This Week’s South Florida Deal Sheet: Related, Tricap Land $142M For Wynwood Condos
Miami-based Related Group and New York-based Tricap secured $141.5M in financing for the NoMad Residences Wynwood, a short-term rental condo project that’s 80% sold, according to a release.
Beverly Hills-based investment management firm Kennedy Wilson provided the development team, which also includes Miami-based Lndmrk Development, a $90M senior construction loan for the project, which broke ground in October. Related Fund Management, the investment management arm of New York-based Related Cos., provided a $51.5M mezzanine loan.
NoMad Residences Wynwood, located on 1.25 acres at 2700 NW Second Ave., will rise nine stories with 329 condos ranging from studios to two-bedroom units. The condos come fully furnished with pricing starting at more than $600K and sales being led by Fortune Development Sales. Delivery is expected in late 2025.
The project is the first residential development from NoMad Hotels and its parent company, New York-based Sydell Group. The condo-hotel will have a rooftop bar and restaurant helmed by James Beard Award winner Leo Robitschek and a ground-floor outpost of Italian restaurant Casa Tua Cucina.
Related, Tricap and Lndmrk Development paid $26.5M for the site in 2021, The Real Deal reported at the time.
SALES
Miami-based real estate investment firms Tricera Capital, Lndmrk Development and Lion Development Group paid $22.5M for the ground-floor commercial space at the recently completed Society Wynwood apartment development, the South Florida Business Journal reported.
The acquisition spans 32K SF of ground-floor retail at the 10-story, 318-unit Society Wynwood, which was recently completed by Property Markets Group.
The commercial space is more than 50% pre-leased to tenants including Starbucks, which leased 2,600 SF; Nacho Daddy, a Mexican chain that leased 5,400 SF; Chama De Fogo, a Brazilian steakhouse that will occupy 5,500 SF; and I Scream Gelato, which took 1,300 SF.
Interior construction for those tenants is ongoing, according to the SFBJ. The remaining space is available at $100 per SF, excluding expenses.
The joint venture’s acquisition was financed by Seacoast Bank, with Ackman-Ziff Real Estate Group’s Jason Krane helping to secure the debt.
***
Link Logistics, the industrial affiliate of investment giant Blackstone, paid $20.7M for a 99K SF manufacturing and distribution facility at 3141 SW 10th St., inside Gateway Industrial Park in Pompano Beach, according to a release and records collected by property intelligence platform Vizzda.
The property was sold by EV 3141 LLC, an affiliate of Miami-based Elion Partners, which deed records indicate acquired the property for $11.7M in 2020.
A Cushman & Wakefield team of Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Rick Colon represented the seller.
The warehouse has 24-foot clear heights and was built in 2001. It is fully occupied by the Shade Store, a manufacturer and distributor of window treatments.
***
East Capital Partners paid $17.5M for an 85K SF self-storage facility at 7401 NW 68th St. in Hialeah while simultaneously breaking ground on a 171K SF spec warehouse elsewhere in the city.
The Connecticut-based investment firm purchased the 4-acre self-storage facility from Miami-based Realtor Anthony Askowitz, according to Vizzda's deed records. The buyer plans to bring in CubeSmart Self Storage to manage the facility, East Capital Partners co-founder Drew DeWitt said.
Miami Beach-based ZYX Capital represented East Capital Partners, according to a Traded.co post. The buyer assumed $8.8M in seller-carried debt, according to Vizzda.
East Capital Partners also broke ground on a spec warehouse at 16300 NW 97th Ave. in Hialeah. It acquired the 9-acre site for $13M in February 2021 but faced several regulatory hurdles before it received permits to begin construction, Dewitt said.
The site includes 8 acres of wetlands, which led East Capital Partners to acquire 15 acres of land in the Everglades it will preserve in exchange for the county’s approval of the warehouse. The development has construction financing, but DeWitt declined to say who provided the debt. The building is slated for delivery in April 2025.
CONSTRUCTION AND DEVELOPMENT
A grand opening was held for a 172-unit mixed-income housing development called Residences at SoMi Parc at 5961 SW 68th St. in South Miami, according to a release.
