This Week’s South Florida Deal Sheet: Nuveen, SJC Plan Whole Foods-Anchored Doral Project
Bridge Industrial sold a 10-acre parcel at its Bridge Point Doral development to SJC Ventures and Nuveen Real Estate, according to a release.
The joint venture is planning Doral Marketplace, an 89K SF mixed-use center anchored by a Whole Foods on the southwest corner of Northwest 51st Street and Northwest 107 Avenue. A price was not disclosed, but The Real Deal reported the development site traded for $32M.
Other tenants that have already signed on for Doral Marketplace include Shake Shack, First Watch, GoodVets and some other service-oriented businesses. Construction at Doral Marketplace is scheduled to start later this year with delivery in the back half of 2025.
Bridge Point Doral spans 175 acres and is slated to deliver 2.6M SF of industrial space in early 2025.
Atlanta-based SJC Ventures and Nuveen, the real estate arm of pension fund and investment giant TIAA, were represented by Koniver Stern Group’s Michael Finkle in the acquisition. Bridge was represented by Cushman & Wakefield.
SALES
The Cordish Cos. sold a piece of the site of its sprawling mixed-use development called The Pomp for $29M, with the buyer planning a 432-unit apartment building, records from data intelligence platform Vizzda show.
The 12.8-acre site was acquired by a joint venture of Atlanta-based Atlantic Residential, which purchased a 23% interest in the property, and Northwestern Mutual, which acquired the remaining stake.
The purchase was funded with an $87.6M mortgage from Northwestern Mutual, The Real Deal reported. The buyers also entered into a 99-year ground lease at the site with an entity that is managed by both partners, records show.
Plans on the site, which would be part of Atlantic’s Indigo apartments brand, call for nine buildings ranging from two to five stories with units ranging from studios to three bedrooms.
The site is part of the 223-acre project from Cordish and Caesars Entertainment called The Pomp near Harrah’s Pompano Beach Casino. The master-planned community is slated to include 4,000 residences, two hotels, 1.3M SF of retail and entertainment space and 1.4M SF of offices.
Cordish previously announced plans for The Live! Entertainment District, which would bring 25K SF of food and beverage tenants to the property. In November, it sold 88 acres of the property for $180M to Rockpoint, which is planning to build around 1.5M SF of industrial space.
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Delray Beach-based Kolter Group paid $22M to purchase an owner-occupied industrial property at 2101 S. Congress Ave, records from Vizzda indicate.
The 12.3-acre site was sold by George Elmore, the founder of Hardrives, a paving company that has occupied the property since at least 1987, Commercial Observer reported. The seller provided $18M in financing to close the deal.
The property includes six industrial buildings totaling 37K SF. It’s unclear what Kolter’s plans are for the development, but the developer has historically focused on residential real estate.
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Miami-based Habitat Group paid $14.8M for a 0.7-acre Brickell development site at 1750 SW First Ave., property records from Vizzda show. The seller was Tennessee-based 3H Group, which paid $10.2M for the property in 2019.
3H Group provided $9.8M in seller financing to fund the acquisition. Habitat is partnering with Kazakhstan-based BI Group on a property that’s slated to have 164 condo-hotel units and 21 traditional condos, The Real Deal reported. The new project is BI Group's first in the U.S.
The owner before 3H Group had secured approval for a hotel with up to 275 rooms and had planned a Marriott-branded property with 204 keys. Architect Kobi Karp has been brought on to tweak the current plans to increase unit sizes and update the facade, per TRD.
LEASES
Global Turbine Services signed a 78K SF, 10-year lease in Building 2 at Beacon Industrial Park. GTS will use the space for aircraft engine repair and overhaul, along with a corporate office, according to a release. The Prologis-developed warehouse is located at 10814 NW 33rd St.
GTS was represented by Cushman & Wakefield brokers Wayne Ramoski and Ivanna Leitner Perez. Prologis was represented by George Pino, president at State Street Realty.
Beacon Industrial Park includes six warehouses built around 1995 with 24-foot clear heights, property records and an online listing indicate.
THIS AND THAT
The $22M loan backing the Fort Lauderdale Marriott North moved into special servicing, according to Morningstar Credit.
The 315-key hotel at 6650 N. Andrews Ave. was transferred late in June due to a looming Dec. 1 maturity date as the property’s net cash flow has declined due to increased expenses, per Morningstar Credit notes.
London-based L+R Hotels paid $48.5M for the hotel in 2019, property records indicate and assumed a $25M loan from the previous owner, which has a remaining balance of $22.4M. The loan has a fixed interest rate of just under 4.6%.
The debt is not yet distressed and the sponsor has been current on payments, but the loan was placed on a watchlist because of “imminent monetary default.”
FINANCING
New York-based S3 Capital Markets provided a $60M construction loan to Newrock Partners to build Parc Residences at 3411 N. Federal Highway in Fort Lauderdale, according to a release.
The debt will facilitate the construction of a 165-unit luxury apartment with roughly 30K SF of ground-floor retail. It's being developed as the second phase of Newrock’s recently completed Oaklyn apartments in Oakland Park.
The seven-story building would have a 297-car parking garage and amenities including a pickleball court, coworking spaces, a fitness center and a library.
S3 Capital’s Steven Jemal facilitated the debt.
An eight-story office building at 8600 NW 36th St. in Doral was refinanced for $20M with a loan from City National Bank.
The debt replaces a $28.5M acquisition loan provided to Tricera Capital in December to acquire the property, known as The Offices at Doral Square, from Utah-based Bridge Investment. The Easton Group helped facilitate the refinancing.
The previous owners had completed a $10M renovation prior to the sale, and the new ownership announced in May that they had secured three new leases totaling 14K SF at the 141K SF property built in 1984.
CONSTRUCTION AND DEVELOPMENT
Miami-based Mast Capital and AEW Capital Management completed construction of the 342-unit apartment project called Remi on the River at 999 NW 7th St., according to a release.
The luxury waterfront project in the Miami River District was designed by Corwil Architects and has units ranging from 465 SF studios to 1,334 SF three-bedroom apartments. Amenities include a resort-style pool, fitness center and coworking spaces.
Units are available online from $2,171 for a studio to $4,897 for the largest floor plans. A spokesperson for the joint venture declined to disclose the building’s occupancy.
Remi on the River is the second phase of a development that started with the 346-unit Waterline, which the developers say was fully leased within months of its delivery in 2020. Mast and AEW reportedly sold the property in 2022 to Cardone Capital for more than $100M, although property records still list the Mast and AEW entity as the owner.
