The Deal Sheet
Flower importers need space, and they need it now. (Valentine's Day is only 99 days away, and you better not forget again this year.) Near MIA is ideal, according to CBRE VP Devin White, since quick access to Latin American flower-producing regions is critical for US growers and importers.
Recently Devin and colleagues David Albert and Andrew Lehrer repped Continental Flowers, which grows and imports flowers from Latin America, in its purchase of 3.3 acres of industrial-zoned land in Miami International Commerce Center at 8101 N 21st St in Doral for more than $3M from Jerry Severson, a private owner from North Dakota. The company, which currently occupies 18k SF at 8175 NW 31st St, plans to build a first phase of 35k SF at the new site, with the ability to build 30k SF more. According to Devin, the deal follows the trend of floral companies looking to expand their business and gain greater market share. (You'll be able to tell your grandkids you were in the trenches during the famous Floral Wars of 2013, the second War of the Roses.) CBRE first VP Michael Silver repped the seller in the transaction.
Harbour Pointe Villas and Docks, a 34-unit apartment building with six boat slips in Fort Lauderdale, traded hands for more than $9M. Marcus & Millichap SVP Evan Kristol and Still Hunter III and VP Joseph Thomas repped the seller, an LLC from Encino, Calif. The buyers, private investors from Belgium, were repped by the same three, as well as their colleague Adam Duncan. The previous owner significantly renovated the property with the intention of converting to condos, so with the exception of the original three-story concrete structure, almost every other part of the complex was upgraded or replaced.
Crown Wine and Spirits, a 8,200 SF net-leased property at 1645 Cordova Rd in Fort Lauderdale, sold for more than $2M. Marcus & Millichap first VP Marc Strauss repped the seller, a Deerfield Beach LLC; he also repped the buyer, an LLC from Fort Lauderdale. Crown has been a tenant in the building for 14 years and this particular location ranks as one of the company's top sales-producing stores. Marc says that the property received a lot of investment interest due to its location near the Port Everglades cruise ship terminal and its proximity to Winn-Dixie and other retailers.
The 40k SF property at 1501 SW FAU Research Park Blvd traded hands for an unspecified price. The office building and adjacent six-plus acres are located at the Research Park at Florida Atlantic University in Deerfield Beach. The buyer, People's Trust Insurance Co, plans to use the building as its corporate HQ with the land as future expansion space. Avison Young principal Keith O'Donnell and associate Jonathan Senn repped the seller.
Beacon Square, a 160k SF office building at 8051 Congress Ave in Boca Raton, sold for an unspecified price. The buyer, SBA Communications Corp, plans to use the building as its corporate HQ following renovation. The property is a four-story, class A building that features an open layout, hurricane-resistant windows and a dining facility. Studley EVP Gregory Katz repped SBA, while Avison Young principals Keith O'Donnell and Greg Martin, and associate Jonathan Senn, repped the seller.
Scanning & Storage signed a lease for 32k SF of industrial space at Quiet Waters Business Park at 750 South Powerline Rd in Deerfield Beach. CBRE repped both the landlord and tenant. Quiet Waters is a 46-acre business park featuring 670k SF of showroom, warehouse/distribution, light manufacturing, and office service space. It has direct access to I-95, Turnpike and Sawgrass Expressway.
The Cheese Course, a Euro-style cheese shop and bistro, opened in Southeast Financial Center in downtown Miami. The retailer occupies 1,500 SF of space in the office tower's retail plaza, offering over 150 artisanal cheeses imported from dairy farms all over the world, as well as specialty wines, bistro sandwiches, and salads. The restaurant has indoor and outdoor seating at the recently renovated plaza. Cushman & Wakefield senior director Greg Masin repped Southeast Financial Center in the lease.
In separate deals at the Southeast Financial Center, Marsh USA, an international insurance broker, expanded by 2,450 SF and signed a long-term lease renewal for a total of nearly 18k SF. Porsche Latin America Inc expanded by 2,200 SF and extended its term and total space to 8,000 SF. Temenos US, a Switzerland-based banking software company, expanded by 2,950 SF and extended its term and total space to 3,900 SF. JLL SVP Donald Cartwright and VP Nichole Vassilaros repped the landlord in the deals.
Hospital Physician Partners (HPP) inked a 55k SF renewal and expansion at Venture Corporate Center in Hollywood. A tenant since 2010, HPP nearly doubled the size of its offices in the deal. The expansion brings the 252k SF Venture Corporate Center to over 90% leased. Donna Korn of Taylor & Mathis repped owner MetLife, while co-broker Tony Jones of Cushman & Wakefield repped the tenant.
Mission Capital Advisors arranged $19M in financing for the construction of Sage Beach, a 24-unit oceanfront condo development in Hollywood, on behalf of Property Markets Group. Mission Capital managing director Jordan Ray, managing director Jason Cohen and director Ari Hirt handled the deal. Designed by architect Carlos Ott, Sage Beach is being developed using buyers' deposits to help fund part of the construction costs. Property Markets Group is using the same condo deposit model for two other Ott-designed Florida condo developments: Echo Aventura and Echo Brickell. Mission Capital recently arranged a $106M construction loan for Echo Aventura and a $22.5M land loan for Echo Brickell.