This Week’s South Florida Deal Sheet: Doral Office Trades For $71M
Boston-based TA Realty took a roughly 25% loss in the recent $71M sale of the 11-story One Park Square office building in Doral, property records indicate.
Island Capital Group, led by Andrew Farkas, purchased the 281K SF office located on the southern edge of the Doral City Center shopping plaza at 3470 NW 82nd Ave. New York-based Island Capital assumed a $47M mortgage from Goldman Sachs as part of the transactions, records collected by property intelligence platform Vizzda indicate.
One Park Square spans 3 acres and includes 50K SF of ground-floor retail and a six-story parking garage. TA Realty paid $96M for the property in 2017, a nearly 250% increase on the price it sold for after its construction in 2010.
Records indicate that the Los Angeles County Employees Retirement Association and DWS Group, the asset management arm of Deutsche Bank, had purchased a stake in the property from TA Realty before the sale.
SALES
A 350-unit apartment complex called The Quaye at Wellington sold for $144M in the wealthy rural suburb west of Palm Beach that’s known for its equestrian history, records from Vizzda show.
Dermot Co. purchased the 31-acre property from San Francisco-based Stockbridge Capital, which had paid $120M to acquire The Quaye in 2018. New York-based Dermot assumed a $60M mortgage from State Farm as part of the transaction, which matures in 2028.
The Quaye, located at 1090 Quaye Lake Circle, includes 33 two-story apartment buildings that were built in 2016. An online apartment listing says the property includes an 11K SF clubhouse, a fitness center, a sports simulator and a dog park.
Available units run from one to four bedrooms, with an 888 SF apartment available for $2,245 per month and a 2,156 SF unit listed for $4,245 per month.
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Northwood Investors paid $46.5M for a 209K SF Doral warehouse on 12 acres at 10000 NW 15th Terrace, property records compiled by Vizzda indicate.
The acquisition was part of a $160M portfolio sale with UBS Realty Advisors that spanned three industrial buildings totaling 1.8M SF in Baytown, Texas, and Baselton, Georgia, Commercial Observer reported. The deal included $97M in new debt from Apollo Global Management subsidiary Athene Annuity and Life Co., records indicate.
A JLL team of Britton Burdette, Trent Agnew and Luis Castillo represented the seller, per CO.
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The Village Square at Golf shopping center in Boynton Beach, which a release said is anchored by the largest kosher grocery store in South Florida, traded for $31M.
An entity connected to New York-based DRA Advisors purchased the 135K SF retail plaza located at 3775 Woolbright Road across two transactions with a $24M mortgage from BankUnited. The seller was Site Centers, property records indicate.
The seven-building shopping center on 16 acres was built in 1983 and renovated in 2012. It is anchored by KC Mart, with other tenants including Quest Diagnostics and a UPS Store.
Kirk Olson and Drew Kristol, brokers at Marcus & Millichap’s Institutional Property Advisors subsidiary, represented the REIT and sourced a buyer for the deal, according to a release.
FINANCING
New Jersey-based U.S. Development LLC secured a $74M construction loan to build Salato Pompano Beach, a luxury condo project that’s roughly 40% presold, according to a release.
The debt was provided by New York-based Maxim Capital Group and Fort Lauderdale-based BH3 Management. Jason Krane of Ackman-Ziff arranged the financing.
The boutique, 40-unit property was designed by Randall Stofft Architects and features expansive private terraces no smaller than 320 SF. It has direct beach access and six penthouses, with standard units starting just under $2M. Douglas Elliman is handling sales.
U.S. Development is expected to break ground shortly at 305 Briny Ave. in Pompano Beach, according to the release, with an expected delivery in late 2026.
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East Capital Partners, led by David Archibald and Drew DeWitt, secured $32M in financing from New York-based Emerald Creek Capital to close on the purchase of a shallow bay industrial portfolio in Aventura, according to a release from JLL, which brokered the debt.
The seven-building portfolio, built on 11 acres at 19501 NE 10th Ave., spans 210K SF and was 100% occupied by 41 tenants at the time of sale. The seller was Skylake Executive Industrial Park LLC, an entity with a Davie P.O. Box for an address that's managed by Todd Payne, an attorney at Zebersky Payne Shaw Lewenz, property records indicate.
Melissa Rose, senior managing director at JLL, led the debt placement with assistance from analyst Jovi Rodriguez.
LEASES
National Union Fire Insurance Company, a subsidiary of insurance giant AIG, renewed its 13K SF lease at 701 Brickell Ave., the financial district tower that Elliott Investment Management is reportedly eyeing for a $450M purchase.
Nuveen Real Estate, the real estate arm of TIAA, owns the 33-story tower. It was represented in the deal by Cushman & Wakefield brokers Brian Gale, Andrew Trench, Ryan Holtzman and Edward Quinon. Colliers' Stephen Rutchik represented AIG.
TIAA paid $172M for the 687K SF property in 2002 and put the property, which is more than 90% leased, up for sale in April with a price tag north of $500M.
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Two real estate companies are opening offices in The Canopy, a 33K SF property in Coconut Grove that Miami Beach-based Comras Co. is redeveloping from retail into office space, the developer announced.
Located across from CocoWalk at 2982 Grand Ave., The Canopy’s move-in ready suites are slated to deliver this month. Real estate investment manager Acore Capital will open a 4K SF office at the property, while Trinity Investments, a private real estate investment firm, will take 3K SF.
The offices will be the first Miami outposts for New York-based Acore and Hawaii-based Trinity, according to the release.
The Canopy was first built by Comras in the early 1990s and was originally the home of Spec’s Music. It eventually became an Old Navy and was most recently a 24 Hour Fitness franchise owned by former NBA star Shaquille O'Neal.
CONSTRUCTION AND DEVELOPMENT
Ian Bruce Eichner’s Continuum Co. broke ground on La Baia North, the second of a pair of luxury condo buildings in Bay Harbor Islands. The boutique, 56-unit building is 60% sold ahead with a scheduled completion in 2027, according to a release.
The planned eight-story property at 9481 E. Bay Harbor Drive will have units ranging from two to four bedrooms, from 1,400 SF to 2,100 SF, with prices starting around $1.4M.
Architect Luis Revuelta designed the project and its sister property. There will be more than 20K SF of resort-style amenities, including a 9,700 SF roof deck and private boat slips at an additional cost.
The project’s first phase, the 68-unit La Baia South, is 100% sold and slated for delivery next summer.
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Miami-based Meta Development is under contract to complete the acquisition of two parcels at 1870-1880 Brickell Ave. for a combined $21M. It plans to replace an aging apartment building at the property with a five-story condo building with 36 units, according to a release.
Meta, which also has an office in Brazil, is aiming to launch sales for the property in September 2025, and units are estimated to start at $2.5M. The property is being designed by Brazil-based OSPA Architecture and Urbanism.
Meta President Andrew Rasken told The Real Deal that his firm has the apartments at 1880 Brickell Ave. under contract for $10.7M after last month completing the purchase of the adjacent vacant parcel for $10.3M.
PEOPLE
Michael Hinton is joining Lee & Associates as a principal, bringing more than 25 years of experience specializing in investment sales. Hinton will work out of Miami and is joining from Apex Capital Realty, where he was a senior associate and worked closely with CBRE to manage a portfolio of 150 bank locations across three states.
His past clients include Regions Bank, Mercantil Bank, now known as Amerant Bank, and Principal Global Real Estate Investments. He was a Crexi Platinum Broker Award winner this year and was recognized in 2022 as the commercial realtor of the year by the Miami Commercial Realtors industry group.
Hinton is also the 2025 president-elect for CCIM’s Florida chapter.
