DEVELOPMENT
Related Cos. broke ground on South Flagler House in West Palm Beach, the New York-based developer’s first luxury condo development in the state, according to a release.
South Flagler House’s two 28-story towers are slated to rise at 1355 S. Flagler Drive. It will have 108 units ranging from $5.9M two-bedroom homes to $72.5M units with five bedrooms. Suzanne Frisbie of Frisbie Palm Beach and Corcoran Sunshine Marketing Group are leading sales of the property.
Stephen Ross’ Related paid $195M for the 3-acre development site in August, with the firm saying at the time that South Flagler House’s units would start at $7.5M.
Related purchased the property from Hines and Palm Beach-based Frisbie Group. The joint venture paid $44M for the site a year earlier and had originally proposed the two-tower development Related is moving ahead with.
The towers were designed by Robert A.M. Stern Architects, marking the New York-based firm’s first luxury high-rise project in Florida. Interior design at the towers is by New York-based Pembrooke & Ives.
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Related Cos. last week also won a county bidding process to build a convention center hotel in West Palm Beach, The Palm Beach Post reported. Related’s proposal, which beat out two others submitted to Palm Beach County, calls for a 20-story, 404-key Hilton Signia at 900 S. Rosemary Ave.
The hotel is meant to add capacity for the adjacent convention center, which currently has an attached 12-story, 400-room Hilton that is also owned by Related. The $300M hotel will be built on a parking lot owned by Related across the street instead of one of three county-owned sites that were part of the RFP.
The county put the project out for bid last year with a February deadline for submissions. Related told the county during the process that it planned to move ahead with the hotel even if it didn’t win the RFP process.
Atlanta-based Portman and California-based Sonnenblick Investments LLC in partnership with AB Capital Busch Investments also submitted proposals, but their plans were rejected because they did not include a required surety bond, according to The Palm Beach Post.
County staff will work with Related to finalize plans before the project will go before the Palm Beach County Board of Commissioners for a vote.
New York-based Lefferts launched sales for Palma Miami Beach Residences, a 14-story condo project with 126 fully furnished units, including seven penthouses.
The property, at 600 71st St. in North Beach, will have no short-term rental restrictions and units are priced starting above $650K for a 405 SF studio with the largest standard units reaching 889 SF. Penthouses range from 414 SF to 1,342 SF. OneWorld Properties, led by Peggy Olin, will handle sales and marketing.
Chicago-based architects Built Form designed the Palma, which is slated to be LEED Gold certified. Interior design of the common areas and units will come from Miami-based Studio Ramirez.
Palma is designed with 8,500 SF of ground-floor retail and 10K SF of amenities. It’s scheduled to deliver in early 2026.
The property was acquired for $8.8M across three transactions between 2019 and 2021, The Real Deal reported. The buyer was Russell Galbut, one of the leaders of Miami-based development firm Crescent Heights, who is reportedly an investor in multiple Lefferts projects in North Beach.
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Neology Life Development Group, founded in Miami by Lissette Calderon, received a temporary certificate of occupancy for its 14-story apartment tower called The Julia, according to a release.
The $100M project includes 323 one- and two-bedroom apartments that are nearly 35% leased. The Julia is located at 1625 NW 20th St. in Allapattah and includes a resort-style pool deck, coworking area, dog spa, children’s play area and 13K SF of street-level retail.
Rents start at $2,229 per month for one-bedroom apartments and two-bedrooms are available at up to $3,434 per month, according to listings on Apartments.com.
The Julia was designed by Coral Gables-based Behar Font Architects with interior design from Miami-based designBAR. It's named after Julia Tuttle, the founder of Miami.
An entity controlled by Calderon called TCH Allapattah 16 LLC paid $6.4M for the 1.7-acre site in August 2019, property records indicate.
