This Week's South Florida Deal Sheet: Miracle Marketplace Sells For A $30M Loss
Chicago-based Heitman sold the Miracle Marketplace retail property for $62M, $30M less than what the company bought it for in 2013.
The buyer, an entity tracing to South Florida-based IMC Equity Group and Alan Lipton, secured the retail center with new debt of $42.5M from Pacific Coast Bankers' Bank that matures in November 2034, according to the Vizzda database.
The six-story building at 3301 Coral Way is leased to Burlington, DSW, Marshalls, Five Below, PetSmart, Hooters, Nordstrom Rack and LA Fitness. The property was built in 1989 on 3.5 acres.
SALES
Elion Partners bought a portfolio of four industrial properties in Broward County from Blackstone's Link Logistics for a total price tag of $205.5M, according to public records compiled by Vizzda.
The Miami-based investment firm bought the first property, Western Marina Business Center, for $102.6M. The 22.5-acre site at 13800-13900 NW Second St. has 24-foot clear heights, three drive-in bays, nine exterior dock doors and 150 standard parking spaces, according to LoopNet.
Elion also bought Sawgrass Center at 13801-13807 NW Fourth St. in Sunrise for more than $15M, the International Center at 800-900 International Parkway in Sunrise for $49.6M, and the Sunrise Distribution Center for almost $38M.
THIS AND THAT
Switzerland-based Empira Group announced its plans for a new residential community in Brickell named The Perrin at 244 SW Ninth St.
The project, expected to break ground at the beginning of 2025, will rise 26 stories with 310 residential units ranging from studios to three-bedrooms. Amenities include a rooftop Zen garden and tearoom, a pool with cabanas and grilling stations, a fitness center and yoga room, coworking and entertainment spaces, and more than 2K SF of retail on the ground floor, according to a press release.
Originally referred to as Empire Brickell, the site was purchased by Empira in partnership with Grand Peaks Properties for $21.5M, The Real Deal reported. The original plans for the projects consisted of construction starting this year and delivering in 2026, but it was delayed due to a slowed permitting process.
Grand Peaks is no longer involved with the development, an Empira spokesperson confirmed to Bisnow.
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International Workplace Group, which owns Regus and other coworking brands, is planning to open 33 new locations throughout the Sunshine State, five of which would be in South Florida.
The spaces, which will be managed in partnership with the buildings' owners, are expected to open between now and the beginning of 2027, the South Florida Business Journal reported. The largest, at 21K SF, would be an HQ at 951 W. Yamato Road in Boca Raton.
IWG plans to open new Regus locations at 1895 Tyler St. in Hollywood, 800 Douglas Road in Coral Gables, 7752 NW 72nd Ave. in Medley and 730 NW 107th Ave. in unincorporated Fontainebleau by the Miami International Airport.
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Atlantic Pacific Cos. has changed the name of its workforce housing development in Overtown from Atlantic Station to Atlantic Square.
The Miami-based developer began construction on the project last year and expects to deliver 616 apartments, 360 of them at discounted rents for the local workforce, in the middle of 2025. Atlantic Square will also feature a community lounge, a dog park, two pools, a fitness center and 25K SF of retail and dining options on the ground floor.
Atlantic Pacific says the development, close to stations on the Metrorail, Metromover and Brightline trains, is Miami’s largest mixed-income transit-oriented development.
A new members-only lounge and restaurant from Tao Group Hospitality is opening on the top two floors of 830 Brickell.
Developers OKO Group and Cain International tapped the Noah Tepperberg and Jason Strauss-led group to open Miami Members Hospitality in the just-opened skyscraper in Miami's financial district, which counts Ken Griffin’s Citadel, private equity firm Thomas Bravo and law firm Kirkland & Ellis as tenants.
The first project for the joint venture of Tao and OKO is a Mediterranean restaurant and members-only lounge set to open in 2025 atop the 724-foot office tower. The project will cater to business professionals and residents with complimentary dining and social experiences, Profilemiami reported.
Tao also operates Hakkasan and Casadonna in Miami, as well as nightclubs and restaurants around the world.
PERSONNEL
Miami-based real estate investment, development and design firm LD&D welcomed two new executives to the team.
Dylan Margolin was hired as vice president of investments, and Paul Hess joined as vice president of development. Margolin previously worked at Miami Beach-based W5 Group, where he led acquisitions across residential asset classes, and J.P. Morgan. Hess previously worked for the OKO Group in New York City and moved to Miami in 2023, and before that he worked for Quarterra Group, Lennar’s multifamily development subsidiary, for five years.
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Colliers welcomed Michael Osiecki as its new South Florida-based vice president out of its Boca Raton office. Osiecki has 10 years of experience.
CONSTRUCTION AND DEVELOPMENT
Construction has wrapped up at a 227-unit affordable senior community in Cutler Bay named Sol Vista.
MRK Partners and Cypress Equity Investments co-developed the eight-story property at 11251 Caribbean Blvd., and ANF was tapped with its construction. The complex is designed to cater to seniors aged 62 and older who earn no more than 60% of the area median income.
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Foundry Commercial began construction on two industrial warehouses in Miami and Boynton Beach.
It broke ground on the $32M Carrie Meek International Business Park Phase 4 in Opa Locka, with two buildings spanning 375K SF. Foundry leased the site from the Miami-Dade Aviation Department.
The Orlando-based developer also started work on the two-building, $34M Egret Point Logistics project in Boynton Beach. The 32-foot-clear-height buildings span 223K SF and 234K SF.
Fort Lauderdale-based Miller Construction Co. is serving as general contractor and plans to hire from the Miami-Dade Small Business Enterprise and Community Workforce programs.
