This Week's South Florida Deal Sheet: Developers Land $67M To Replace Shuttered Macy's
A joint venture between Houston-based Morgan Group and private equity giant The Carlyle Group landed a $67M loan to fund the redevelopment of a closed Macy’s in Pompano Beach.
The loan was provided by Santander Bank to CRP/MG Pompano Citi Centre Owner LLC, a private entity tied to Washington, D.C.-based Carlyle. The loan covers the Macy’s store at 1200 NE 23rd St. and the surrounding parking lot, which the JV purchased for almost $19M in September, the South Florida Business Journal reported.
The joint venture plans to build four buildings with a total of 356 apartments.
FINANCING
Miami-based Assouline Busch Capital secured a $49M loan from Goldman Sachs to redevelop a Miami Beach hotel formerly known as The Red South Beach Hotel.
The 97-key hotel at 3010 Collins Ave. will include a ground-floor restaurant, bar and pool, indoor-outdoor gym and two recording studios. The redevelopment of the hotel is expected to deliver by the end of 2025.
Newmark brokers Max Ralby, Tyler Dumon and Jordan Roeschlaub arranged the deal.
SALES
The 448-unit Courtyards at Miami Lakes apartments sold for $69M to South Florida-based Graham Cos.
The sellers, Oded and Ariel Meltzer, sold the property under the name Village Oaks Associates Ltd. with an existing $41M Fannie Mae mortgage that Santander Bank originated in early 2021. An existing ground lease was dissolved upon the acquisition of the property, according to property database Vizzda.
The complex spans 22 residential buildings totaling approximately 355K SF.
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The Melo Group, a Miami-based development company, has placed a $35M stalking horse bid on the 16-acre Biscayne 85 property, according to a release.
The site at 8500 Biscayne Blvd. was originally the Little Farm Trailer Park and has been in court-appointed receivership since 2021, the South Florida Business Journal reported. It sold in 2015 to Canada-based Wealthy Delight LLC, managed by Fu Jing Wu, for $14.5M. The property was never developed, and the receiver has now tapped Avison Young’s Michael Fay to find a buyer.
Any other bids must be placed by Jan. 10, and the court-ordered public auction will be held on Jan. 15.
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Miami-based Axonic Properties sold The Monaco Isles apartment complex in West Palm Beach for more than $55M to Integra Investments.
KeyBank Real Estate Capital provided a $41M, five-year loan for the apartment complex, according to Vizzda records. The property totals 302K SF and includes a 317-unit apartment complex that was originally built in 1987, encompassing 26 two-story residential buildings.
LEASES
Miami Worldcenter welcomed its newest tenant, Rihanna’s Savage X Fenty, which opened its first venture in Florida, according to a release.
The store, located at 851 NE First Ave., covers almost 3K SF of retail space. The boutique offers a range of lingerie, loungewear, sleepwear and more in a wide range of sizes.
The majority of the $6B mixed-use development is leased and completed. The retail space takes up approximately 300K SF featuring Sephora and Lululemon, Bisnow previously reported.
The project, which has been in the works for almost 10 years and occupies 27 acres and spans 10 blocks, continues to roll through phases.
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Day Pitney LLP, a national law firm, renewed its 11K SF office lease on the 14th floor of the North Tower at 396 Alhambra Circle and expanded its footprint by an additional 35% on the seventh floor, according to a release.
The law firm took an additional 4K SF in its expansion and aims to use the Class-A office space to further its outreach to the Coral Gables community. Day Pitney was represented by Lawrence Epstein, Ron Perry and Matt Perry of Savills in the transaction.
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Research Management Corp. signed a batch of companies to new leases and renewals at its Royal Palm Office Park in Plantation, according to a release.
The Class-A office spans more than 465K SF and includes a café, conference centers and lounging areas, a fitness center, outdoor seating and garage parking.
The renewals and new leases were:
- Brookfield Corp., a global investment firm, renewed its lease for 35K SF.
- Residential real estate company Robert Slack LLC renewed its lease for more than 2K SF.
- NCS Pearson, a company that sells and develops technology geared toward education assessments and testing, renewed its lease for more than 1,500 SF.
- Osaic Wealth, a financial advisory firm, entered a new lease of more than 3,500 SF.
- Financial technology company WeFi Technology Group signed a lease for approximately 2,500 SF.
- Atlas Renewable Energy USA, a company that offers renewable energy project development and services, signed a new lease for more than 6,500 SF.
- Real estate investment and management company Jamestown signed a deal to open a 1K SF office.
