Blackstone's industrial arm is still cashing in on its South Florida assets.
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Link Logistics sold the Lakeview Center industrial and business park in Fort Lauderdale for $57M to BKM Capital Partners and Kayne Anderson Real Estate.
BKM and Kayne are rebranding the 210K SF park at 2201 to 2385 Stirling Road to Stirling Landing. The park, which spans seven buildings and 18 units, is 97% occupied.
Cushman & Wakefield’s Rick Brugge represented the seller.
This isn't the first deal between the three companies. BKM and Kayne paid Link $1.8B in June for 51 multitenant properties across California, Georgia, Texas and Washington.
The deal comes after a summer selling spree by Link. It sold a nine-property portfolio in Broward to Dalfen Industrial for $95M in June and another 38-building portfolio in Austin, central Florida, Charlotte, Dallas and Phoenix to Atlanta-based Stonemont and Los Angeles-based PCCP in July.
Also in July, Link sold a 383K SF warehouse in Deerfield Beach to J.P. Morgan Asset Management for $65M and a 17K SF warehouse in Massachusetts to Stockbridge Capital Group for $45M.
SALES
Publix Super Markets continued its real estate buying streak, picking up a Miami shopping center for $83.2M, according to property records provided by Vizzda.
Maryland-based First Washington Realty sold Airpark Plaza at 5705 NW Seventh St. to its grocery anchor.
The 204K SF shopping center spans seven buildings built between 1971 and 2004. Besides Publix, tenants include Burlington and Alain’s Design Furniture.
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An entity tracing to NAI Merin Hunter Codman sold a 98K SF office to an affiliate of Massachusetts-based Brookwood Financial Partners for $20.5M, according to property records provided by Vizzda.
The four-story International Place II at 1580 Sawgrass Corporate Parkway in Sunrise was built in 2000. With a typical floor size of 23K SF, it has about 5K SF available, according to a LoopNet listing.
Tenants are mainly professional and financial services, including Amwins, Artech Consulting Group Inc., and Brown and Caldwell, according to LoopNet.
PEOPLE
Blanca Commercial Real Estate rehired Mike Nathanson as senior vice president to expand its office leasing business to Broward and Palm Beach counties, according to a release.
Nathanson had been at Workspace Property Trust, where he oversaw leasing and management of a 1.2M SF office and flex portfolio in South Florida. He brings more than 20 years of experience, including working at Blanca CRE as senior vice president between 2016 and 2020, according to his LinkedIn profile.
Nathanson will work out of Blanca’s Fort Lauderdale office at The Main Las Olas.
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Allen Morris Co. hired Emily Byrd as senior associate for brokerage services, according to a release.
In her new role, Byrd will focus on new business development, acquisitions, dispositions, leasing and strategic positioning of commercial real estate assets. She has more than 10 years of experience in commercial real estate and has closed more than $100M in deals after nearly eight years with Compass, according to her LinkedIn profile.
CONSTRUCTION AND DEVELOPMENT
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Swire Properties broke ground on The Residences at Mandarin Oriental in Miami, according to a release.
The developers are building a two-tower residential and hotel development on the site in Brickell Key. The 66-story South Tower is planned to have 228 residences, and in the North Tower, plans include 70 residences, 28 turnkey hotel collection residences and a 121-key hotel across 33 stories.
Sales have already reached $1.7B, according to the release.
Swire imploded the former 23-story Mandarin Oriental hotel on the property at One Island Drive earlier this year to make space for the new project.
There will be 100K SF of amenities, including pools, a spa, a gym, a multi-use court for basketball, pickleball and padel, an indoor golf simulator, a game room and a private screening room. There will also be a business lounge, conference suite, private meeting rooms and coworking space.
FINANCING
JSB Capital landed a $238M bridge loan from Torchlight Investors for a Doral multifamily project that was completed in two phases in 2017 and 2021, according to a release.
The Landmark South spans 641K SF with one-to-three-bedroom residences that average around 1,020 SF. Amenities include two pools, a gym, an outdoor courtyard, a business center and a pet spa.
A Walker & Dunlop team of Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian and Stanley Cayre handled the transaction on behalf of JSB Capital.
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BridgeInvest provided $28M in acquisition and construction financing for a mixed-use project at Miami Worldcenter in Downtown Miami, according to a release.
Vertical Real Estate’s Daniel Cardenas and Michael Sullivan and Brazilian investor Gustavo Agostini took out the loan after purchasing an unfinished three-story retail and office building at 711 N. Miami Ave. from an affiliate of Adam Neumann’s Flow in June for $26.6M, The Real Deal reported.
The loan financed the acquisition and will aid in finishing construction on the 62K SF building and fund the property’s lease-up. Construction is expected to finish this month.
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Fuse Group and Krea Developments landed a $127M loan from Madison Realty Capital for a multifamily development in Fort Lauderdale.
The loan refinances construction debt for the Arcadian at 640 NW Seventh Ave. and will carry the project through lease-up and stabilization, according to a release.
The two eight-story buildings received their temporary certificate of occupancy earlier this year. There are 502 apartments, broken down into studios, one- and two-bedroom units — 151 of which are for households earning between 100% and 120% of the area median income.
Amenities include an indoor pickleball court, two golf simulators, a sauna, a clubhouse, coworking space and a meditation courtyard.
Berkadia’s Scott Wadler, Brad Williamson, Bobby Dockerty and Nicholas Horowitz handled the transaction.
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