The project was a joint venture between Related Urban Development Group, the affordable and workforce housing arm of Related Group, and Miami-Dade County's Public Housing and Community Development office. It is the first phase of the SoMi Parc master plan, which is slated to total 500 units of mixed-income housing.
Residences at SoMi Parc has apartments running from studios to four-bedroom units, with 80% of units reserved for residents making 80% or less of the area median income, or $82K for a family of three. The remaining units are available at market rates, with studios available for $2,196 per month, according to an Apartments.com listing.
The development, built on county-owned land, includes a seven-story building with 112 units and two garden-style buildings rising three stories with 30 units each.
It was built with a 9% Low-Income Housing Tax Credit award from Florida’s housing authority, construction financing from Ohio-based Huntington Bank with a forward commitment for permanent Freddie Mac financing administered by JLL, and an additional $6M from Miami-Dade County.
***
Construction has begun to transform a 4,800 SF former Burger King into a Chick-fil-A at 18240 S. Dixie Highway in Cutler Bay, according to a release.
The freestanding location is owned by Michael Berkowitz of Berkowitz Development Group and Douglas Landsea of Landsea Development Group. The store is the third Miami-Dade County Chick-fil-A location for Berkowitz, who also owns locations in Aventura and West Kendall.
Chick-fil-A’s Dustin Griffiths and David Emihovich of Katz & Associates brokered the deal on behalf of the fast-food chain. It is one of four new Chick-fil-A locations expected to break ground this year, with the other stores in Miami Shores, Pinecrest and Princeton.
Industrial Outdoor Ventures, an Illinois-based developer of outdoor storage facilities, began construction on a 38.5-acre development at 3055 Burris Road in Davie, according to a release.
The development, called Davie Industrial Center, is slated to include three distinct elements. A 185K SF distribution building with a 36-foot clear height, 51 exterior docks and four drive-in doors is available for lease to a single tenant or in 60K SF pieces.
A 42K SF service building with 7,200 SF of office space is available for up to two tenants and sits on 9 acres with parking for 115 trailers. The project’s third component consists of 12.6 acres of outdoor storage and trailer parking available in 2-acre increments.
A CBRE team of Tom O’Loughlin and Larry Genet has been tapped to lease the property.
The industrial park is set to rise in place of the Twin Lakes Travel Park, an RV park that Industrial Outdoor Ventures and its San Francisco-based partner Stockbridge Real Estate acquired for $64M in 2021.
PEOPLE
Dennis Kerbel joined Akerman as the law firm’s Florida land use and entitlements practice chair after working for 21 years in the Miami-Dade County Attorney’s Office, according to a release. Kerbel served since 2015 as the chief of the zoning, land use and environmental section of the county attorney’s office.
Kerbel has experience in federal and state courts at the trial and appellate levels, with a broad range of expertise that includes comprehensive plan challenges, zoning appeals, enforcement actions and inverse condemnation.
Kerbel joins a South Florida Akerman team that includes other past government officials including Neisen Kasadin, a former Miami Beach mayor; Joni Armstrong Coffey, a former Broward County attorney; and Spencer Crowley, who serves as Miami-Dade County commissioner for the Florida Inland Navigational District.
THIS AND THAT
Related Cos.' mixed-use development in Downtown West Palm Beach has changed its name back to CityPlace after spending a few years as The Square, the Palm Beach Post reported.
The 35-acre expanse of shops, restaurants, office space and planned residential buildings debuted as CityPlace in 2000, when it was strictly a retail destination. The name was changed to Rosemary Square in 2019 because it was no longer just a shopping mall, and the name was later shortened to The Square. But as of May 1, Related Cos. has reverted the name to CityPlace.
"The neighborhood has expanded, evolved and grown into a true district with a full live, work, play and stay community," a Related spokesperson told the Post. "The name reflects who we are as a brand as we continue to build on what we’ve established in downtown West Palm Beach."
Related Cos. is investing heavily in West Palm Beach, with a 2.5M SF office development pipeline and construction underway at its first South Florida condo project, called South Flagler House. Stephen Ross, the firm’s billionaire founder, hosted the region’s elite at his mansion early last month to raise money to lure Vanderbilt University to the city.
