This Week's South Florida Deal Sheet: Bell Partners Buys Another Apartment Complex
Bell Partners acquired the Bridges at Kendall Place for $78.5M, its second South Florida purchase in two weeks.
The North Carolina-based multifamily investor purchased the 15.8-acre waterfront apartment complex from the Los Angeles County Employees Retirement Association, with Stockbridge Capital listed as its asset manager. The deal included the assumption of a $26.6M mortgage originally issued by Prudential Insurance Co., according to records provided by Vizzda.
The 228-unit complex spans eight three-story buildings that were built in 2012. Amenities include one-, two- and three-bedroom apartments ranging from 640 SF to 1,440 SF. The complex also features a pool, a business center and a community playground.
The property at 8485 Hammocks Blvd. has since been renamed Bell Kendall West. The deal comes a week after Bell Partners purchased an apartment complex in Miramar from Blackstone for $121.3M.
SALES
The University of Miami bought a shopping center for $68M in three separate transactions, the South Florida Business Journal reported.
The first deal was the purchase of the 85K SF Shops at Civica for $28M from TCD 212 Civica FL Property LLC, managed by Taurus Investments Holdings. In the second transaction, UM bought a neighboring 37K SF parking lot from Civica Phase 2 Property Owner LLC, managed by Peakhill Equity Partners and Congress Group, for $34M.
In the third transaction, the university purchased an almost 5K SF former bank at 1000 NW 14th St. for $6M from TCD 1000 NW 14th St LLC, also managed by Taurus Investment Holdings.
The owners of the properties had filed for several development plans prior to UM's acquisition, but construction never took place, according to the SFBJ. The site is close to the University of Miami Hospital, Sylvester Comprehensive Cancer Center and Jackson Memorial Hospital.
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Next Development Group paid $3.8M for a 36K SF site in Model City it plans to develop with housing under the Live Local Act, according to a press release.
Miami-based Gridline Properties' Alfredo Riascos represented the seller, BCS Capital Group, and Ben Hoffman represented the buyer of the site at 5401 NW Seventh Ave.
Next, in a partnership with nonprofit Tacolcy Economic Development Corp., plans to develop Principio, a workforce housing project that would rise eight stories and include 142 one-, two- and three-bedroom apartments ranging between 630 SF and 1,200 SF, with 40% designated as workforce housing.
Principio is expected to feature 3,500 SF of ground-floor retail, a clubroom, fitness center, coworking space, playground and an outdoor kitchen and lounge. The project has received site plan approval from the city of Miami and the Urban Development Review Board, according to the release.
FINANCING
Related Group and Dezer Development closed on $307M in construction financing from Apollo affiliates for the Rosewood Residences Hillsboro Beach north of Fort Lauderdale, Connect CRE reported.
The 10-story condo project was designed by Arquitectonica and will feature 70 residences and 22 coastal homes ranging between 2,800 SF and 6,400 SF. The development will include a wellness center, a private spa and salon, and two fitness centers. Residents will also have access to a private beach and 11 private boat slips.
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JLL Capital Markets arranged a $102M loan for Seagis Property Group to refinance three distribution centers in South Florida and New Jersey, according to a release.
Seagis landed the financing for the 495K SF industrial portfolio with a seven-year, fixed-rate, interest-only loan from Ohio-based Nationwide.
The South Florida properties were completed over the past two years: an almost 200K SF facility at 1700 Eller Drive in Hollywood and an almost 118K SF warehouse at 8315 NW 27th St. in Doral. The third property is a 178K SF warehouse in Newark, New Jersey. The facilities feature 32-to-40-foot clear heights and truck and car parking.
JLL's debt advisory team was led by Jim Cadranell, Gregory Nalbandian and Michael Lachs.
Electra America and BH Group landed a $125M predevelopment loan for a $1B mixed-use project at Southland Mall in Cutler Bay, The Real Deal reported.
New York-based Tyko Capital provided the financing for the project, dubbed Southplace City Center.
Electra and BH Group plan to build 4,395 apartments, a 150-room hotel, 60K SF of medical space and 150K SF of retail on the 105-acre site at 20505 S. Dixie Highway.
In 2022, Electra and BH paid $100.3M for Southland Mall from a lender who acquired the property through foreclosure. Last year, the town of Cutler Bay approved a site plan for the first phase after the Ross Dress for Less is demolished and moved inside the mall, TRD reported.
LEASES
UHealth Boca Raton has agreed to relocate to 17K SF at 1489 W. Palmetto Park Road, according to South Florida-based Grover Corlew.
The updated property will feature modern office spaces with custom build-outs, hurricane impact windows and open patio areas. The adjacent 88K SF building at 1499 W. Palmetto Park Road was rebranded in 2018, with upgrades to its lobby, restrooms and elevator systems.
UHealth will use the new location to offer its services in cardiology, neurology and dermatology.
THIS AND THAT
Related Group and Rockpoint completed The Highley House, a mixed-use development, in Miami’s Wynwood Arts District, according to a release.
The two-tower property at 2150 N. Miami Ave. features 304 apartment units, 72K SF of office space and 18K SF of retail. The residences range from studios to three-bedroom apartments, and amenities include a sky lounge, pool, private cinema, private dining and wine room, fitness center, game room and podcast studio, according to the release.
The property also features murals by Chase Melendez and Joe Geis and sculptures by Ken Kelleher.
CLARIFICATION, DEC. 3, 12:20 A.M. ET: A previous version of this story did not mention Peakhill Equity Partners as part of Civica Phase 2 Property Owner LLC.
