The Deal Sheet
Investors are looking high and low for South Florida multifamily (check your couch cushions), but are especially keen to buy recently renovated properties in infill locations, according to CBRE first VP Calum Weaver.
Calum recently repped the seller of the Boutique, a fully renovated, 43-unit property at 8000 NE Bayshore Court in Miami that's fully occupied. Bar Invest Realty LLC acquired the property from Boutique at Bayshore LP for an unspecified price. It consists of 36 studio units, six one-bedroom units, and one two-bedroom unit. Calum tells us that strong market fundamentals continue to attract a significant domestic and foreign private capital in Miami-Dade. The Boutique was a good example of that investors looking for made-over infill, which Calum says attracted "significant investor interest."
Sentry Data Systems moved its corporate HQ to the repositioned 800 Fairway office building in Deerfield Beach. Sentry, a pharmacy procurement management specialist, signed a 21k SF, five-year lease for top-floor office space at the property. Stiles Realty director Madelayne Garcia and broker associate Tom Kates repped both the owner and tenant in the deal. Other new tenants have renewed or expanded at 800 Fairway recently for a total of over 37k SF. Besides Sentry, the property's newest tenants are software provider Compass Plus Ltd and attorney Jonathan Brooks.
Fanatics Mounted Memories, the memorabilia and collectibles division of online retailer Fanatics, leased 179k SF of industrial space at Sawgrass International Corporate Park at 251 International Pkwy in Sunrise. Stiles Realty's Norm Adams repped Fanatics in the sublease transaction, while CBRE's Tom O'Loughlin repped the sublessor. The deal follows Fanatic's recent 15k SF HQ lease at the Plaza at Las Olas in downtown Fort Lauderdale. Fanatics powers the e-commerce sites of all major professional sports leagues.
Atlantic Pediatric Partners (APP) leased 4,600 SF at 4701 N Federal Highway in Lighthouse Point. CRE Rauch, Lupo, Robertson & Co repped the tenant as well as the landlord, South Florida Business Ventures III. APP is an eight-office regional pediatric medical practice throughout Florida. The new facility will be home for four of the 25 physicians in the practice, with occupancy scheduled for December.
Demeetree Real Estate Services, a private investment group out of Orlando, tapped the Miami office of Taylor & Mathis of Florida as leasing agent for Douglas Centre, a 198k SF office building in Coral Gables. T&M managing director of leasing John O'Neil will spearhead leasing efforts for the building, which is currently 74% occupied. The 12-story office building at 2600 Douglas Rd has an attached eight-story parking garage with visitor parking, an on-site cafe and Bank of America retail branch. Demeetree purchased the office building late last year and is planning capital and cosmetic improvements to the building.
Abbey Park Retail Center, a new 17k SF strip center at 5096 Forest Hill Blvd in West Palm Beach, traded hands for more than $2M. Avison Young principal Jonathan Satter, repped the seller, Forest Hill Partners LLC, with Avison Young VP David Duckworth repping the buyer, Investments Limited. Occupancy at the center is currently 50%.
Wharton Equity Partners took title to one of the largest remaining undeveloped parcels of land in the Miami CBD, a full city block comprised of about 2.2 acres. It acquired the property through a deed in lieu of foreclosure on a note that Wharton Equity purchased from IberiaBank earlier this year. The note was acquired with an institutional partner in an all cash deal. Known as the "Burdines Site," the property was approved for a 2.2M SF mixed-use project designed by Pei Partners (IM Pei) and Miami-based Oppenheim Architecture+Design. The prior approval included residential, hotel, retail, and office components as part of the project.
Healthcare Trust of America Inc. acquired six on-campus medical office buildings in South Florida for about $63M. The MOBs total over 428k SF and are located in the Miami-Ft. Lauderdale-West Palm Beach markets. They're all located on-campus with hospitals affiliated with Tenet Healthcare and were about 88% occupied at closing. The investment is anchored by the Victor Farris Medical Office Building, a 153k SF MOB in West Palm Beach, which is 86% occupied. The property is on the Intercostal Waterway and is the only MOB attached to the Good Samaritan Hospital.