This Week's South Florida Deal Sheet: 2 Boca Properties Sell For Losses
American Landmark Apartments sold The Seven at West Boca to 10235 Boca Entrada Owner LLC, an entity connected to Miami-based development and management company Grand Peaks, for $90.8M.
Landmark Apartments acquired the property in 2019 for $91M with a $64M Freddie Mac loan originated by Newmark. Grand Peaks will assume the remaining $62M debt of the Freddie Mac loan, according to property records provided by Vizzda.
The apartment complex, built in 1988, holds 448 units with six three-story residential buildings spanning more than 394K SF.
SALES
Another large firm lost some of its investment in a commercial property in Boca Raton.
Nashville-based Healthcare Realty Trust sold a medical center in Boca Raton to AW Property Co. for $36M. The REIT originally acquired the property in 2021 for $50M from Edward Steinhardt under the entity 1905 Associates LLC.
Built in 1996, the three-story building sits on more than 15 acres at 1905 Clint Moore Road and is anchored by Baptist Health. AW Property Co. specializes in acquiring and enhancing medical and professional properties, according to its website.
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Atlanta-based Truist Securities sold a 176K SF cold storage warehouse to Miami-based BentallGreenOak for $60M, according to property records.
BGO, a subsidiary of Sun Life Financial, acquired the property through its BGO Cold Chain arm. It claims to be one of the largest cold storage investors with about 30M SF of transactions since 2015, according to its website.
Truist Securities acquired the property in 2022 for $59M from Quirch Foods, which occupies the full building under a lease that expires in 2042 with two 10-year options, according to Vizzda. The building has 32-foot clear heights, 29 loading docks, 236 parking spaces, 116K SF of freezer space and sits on 15 acres, according to BGO's release.
The sale was arranged by a JLL Investment Sales and Advisory team of Luis Castillo, Cody Brais and Taylor Osborne.
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Catalfumo Cos. sold 4.65 acres at the PGA Station office park to a developer that is planning a 620-unit multifamily development in two 13-story buildings.
New York-based Abacus Capital Group paid $32.5M for the site, according to property records compiled by Vizzda. Catalfumo CEO Daniel Catalfumo bought the office buildings for $18M in 2022, the South Florida Business Journal reported.
The apartment buildings would be the second phase of the PGA Station redevelopment after The Richman Group developed a 396-unit building.
FINANCING
OceanLand Investments secured a $96M construction loan for a condominium and townhouse project in Fort Lauderdale named Sixth & Rio.
New York-based real estate private equity firm Invictus Real Estate Partners provided the construction loan in a transaction brokered by JLL Capital Markets' Brian Gaswirth and Paul Adams, according to a release.
OceanLand plans to deliver 94 one- to four-bedroom luxury condos in an eight-story building in 2026. It also plans to build an unspecified number of townhouses. Units will range from $900K to more than $3M.
The building is planned to offer amenities like a fitness center, clubroom, coworking spaces, a tropical terrace with a pool and private cabanas, and a coffee and wine bar.
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The Estate Cos., a Miami-based development firm, secured a $64M construction loan from TD Bank for its apartment complex called Soleste Midtown Village in Homestead.
Estate is planning to build 354 apartments in six five-story buildings and 43K SF of commercial space on the 20.8-acre property on Campbell Drive a few blocks from Florida's Turnpike.
The development will have units ranging between 676 and 1,100 SF, a 7K SF clubhouse, pool and children’s playground, according to the release. With financing secured, construction is set to begin in December.
LEASES
Texas-based real estate firm Dalfen Industrial leased more than 95K SF of its Midpoint Logistics facility in Hialeah to HVAC equipment company Cooper & Hunter.
Dalfen delivered the 298K SF Midpoint Logistics at 11250 W. 36th Ave. earlier this year, offering a secured drive-thru truck court with rear loading.
Wayne Ramoski, Skylar Stein and Ivanna Leitner Perez of Cushman & Wakefield represented Dalfen Industrial in the lease. Cooper & Hunter plans to start distributing HVAC products from the facility this month.
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CP Group has secured nearly 30K SF of leases at The Landing at MIA, a 50-acre office complex in West Miami, with four new tenants and four renewals.
Gordon Messinger and Randy Carballo of CBRE represented CP Group in all transactions.
Butler, Buckey, & Deets, a South Florida-based insurance company, signed a 6K SF lease with representation from Mathew Bittel of Cushman & Wakefield. CVS Health, represented by Cushman & Wakefield’s Elizabeth Rothschild, renewed its lease of almost 6K SF.
Other tenants signing new leases for the property included Trane, Harding Retail, Nomi Health, The Ashvins Group and FleetMasters.
Patagonia Sea Farms, an international seafood company, renewed its lease and expanded to 3K SF. The Easton Group's Andrew Easton represented Patagonia in the deal.
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CP Group executed nine lease agreements — six new leases and three renewals, — totaling 110K SF at its 1.7M SF Boca Raton Innovation Campus.
Waste management company Coastal Waste & Recycling relocated its headquarters, signing a lease for 32K SF. Legacy Healing Center Margat LLC signed a lease for 24K SF for its new corporate headquarters and was represented by Jaqueline Tavares from Newmark.
The tenants are expected to move in by the end of this year, according to a release.
Other new tenants to the campus include USClaims, Takahami Billing LLC, Lifelong Learning Administration Corp. and Brandon Hall Group LLC, who all signed deals ranging from 3K SF to 14K SF.
Verizon, ABC Preschool and Twinlabs Consolidation renewed their leases in spaces ranging from 1K SF to 13K SF.
CBRE's Jeff Kelly manages leasing for the Boca Raton Innovation Campus.
