This Week’s South Florida Deal Sheet: Mormons Pay $56M For Warehouse
The investment arm of The Church of Jesus Christ of Latter-day Saints purchased a Hialeah warehouse for $56M, nearly completing its acquisition of a sprawling industrial park and making its second major South Florida acquisition this month.
An entity tracing to Property Reserve Inc., the real estate investment arm of The Church of Jesus Christ of Latter-day Saints, bought Building C at Beacon Logistics Park, a 233K SF warehouse at 4141 W. 91st Place.
The seller was Codina Partners, the Coral Gables-based firm led by Armando Codina and Ana-Marie Codina Barlick. Records collected by property intelligence platform Vizzda confirm the sale.
Codina and Texas-based Affinius Capital assembled the 72-acre development site in 2017 and 2018 for $38.2M, property records indicate. Beacon Logistics Park broke ground in 2020 and is expected to have a total of 1.3M SF of industrial space, according to an earlier release.
Property Reserve paid $174M to buy four completed buildings along with the remaining development sites at the property in December, The Real Deal reported. Codina is building one more warehouse at the industrial park that Property Reserve is expected to buy upon completion, a spokesperson for Codina told TRD at the time.
Earlier this month, Property Reserve also spent $133M on The Ellsworth, a recently built 315-unit apartment complex in Plantation.
SALES
The 128-key Courtyard Palm Beach Jupiter sold for $21M, according to property records from Vizzda.
Miami-based Finvarb Group, led by Ronny Finvarb, sold the hotel at 4800 Main St. to an entity tied to JW Marriott Family Enterprises. The sale breaks down to $163K per room for the four-story hotel built on 1.5 acres in 2014.
Finvarb paid $4M for the development site in 2008 before developing the hotel, which totals 73K SF and includes 2,500 SF of meeting space.
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A co-founder of Boca Raton-based supplements brand Redcon1 sold a 78K SF warehouse at 701 Park of Commerce Blvd. for $11.5M, according to records from Vizzda.
Darielle Singerman sold the warehouse in Boca Raton’s Park of Broken Sound to an entity managed by Serge Abecassis, the chairman of local wholesale menswear company Prodigy Brands.
The buyer obtained an $11.5M mortgage from BMO Bank for the purchase, which breaks down to $240 per SF.
Anthony Mamann from LRM CREA represented Singerman, while the buyer was represented by Douglas Elliman brokers Paul Bergman and Jean Phillips, The Real Deal reported.
FINANCING
Forté Development locked in a $47.5M construction loan from 360 Capital Funding to build the 17-unit Forté Luxe waterfront condo community in Jupiter, according to a release.
The three-story residences will sit on a peninsula surrounded by water on three sides at 12450 Crystal Cove Place. The project, designed by Miami-based Alfonso Jurado Architecture, will have expansive condos ranging from 3,550 SF to 5K SF that are available from $4.4M to $8M. Douglas Elliman is handling sales.
Amenities at Forté Luxe include 13 boat slips capable of docking 60-foot vessels, private elevators, a waterfront terrace and a resort-style pool. It is under construction and slated to deliver in the fourth quarter of next year.
Michael and Jordan Horowitz of New York-based Cooper Horowitz arranged the debt on behalf of the St. Petersburg-based developer.
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City National Bank of Florida provided a $70M loan to Miami-based CMC Group to refinance 4000 Ponce, a nine-story office building with ground-floor retail in Coral Gables.
The property, adjacent to The Shops at Merrick Park, includes 150K SF of office space and 32K SF of ground-floor retail. It is 90% occupied by tenants including Coldwell Banker, Steinway & Sons and The Collection, a luxury car dealership that has been in the building for more than two decades.
The five-year, floating-rate senior debt was arranged by a JLL team of Paul Stasaitis, Paul Adams and Nicole Barba. Jim Shindell and Hannah Lidicker of Bilzin Sumberg provided legal counsel to CMC Group.
4000 Ponce was developed by CMC Group founder Ugo Colombo in 2002.
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A 221-room Hampton Inn & Suites in Brickell was refinanced for $46M. An undisclosed life insurance company provided a five-year, fixed-rate loan with interest-only payments over the debt’s term, according to a release.
The hotel at 50 SW 12th St. was built in 2011 and is owned by Miami-based Hospitality Operations Inc. That entity is registered to the same address as the hotel and managed by Miami-based attorney Mark Starkman of Packman Neuwahl & Rosenberg.
A Berkadia team in Boca Raton of Saul Hoppenstein and James Elmore arranged the debt on behalf of the borrower.
CONSTRUCTION AND DEVELOPMENT
PMG and its partners have unveiled plans for One West Twelve Residences, a 372-unit condo project in Overtown that is already more than half sold only a month after launching sales, according to a release.
PMG, which has offices in New York and Miami, is working with Lion Development Group and Lndmrk Development on the 22-story property at 105 NW 11th Terrace.
Units will come fully furnished with no short-term rental restrictions. Most of its condos are studios and one-bedroom units, with a select number of townhomes running up to three bedrooms. PMG is handing sales in-house through its PMG Residential affiliate. Units start at $300K, making them among the most affordable new construction in the city center.
ONE W12, as the project’s name is stylized in the release, was designed by Miami-based Cube 3 and will have a ground-floor quick-service restaurant called Vibe BBQ from eight-time James Beard Foundation award winner Marcus Samuelsson. Other amenities include a pool deck, fitness center and complimentary cruiser bikes.
PMG and its partners acquired the site for $16.5M in February with an $8.3M mortgage from City National Bank of Florida.
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GFO Investments launched sales at 14 ROC, a 32-story luxury short-term rental condo project in Downtown Miami, according to a release.
The 283 condos at 14 ROC, located at 125 NE 14th St., range from 410 SF studios to 964 SF two-bedroom residences. Units start at $495K, with Cervera Real Estate leading sales.
Miami-based RSP Architects designed the property, which includes 25K SF of amenities across three levels. A rooftop pool deck will offer skyline views along with a bar and grilling area. A coworking lounge, event space, fitness center, karaoke room and resident lounge are also planned.
GFO Investments, a Miami developer that also built the nearby Gale Miami Hotel & Residences, expects to deliver the project in 2027. It spent around $6.2M to acquire the six-lot development site across two transactions in 2018 and 2020, property records indicate.
THIS AND THAT
The Gateway at Wynwood office building escaped the auction block after owner R&B Realty declared Chapter 11 bankruptcy in New York, The Real Deal reported.
R&B was set to lose the 195K SF office building with 25K SF of ground-floor retail space as part of a foreclosure suit filed in Miami-Dade County Circuit Court that began in March. But R&B filed for bankruptcy July 1 in New York bankruptcy court, halting an auction that was planned for the next day.
R&B stopped making mortgage payments on two loans totaling $113M in November. Idaho-based A10 Capital originated the debt, which was securitized into a CMBS package. Delaware-based Wilmington Trust is acting as the CMBS trustee.
R&B purchased the 1.1-acre site at 2916 N. Miami Ave. for $11.5M in 2016, property records indicate. Construction began with a $76M loan in early 2020, and the property opened its doors in December 2021. It is roughly 70% leased, according to bankruptcy filings cited by TRD.
