This Week’s South Florida Deal Sheet: PMG, Greybrook Land $178M Refi
Property Markets Group and Canada-based private equity firm Greybrook secured a $178M refinancing loan for the recently opened Society Wynwood apartments at 176 NW 25th St.
The funds were managed by Ares Management and Monarch Alternative Capital, according to a release. Terms of the debt weren’t disclosed, but a spokesperson for the developers said it will pay off the existing construction loan as the 10-story, 318-unit property approaches stabilization.
Rents at the property range from $1,880 per month for a bedroom in a shared unit to $5,970 per month for a three-bedroom 1,430 SF unit, according to an online listing.
Society Wynwood, which spans a city block, opened in March. In May, Tricera Capital, Lndmrk Development and Lion Development Group paid $22.5M for the 32K SF of ground-floor commercial space at the property. PMG kept roughly 17K SF of retail space at the property.
Retail tenants include Starbucks, Mexican chain Nacho Daddy, Brazilian steakhouse Chama De Fogo and I Scream Gelato.
PMG and Greybrook paid $24.5M for the development site in 2019, property records indicate.
FINANCING
New York-based Madison Realty Capital and Taconic Capital Advisors provided a $94M loan for Invesca Development Group to complete its Pixl Plantation development, Commercial Observer reported.
Madison provided senior debt, while Taconic, which has offices in New York and London, provided the mezzanine financing in the deal. Details of the loan's mix weren't disclosed.
Madison provided an $85M construction loan for the development in September 2022.
Pixl Plantation, located west of Fort Lauderdale at 4350 NW Eighth Court, first broke ground in 2021 but faced delays, with the developer eventually winning an $11M judgment against a local contractor, Perez Structural, related to unfinished work at the property, CO reported.
Once complete, Pixl Plantation is slated to include 330 apartments and two parking garages with 522 total spaces. Amenities include swimming pools, pickleball courts and a fitness center.
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Clara Homes locked in $53.6M in construction financing to build the second phase of its Clara Bay Harbour 100th, a luxury apartment project just west of Surfside, according to a release.
The floating-rate debt, which came from New York-based Maxim Capital Group, will help build a six-story, 45-unit building at 1145-1163 100th St. The project's first phase includes a 28-unit building slated to be finished by the end of the year.
Clara Homes will also use the capital to fund preconstruction for the project's third and final phase, a 77-unit building. The luxury project’s average unit size is around 1,850 SF with apartments having between two and five bedrooms, The Real Deal reported. It is expected to be completely built by the end of 2026.
A Walker & Dunlop team of Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins advised Clara Homes.
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BHI, the U.S. division of Israel’s Bank Hapoalim, provided $35M in predevelopment financing to New York-based Naftali Group for its planned residential tower in Miami Worldcenter, according to a release.
Naftali is planning to build a 70-story tower at 1016 NE Second Ave. that would have 259 condos atop 530 luxury apartments. The tower would sit on a 284K SF parking garage with nearly 3,300 SF of ground-floor retail space.
Naftali Group paid $40.5M to Chicago-based Akara Partners to acquire the property in March 2022. The development site is inside the 27-acre Miami Worldcenter master-planned development in Downtown Miami that is being spearheaded by Nitin Motwani of Merrimac Ventures and Falcone Group’s Art Falcone.
SALES
Tricera Capital sold The Press, an office and retail complex on 11.6 acres in West Palm Beach, to Boca Raton-based Pebb Capital and California-based Sabal Investment Holdings, according to a release.
The joint venture paid $53M for the property, deed records indicate, and plan to spend just under $80M in total on the acquisition and repositioning of the property, including capital improvements.
The Press, located 2751 S. Dixie Highway, was previously the single-tenant headquarters of The Palm Beach Post, which maintains an office at the property. The development includes roughly 136K SF of office space and 100K SF of retail.
Other office tenants include Palm Beach Atlantic University, which signed for 18K SF at the property last August. Retailers include Starbucks, Pink Steak, Joseph’s Classic Market, Restore, Tremble Pilates and Amped Fitness.
The property also includes a 3.7-acre developable outparcel that is used as surface parking.
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An entity tied to Prologis paid $54.5M for the former owner-occupied Doral headquarters of Verizon affiliate TracFone Wireless, according to deed records compiled by data intelligence platform Vizzda.
The 18.5-acre property includes a 144K SF flex office property built in 2000, property records show. The San Francisco-based industrial firm is planning to redevelop the property, Alex Vargas Vila, investment officer for Prologis in South Florida, told the South Florida Business Journal.
TracFone paid $19M in 2013 for the property at 9700 NW 112th Ave. in the Flagler Station business park. Verizon paid $7B to acquire the cell carrier in 2021.
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The grocery-anchored Palm Aire Marketplace in Pompano Beach traded for $33.1M, according to a release.
An entity controlled by Boston-based Longpoint purchased the 148K SF shopping center anchored by a Presidente Supermarket. It was sold by Pompano Realty USA LLC, which is managed by Coral Gables resident Daniel Halpern and Mario and Alberto Guzman in Aventura.
The 18-acre property at 101 S. Powerline Road was built in 1980 and acquired by the Pompano Realty venture for $28.3M in 2016. Ross affiliate DD’s Discounts and Presidente recently opened in the shopping center. Other tenants include CVS, Bank of America and Dollar Tree.
A Colliers team of Harry Blyden, Bastian Schauer, Ruben Suarez, Billy Weiser and Ariel Davis marketed the property on behalf of the seller.
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Miami-Dade County paid $26M for a 112K SF office building at 7200 NW 19th St., adjacent to Miami International Airport, according to Vizzda records. The seller was Chicago-based private equity real estate firm Walton Street Capital, which purchased the property from Hines in 2014 as part of a $129M portfolio sale, property records indicate.
The Miami-Dade County Aviation Department will relocate to 60K SF at the six-story office, which was built on 5 acres in 1981, according to a county staff memo. The department will vacate Miami International Airport Building No. 5A, which county officials said would require $11.5M in repairs to meet its 40-year recertification, The Real Deal reported.
The relocation from the MIA property will allow Building No. 5A to be converted or redeveloped to serve the airport’s operational needs, the memo says.
Existing tenants will remain at the office building, including Euro Cargo Express, Universal Services of America and Marchon Eyewear, according to TRD.
PEOPLE
Colliers is looking to boost its operations in Boca Raton with the recruitment of two new office brokers who joined as senior vice presidents, according to a release.
Caroline Fleischer brings 30 years of experience and a focus on tenant representation across South Florida. She most recently served as an executive vice president at Butters Realty & Management. Before joining Butters in 2019, Fleischer held roles at Cresa and Cushman & Wakefield.
Darcie Lunsford joins Colliers to focus on landlord representation, and she also joins the firm after a stint as an executive vice president at Butters. Prior to her career in real estate, Lunsford spent 22 years as a newspaper and television reporter.
The pair have executed more than 200 transactions in the last three years totaling more than $150M in leasing and sales volume, according to the release.
UPDATE, AUG. 22, 1:55 P.M. ET: This story has been updated to reflect the sale price listed on the deed for the acquisition of The Press.
