The Deal Sheet
Investors crave Florida retail, especially assets they can reposition, says Shopping Center Group investment sales director Anthony Blanco. That’s because new development has been slow to break ground. (In the North, they can say the ground is frozen—what's our regionally accurate excuse?)
Anthony, based in Miami, recently repped Weingarten Realty as it sold 112k SF Lake Washington Square in Melbourne and the 20k SF St. Lucie Square in Port St. Lucie. Lake Washington Square was built in 1982 and renovated last year to accommodate a new LA Fitness, along with Tuesday Morning and Dollar General. The property, Anthony says, is one of many former grocery-anchored centers in the state to be re-tenanted. (Hopefully they left some pints of ice cream behind.) Fort Lauderdale-based SunCap Fund purchased it for an undisclosed sum. In the Port St. Lucie deal, Westwood Financial sold St. Lucie Square to a private investor repped by the Allen Morris Co for $3.7M.
Miami-based Atlantic/Pacific Cos acquired Townview Station (pictured) and Clifton Apartments, both in Atlanta. The 277-unit Townview Station is in Atlanta’s Midtown submarket, while the 214-unit Clifton Apartments is near Emory University and the CDC. A/P Cos plans to make capital improvements to both properties, including enhancements to common amenities, as well as upgrades within the units. Atlantic/Pacific Management will manage both properties.
Seaboard Marine inked a more than 267k SF renewal for 10 years, including a 64k SF expansion, at Prologis Palmetto Tradeport in Medley. Seaboard Marine is PortMiami’s largest cargo operator and freight transportation company, serving over 40 ports in 25 countries. JLL SVP Jonathan Kingsley repped Seaboard Marine, while Cushman & Wakefield executive director Brian Smith repped Prologis.
CFLB Partnership LLC bought the hotel at 551 Fort Lauderdale Beach Blvd in Fort Lauderdale from 551 North FLB Marketing for $115M plus the closing of a $120M loan from Ladder Capital Finance. Hinshaw & Culbertson’s Steven Cronig, a partner at the Coral Gables office, repped the buyer. The property was formerly the Trump International Hotel and Tower, but in late 2010, Trump said he was no longer affiliated with the project. The unfinished condo-hotel was sold in 2012 in a foreclosure auction. The purchaser plans to renovate the property, which will then be operated by Hilton as a Conrad Hotel. There will also be 290 condo units for sale at the building.
Windhaven Insurance leased more than 31k SF at 8550 NW 33rd St in Doral, and will relocate its HQ to the property in Q2. The insurance company will occupy more than half of the 59k SF building, with office space on the third and fourth floors. Blanca Commercial Real Estate repped both the landlord and the tenant, with Tere Blanca acting as the designated agent for Windhaven Insurance, while Danet Linares and Andres del Corral were the designated agents for the building owner.
Wood Partners broke ground on Alta Dadeland on SW 72nd Ave, a $128M mixed-use development with 431 apartment units, 663 parking spaces, and 2,000 SF of retail space next to the Dadeland Mall. Designed by EDI International, the property will include two towers connected by a pedestrian bridge. Building One will be a nine- to 12-story courtyard building with 312 residential units, while Building Two will be a nine-story, 119-unit building. They will be completed by late 2015.
Gone! What you don’t see in this picture is 25k SF of old docks along with 750 support pilings. Crews recently finished removing them, and are now at work on a new seawall and both the floating and fixed docks for the Marina Palms Yacht Club & Residences in North Miami Beach, the first yachting residential project in Miami-Dade in 20 years. The marina will have 112 slips and will accommodate yachts up to 90 feet in length. Last fall, work began on the project’s north condo tower.
Behringer Harvard Multifamily REIT I started work on the 481-unit Edge at Brickell, a new 418-unit multifamily property in the Brickell submarket. The 2.4-acre site is at Southwest Second Ave and 13th St (Coral Way), and will include eight floors of residential and common space and eight levels of parking. Equity capital for the construction was provided by the REIT and by Monogram Residential Master Partnership I LP, which is a JV between the REIT and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds.
Work has been finished and sales started at Terrazas Miami, a 324-unit condo development at 1861 NW South River Dr on the Miami River. The property includes one-, two- and three-bedroom units, lofts, townhomes, and penthouses in two towers.
The Spam Allstars (we wish we’d thought of that name) entertained at the recent kickoff party for the Astor Cos’ InTown, a condo development in Little Havana. The 320-unit project is slated to rise at 1900 SW 8th St, with an expected completion in early 2016.