This Week’s South Florida Deal Sheet: BofA Lends $119M For Atlantic Crossing
Edwards Cos. locked in a $119M loan from Bank of America to build the second phase of Atlantic Crossing in downtown Delray Beach, Commercial Observer reported.
The debt will finance the construction of an 82-unit condo building, an office building with retail space and two parking garages at 777 E. Atlantic Ave.
Ohio-based Edwards completed Atlantic Crossing’s first phase in 2022. It includes a 261-unit apartment building and another office building with retail space. The project will have a combined 83K SF of office space and 76K SF of retail after the second phase is completed.
Edwards paid roughly $38M in 2016 to assemble the 8-acre site for both phases, property records indicate. The developer didn't respond to Bisnow's requests for comment.
SALES
Miami-Dade County closed on the $182M purchase of a 625K SF office campus in Fontainebleau where it plans to create a new hub for government services.
The sale, which closed on Sept. 11, according to records collected by the property intelligence platform Vizzda, ends what had been a controversial acquisition for the county. It had initially agreed to pay $205M for the property in December, but cut its offer by $23M after local media coverage highlighted that the price tag exceeded the site’s appraised value.
The sale of the 9250 W. Flagler St. site was ultimately approved by the county commission in June.
The 26-acre office campus was an office for Florida Power & Light before the utility vacated most of its space and the property was acquired by Hoffman Flagler LLC, managed by Jacob Hoffman.
County officials plan to rename the property West Dade Government Center and relocate a host of departments — like the appraiser’s office, clerk of courts and waste management — to the building.
The county is planning to spend $73M on improvements and a new parking garage, which Mayor Danielle Levine Cava’s office said could clear some space for a potential affordable housing development under Florida’s Live Local Act.
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Focus Healthcare Partners paid $64M for an assisted living facility at 9130 Hypoluxo Road in Lake Worth, southwest of Palm Beach, records from Vizzda show.
The Chicago-based firm acquired the 377-unit, 366K SF property from Ventas, a Chicago-based REIT focused on health care and senior housing. The facility was previously known as Mariposa but was rechristened The Arbor at Lake Worth in the sale. Atlanta-based assisted living services provider Arbor Co. operates the property.
The Arbor at Lake Worth was built on 23 acres in 2017. Focus financed the acquisition through a $48M Freddie Mac loan originating from JLL with an October 2031 maturity date.
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New York-based multifamily investor Maxx Properties paid $46.6M for Ankr Wilton Manors, a 145-unit apartment complex just outside Fort Lauderdale.
Gables Residential, the Atlanta-based seller, completed the property on 5 acres in 2009. It includes 11 residential buildings each rising three stories and a single-story clubhouse collectively located at 513 NE 21st Court.
Maxx secured a Freddie Mac loan for the acquisition that covered the total sale price and was originated by CBRE with an October 2031 maturity date.
Apartments at the Wilton Manors property, located in what’s often described as the second-gayest city in the U.S., run from studios to two bedrooms, according to an online listing on Apartments.com. Rents range from $1,920 per month to $6,658 per month, with fees waived for tenants who move in this month.
CONSTRUCTION AND DEVELOPMENT
Construction has commenced for the Residences at Six Fisher Island, a 50-unit luxury project being built at the last development site on the 216-acre island just off Miami’s coast, according to a release.
The Kobi Karp-designed condo building is being built by a joint venture led by Miami-based Related Group that also includes Israeli businessman Teddy Sagi, Aventura-based BH Group and Chicago-based Wanxiang America RE Group.
More than half of the project’s units have sold, generating $500M in sales, with the remaining units priced around $4K per SF. Douglas Elliman is handling sales. Condos at the property will range from three to eight bedrooms, and amenities include two pool decks, 1,000 feet of shoreline and a wellness center.
Condos come with a house car and private transportation on and off of Fisher Island, an exclusive enclave that was the highest per-capita income ZIP code in the U.S. in 2020. The Residences at Six Fisher Island is expected to be completed in 2026.
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Argentina-based Glokal Group and Miami-based Blue Road began construction of a 90-room hotel in Miami Beach, the South Florida Business Journal reported.
The Dolce by Wyndham Miami at 1745 James Ave. is expected to deliver in 2026. It’s planned to include a restaurant and rooftop pool, with local firms Revuelta Architecture and Buslam handling construction.
Amerant Bank provided the joint venture with a $21.5M construction loan for the project in June. The joint venture paid $14.4M in 2019 to acquire the 36-unit Sanctuary South Beach Condo project at the site, which has since been demolished, per SFBJ.
LEASES
The 150K SF office building at 4000 Ponce de Leon Blvd. in Coral Gables will add a local institution to its lobby when Bagel Emporium & Grille opens in a 9K SF space on its ground floor.
The 50-year-old Bagel Emporium is relocating from its longtime storefront at 1238 South Dixie Highway, roughly 2 miles south of the new location, which is expected to open in early 2025, according to a release.
4000 Ponce is owned by Ugo Colombo’s CMC Group, who also developed the property. It is more than 90% leased and is undergoing a $5M renovation. The nine-story property was refinanced in July with a $70M loan from City National Bank of Florida.
CMC Group was represented in the lease by CBRE's Alex Cesar, Drew Schaul, and Jordan Landman. The tenant was represented by Bob Burstein at KW Commercial.
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Victoria’s Secret signed an 8K SF lease for a storefront at 900-904 Lincoln Road, Miami Beach’s pedestrian shopping district, according to a release.
The landlord, New York-based ALTO Real Estate Funds, was represented in lease negotiations by a Colliers team of Jonathan Carter and Ryan Brodsky. Victoria’s Secret was represented by Brandon Nocella at Strategic Retail Adivsors.
Victoria’s Secret will relocate from a storefront across the street at 901 Lincoln Road to a space that had previously been occupied by the now-bankrupt Express and Aerie, part of the American Eagle Outfitters family of brands.
THIS AND THAT
Plans for a Brightline station in Stuart have stalled after the city commission abruptly voted to cancel its ground lease with the rail operator and walk away from an agreement with Marin County for the planned station, local CBS affiliate 12 News reported.
Brightline — owned by Florida East Coast Industries, a subsidiary of New York-based Fortress Investment Group — announced in March that it had chosen to build a station in Stuart after a competitive bidding process that included five proposals.
Stuart commission members objected to the planned financing scheme, which called for Martin County and Stuart to pay an initial $30M to begin construction for what was expected to be a $60M project.
Martin County is looking to renegotiate the deal with Brightline, which debuted a route from Miami to Orlando last year. In nearby St. Lucie County, officials from Fort Pierce are separately pursuing a plan to secure a station in their city.
