This Week’s South Florida Deal Sheet: Rockpoint Lands $59M For Strata Wynwood

Rockpoint, a Boston-based private equity firm, secured a $59M loan from Fannie Mae for the residential portion of the mixed-use Strata Wynwood, according to a release. 

Strata Wynwood, at 21 NE 22nd St., was completed by CIM Group in 2022. It includes 257 apartments, 60K SF of creative office space atop a 474-car parking garage. CIM Group sold the property to Rockpoint that same year for an undisclosed price.

The mortgage matures in September 2029 and appears to be the first debt Rockpoint has placed on the property, Commercial Observer reported. 

Units at Strata range from studios to three bedrooms. A 527 SF studio is available for lease for $2,395 per month on Apartments.com, with a two-bedroom listed for $5,570. The landlord is offering two months free for new tenants.

Berkadia’s Mitch Sinberg, Scott Wadler, Matt Robbins, Abigail Beauchamp and Jared Hill secured the financing on behalf of Rockpoint. 

SALES

Ridge Plaza, a 139K SF regional shopping center in Davie, traded for $22M, according to a release. Baltimore-based Continental Realty Corp. sold the 13.5-acre property to an affiliate of JBL Asset Management based in Hollywood, Florida. 

Ridge Plaza, at 9000-9200 W. State Road 84 just off Interstate 595, is nearly completely leased with a tenant roster including Paragon Theaters, Goodwill and Off The Wall. 

The seller was represented by a JLL team of Danny Finkle, Eric Williams, Jorge Portela and Kim Flores.

The property last traded in 2017 for $21.3M, but Continental Realty Corp. later sold five out-parcels at the property for a combined $12.2M, property records indicate. 

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A 28K SF big-box retail building in Aventura occupied by a Ross Dress for Less sold for $17.7M, the South Florida Business Journal reported.  

The property, attached to a Dick’s Sporting Goods on 2.2 acres at 18495 Biscayne Blvd., was acquired by KS26 Investments, led by real estate investor Yakov Cohen. The seller was a joint venture of YAD MGD LLC, managed by Jacobo Azout; Excess 18495 Biscayne LLC, managed by Erwin Sredni and Jonatan Sredni; and WWC Inc., managed by Azout and Erwin Sredni, per SFBJ.

City National Bank of Florida provided a $9.3M mortgage to the buyer, who was represented in the sale by Robert Susi and Jose Sasson at Axiom Capital Advisors. The seller was represented by Florida Retail Brokers’s Michael Kenney.

The property was built in 1994 a few blocks from the Aventura Mall. Ross has less than five years left on its lease but has several extension options, Susi told SFBJ. 

CONSTRUCTION AND DEVELOPMENT

Coral Gables-based MG Developer and Latin American entrepreneur Ernesto De Lucas secured approval for the next three phases of Doral Parc, according to a release. 

The Doral City Council approved on Aug. 14 plans for 552 apartments across three 10-story buildings that would be the fourth, fifth and sixth phase of the expansive Doral Parc. The mixed-use development is on the east side of Northwest 107th Avenue between Northwest 86th Street and Northwest 90th Street.

The development is slated to include two new parking garages that would have 23K SF of combined ground-floor retail. Apartments are planned to range from one to three bedrooms.

Local architecture firm Pascual Perez Kiliddjian & Starr designed the project, which is expected to break ground in the second quarter of 2025. 

The vacant 7.2-acre site for the three phases of Doral Parc is directly north of the first three phases of Midtown Doral, a pair of recently completed apartments built by Century Homebuilders and Mattoni Group. MG Developer has the property under contract for an undisclosed sale price, the South Florida Business Journal reported.  

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Grupo Eco opened the doors at the third phase of Atlantic Village to a wave of new retail and office tenants. The leases total more than 43K SF at the Fort Lauderdale mixed-use complex, according to a release.       

The new retailers to open at the project’s latest phase are:

• Mitch’s Bagels, which leased 1,985 SF
• Holy Shakes, a milkshake bar that leased 1,067 SF
• Club Pilates, which leased 2,562 SF
• Zen Zone, a wellness center that leased 2,086 SF
• The Spot Barbershop, which leased 1,215 SF
• La Maison H, a retailer that leased 2,260 SF
• Genia's Keratin Spa, which leased 1,370 SF
• 54D, a fitness studio that leased 8,146 SF

Four other restaurants — Casa Crudos, The Wagyu House, Murano by Ferraro’s Kitchen and Drunken Dragon — are set to open by the end of the year, leaving the project’s retail portion 95% leased, according to the release. 

Four office tenants also moved in, bringing occupancy for the office portion to 75%. They are:

• The Worx, a flexible office space provider that took 11K SF
• Skin and Cancer Dermatology, which leased 3,731 SF
• Glowing Smiles Pediatric Dentistry, which leased 2,450 SF
• Ciocca Dermatology of Hallandale, which leased 5,608 SF

Retail leasing and office condo sales at Atlantic Village, at 601 to 801 N. Federal Highway in Fort Lauderdale, is being handled in-house by Mexico City-based developer Grupo Eco. Office leasing is led by Colliers brokers Alfie Hamilton and Jonathan Kingsley.

LEASES

Boston Proper renewed its 43K SF office lease at a property in The Park at Broken Sound in Boca Raton, according to a release. 

The women’s clothing retailer will keep its headquarters at a 63K SF building at 1155 Broken Sound Parkway NW and plans to make small improvements to its space next year. 

Boston Proper was represented by Collier’s brokers Scott Brenner and Derek Baker. Adler Real Estate Partners, which owns the office building, was represented by CBRE’s Kirk Nelson.     

Adler acquired the property for $10M in March 2016, property records indicate.

PEOPLE

Boston-based Atlantic Capital Partners expanded its South Florida presence with two new staff, according to a release. 

Stephen Hassenflu was added to the West Palm Beach office to lead all equity and debt placement throughout the country. He joins the firm from First National Realty Partners, where he originated or closed more than $600M in debt across 34 loans in the last two years. 

Sam Koonce will also relocate from the Boston office where he has coordinated retail investment sales to expand the firm’s institutional investment sales business in the South Florida market. In the last three years, Koonce has been a part of 77 transactions totaling $1.3B, including $127M in Florida assets, according to the release.

The two additional staff join Patrick Wagor, executive vice president in West Palm Beach, who has been with Atlantic since 2013. 

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Miami-based Ark Homes For Rent hired Wendy Gill as the firm’s new chief financial officer. Gill will both manage the company’s accounting and reporting functions and sit on the single-family rental firm’s executive and investment committees.

Gina Cabral, the firm’s current chief financial officer, will stay on at the firm in a new senior leadership role, according to a release announcing the moves.

Gill has previously held roles as interim chief financial officer, executive vice president and chief accounting officer for Columbia Property Trust, a New York-based office developer and operator.