This Week’s South Florida Deal Sheet: Tishman Speyer Pays $100M For Industrial Property
Tishman Speyer paid just over $100M to acquire a fully leased industrial property in Pompano Beach, the New York-based development giant announced Monday.
Atlanta-based IDI Logistics sold the pair of warehouses at Rock Lake Business Park at 3150-3250 NW 33rd St. The buildings total 256K SF and were built in 2020.
IDI Logistics planned two additional warehouses measuring 88K SF and 151K SF in 2016 when the project was first proposed. Tishman's press release says the 35-acre site allows for the development of two "rear-load" buildings combining for 243K SF.
The 146K SF building at 3150 NW 33rd St. was originally built for and leased by Amazon, but the United States Postal Service took over in February as part of a sublease for a sorting and delivery center after Amazon backed off plans to occupy the space, the South Florida Business Journal reported at the time.
SALES
Atlanta-based Cortland paid $62.5M for the Harbour Cove apartments in Pembroke Pines, according to property records compiled by Vizzda.
The 240-unit property at 1601 S. Hiatus Road was sold by Bel Pembroke Holdings LLC, an entity controlled by Boston-based investment management firm Eaton Vance. The sale included a $47M Freddie Mac loan originated by Newmark.
Harbour Cove consists of nine three-story buildings built on 14 acres in 1996. The sale breaks down to around $260K per unit. An Apartments.com listing for the property has two- and three-bedroom units available for between $2,778 and $2,924 per month.
Cortland plans to rebrand the community as Cortland Harbour Cove. It intends to renovate the apartments while upgrading the clubhouse and adding a playground, dog park and pickleball court, the South Florida Business Journal reported.
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The Miami-Dade County Commission approved a plan to spend $182M on a 625K SF office building outside Doral, knocking $23M off the purchase price after the county's first offer faced scrutiny, The Real Deal reported.
The $182M price comes in below valuations from two appraisals paid for by the county. The county’s first offer was for significantly more than the appraised value.
Miami-Dade plans to spend an additional $73M to renovate and build a parking garage at the property, located at 9250 W. Flagler St. in Fontainebleau. County officials want to explore using existing surface parking and excess land for an affordable housing development.
The office building is slated to be renamed the West Dade Government Center, and it will host some of the operations of the Department of Regulatory and Economic Resources, property appraiser’s office, clerk of courts, Water and Sewer Department, Solid Waste Management, Department of Health and Miami-Dade Fire Rescue.
The property is owned by New York-based Bushburg through an entity called Hoffman Flagler LLC, which is managed by Jacob Hoffman, according to TRD. The real estate firm paid $57.5M for the 26-acre property in 2014, property records indicate.
CONSTRUCTION AND DEVELOPMENT
Construction has commenced on 9900 West in Bay Harbour Islands, a seven-story, 23-unit condo building at 9900 W. Bay Harbour Drive, according to a release.
The Horizon Group, a New York-based developer, is building the waterfront property overlooking Indian Creek. It was designed by Miami Beach-based Frankel Benayoun Architects, with floor plans ranging from 1,200 SF to 3,200 SF.
Douglas Elliman Development Marketing is handling sales, with units priced from $1.6M to $5.5M. Delivery is slated for the end of this year. Horizon Group launched sales in March, but a spokesperson declined to comment on unit sales volume.
Horizon Group paid $8M for the 22K SF lot in February 2022, property records indicate.
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Fort Lauderdale-based BBX Logistics Properties broke ground on the first phase of The Park at Delray, a 200K SF warehouse in the 40-acre industrial park, according to a release.
Construction on the property, which is available in 50K SF chunks, is being financed with a $31.3M loan from City National Bank.
BBX Logistics, a subsidiary of BBX Capital, plans two additional buildings at the property, located at 9863 and 9773 Happy Hollow Road, off State Road 7.
The project is inside Palm Beach County’s Ag Reserve, a county-administered swath of land meant to promote agricultural uses and protect green spaces. It was one of the first to be approved by the county under the Ag Reserve’s new “commerce” designation, which was created in 2022 and slightly loosened development rules over the 22,000-acre area.
All three warehouses are expected to be completed within three years, with the first one delivering in 2025. BBX is searching for its first tenant at the property, with Cushman & Wakefield’s Chris Metzger handling leasing.
BBX acquired the site for $25M from Suzanna, Diana and James Mulvehill, a legacy farming family that had been trying to sell the property for years, The Palm Beach Post reported.
THIS AND THAT
Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted a final judgment, sending the 14-story Gateway Wynwood to the auction block following a foreclosure suit filed in March, The Real Deal reported.
The foreclosure sale is set for July 2. It comes after R&B Realty stopped making payments in November on two loans totaling $113M. Boise, Idaho-based A10 Capital originated the debt, which was then securitized into a CMBS package.
Delaware-based Wilmington Trust is acting as the CMBS trustee.
Gateway Wynwood at 2916 N. Miami Ave. has 195K SF of office space, 25K SF of retail space and a 512-car parking garage. Roughly 59K SF, including the entire 12th floor, is vacant, according to TRD.
R&B Realty acquired the 1.1-acre Gateway site for $11.5M in 2016, property records indicate, and locked in a $76M construction loan for the building in January 2020.
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Akam, a property management firm with operations in New York City and South Florida, acquired Palm Beach County-based Property Management Resources, according to a release.
Akam declined to disclose the purchase price for PMR, a family-run firm established in 1974 that managed properties in Palm Beach County, according to the release. Allegra Hintz will go to Akam from PMR, joining a Florida team led by Southeast Executive Vice President Kat Flores.
Prior to the acquisition, Akam managed more than 65,000 units in New York and 12,000 in Florida, according to the company’s website. It is unclear how many properties PMR will add to Akam’s portfolio. A spokesperson didn’t respond to a request for comment.
LEASING
Pura Vida, the all-day café brand based in South Florida, has partnered with Prestige Imports to open a new location inside its Prestige Auto Spa luxury car wash, according to a release.
The 3K SF café at 15180 Biscayne Blvd. opened its doors June 6 and will serve car wash patrons and other customers from 7 a.m.-9 p.m., except on Sundays, when doors close at 7 p.m.
Pura Vida, founded by Omer and Jennifer Horev, has been expanding rapidly across South Florida. Its 25 locations include outposts in Brickell, the Design District, Doral, Coral Gables and Wellington.
Prestige Auto Spa promises on its website to be “a better, greener car wash using modern water recycling techniques and the finest soaps and waxes.” Its club offering unlimited car washes starts at $34.99 per month.
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Action Black, a fitness and wellness brand founded in Colombia, will open a nearly 9K SF gym at Brickell’s Panorama Tower.
The lease marks Action Black’s third U.S. location as it looks to open as many as 15 gyms across Florida, according to a release. The classes-focused gym is slated to open on the second floor of the 81-story tower next year.
Panorama Tower, owned by the Hollo family’s Florida East Coast Realty, includes 821 multifamily units, 113K SF of offices, 25K SF of retail space, an attached 208-bed Hyatt hotel and a 2,000-car parking garage. It was completed in 2018 and refinanced for $420M in February.
JLL’s Jonathan Rosen represented Action Black, and a Colliers team of Jake Freeman, Kevin Gonzalez and Ana Paula represented the landlord.
