This Week's South Florida Deal Sheet: Baron Property Lands $206M Construction Loan In Hialeah
Baron Property Group has landed a $206M construction loan for a second massive apartment complex in Hialeah.
The loan follows last month's groundbreaking of the 661-unit Metro Parc North at 901 East 26th St. Baron Property, a Miami and New York-based developer, secured the new debt from lender Post Road Group in a deal arranged by HKS Real Estate Advisors’ Ayush Kapahi, according to a release.
The project was previously a partnership with Coral Gables-based MG Developer until Baron bought out MG's stake, a Baron Property representative told Bisnow in February.
Metro Parc North, the second phase of Baron Property Group’s mixed-use Metro Center project, is slated for completion in 2027. The complex sits next to the 559-unit Metro Parc, which includes 15K SF of retail and 559 additional units at 952 East 26th St. Together, the two transit-oriented developments span nearly 2M SF.
FINANCING
Altman Logistics Properties and FRP Development Corp. secured a $31.9M construction loan for an upcoming industrial project in Davie, according to a release.
Georgia-based Synovus provided the financing, which was facilitated by JLL's Melissa Rose, Michael DiCosimo and Val McWilliams.
The Apex Logistics Park at Signature Grand will have 182K SF between two buildings on an 11.3-acre site. Construction is expected to begin in the second half of 2025 and wrap up next year.
SALES
An entity tracing to Journey Capital Real Estate Partners purchased The Rise at Plantation Walk from an affiliate of Encore Capital Management and Falcone Group for $102M, according to documents provided by Vizzda.
Journey Capital acquired the property with an $89.7M loan from Corebridge Financial.
The 404-unit complex consists of two seven-story buildings built in 2021 and 2022 that total 569K SF. The complex holds studios to three bedrooms between 692 and 1,512 SF. Rents range between $2,172 and $4,632, according to Apartments.com.
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New York-based Corebridge Real Estate Investors and Massachusetts-based The RMR Group purchased the Avana Bayview apartment complex in Pompano Beach for $73M, according to a release.
The joint venture rebranded the 225-unit complex, built in 2004, to Arium at Pompano Beach. Situated at 1631 Federal Highway, the complex holds one to three bedrooms between 756 SF and 1,429 SF starting at $2,146, according to Apartments.com.
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An entity traced to Miami Manager sold a 54K SF retail center in Coconut Creek for $21.3M, according to property records provided by Vizzda.
The buyer was Village Shops CCSR7 LLC, which purchased the shopping plaza at 4670–4690 State Road 7. The 5-acre center, named Village Shoppes of Coconut Creek and built in 2009 and 2011, holds Pasquale’s Pizza, Hook’s Catch Seafood and Wings, IMX Pilates & Fitness Coral Springs and more.
The property last traded hands for $19.6M in February 2015, when it included a Chick-fil-A pad, but that property was sold in 2022 for $3M, the South Florida Business Journal reported. The buyer's entity is registered to Dayvana Milano and Lisette Hermoso of Coral Springs.
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Twenty Lake Holdings purchased an industrial portfolio in Riviera Beach from Brightleaf Property Management for $17M, according to a release.
The 95K SF portfolio at 4574 Dyer Blvd., 4249-4261 Westroads Drive and 6677-6687 42nd Terrace North consists of seven small-bay industrial facilities in the Dyer Road Industrial Park and West Roads Industrial Park.
The facilities were built between 1979 and 1997 and were 93% occupied at the time of the sale. CBRE’s Tyler Kuhlman represented both the buyer and seller in the transaction.
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Essig Holdings acquired a glassy suburban Broward County office building for $30M, according to records from Vizzda.
San Francisco-based Bristol Group and Butters Construction & Development sold the 10-story University Place at City Center office building, according to a release. The 40-year-old building at 3111 North University Drive in Coral Springs spans 205K SF of office space.
CBRE, which represented Bristol and Butters in the sale, lists 28K SF available for lease at the building where Centennial Bank is among the tenants.
Essig Holdings plans to build ready-to-go office suites and update the building's amenities. Colliers’ Darcie Lunsford and Caroline Fleischer were tapped to lead leasing and marketing for the property.
LEASES
CenterPoint Properties scored 162K SF of leases at its Airport East Distribution Center in Miami, according to a release.
Boise Cascade, a building materials supplier for the residential and commercial construction industry, signed a 102K SF deal and outdoor furniture company CozyDays signed for 60K SF, bringing the industrial property to full occupancy.
Airport East Distribution Center, at 7000 NW 32nd Ave., is a 381K SF industrial development with 17K SF of office space, 24-foot clear heights, 264 parking spaces, 43 exterior docks and 12 drive-in doors on 19 acres, according to CenterPoint’s website.
Cushman & Wakefield’s Wayne Ramoski, Ivanna Leitner Perez and Skylar Stein represented CenterPoint in the deals. Pro Industrial’s Will Falero represented CozyDays and JLL’s Ken Morris and Sky Groden represented Boise Cascade.
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A healthy meal delivery service is taking 43K SF of warehouse space in West Palm Beach to support its growing Florida business. Ideal Nutrition has agreed to occupy a new warehouse at Prologis Airport Center, a 70-acre business park at 6017-6059 Southern Blvd. Colliers' Scott Weprin represented Ideal Nutrition in the deal while CBRE represented the landlord, Prologis.
THIS AND THAT
Allen Morris Co. launched sales and leasing for office and retail for its Ziggurat mixed-use development in Coconut Grove, according to a release.
The project will feature office, residential and retail components, including the developer's headquarters on a 1.7-acre site at 3101 Grand Ave., where the Espinosa family has operated Coconut Grove Laundry & Cleaners for over 60 years.
The development will include a five-story office building with 100K SF available for lease, a three-story condo complex with 19 luxury residences and 40K SF of retail on the ground floor of both buildings.
One Sotheby’s International Realty will market the residential component, with prices starting at $2.3M.
Cushman & Wakefield’s Ryan Holtzman, Andrew Trench and Brian Gale will manage office leasing along with The Allen Morris Co.’s Thad Adams. Vertical Real Estate’s Daniel Cardenas and Michael Sullivan will handle retail leasing.
PERSONNEL
JLL’s Hotel & Hospitality Group brought in Kristina D’Amico as vice president for its hotel asset management team based in Miami, according to a release.
D’Amico will be responsible for client service delivery and portfolio growth in the Southern U.S., Latin America and the Caribbean. She has 14 years of experience and comes to JLL from HVS Consulting & Valuation in Miami, where she conducted valuations exceeding $5B in hospitality-focused real estate.
