After roughly a decade working for one of the world's largest real estate asset managers, Charles Russo is joining a South Florida brokerage specialist.
Blanca Commercial Real Estate has named Russo, a senior director at Nuveen, managing director of asset management in a broader effort to expand the company’s reach beyond traditional brokerage and property management services, according to a release.
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In his new role, Russo will lead investment advisory and consulting efforts, advise on investment decisions, oversee asset repositions and aid investors in executing long-term business plans.
Russo is coming off eight years with Nuveen, where he oversaw an $8.5B portfolio spanning 12M SF. He served as the Southeast regional head and senior director between 2017 and 2024 and asset management lead and senior director for the East region through 2026, according to his LinkedIn profile.
Before Nuveen, Russo also worked for private equity giant The Carlyle Group, luxury retail real estate firm Thor Equities and Morgan Stanley, where he started as a financial analyst.
Blanca Commercial Real Estate, led by Tere Blanca, is among the most prominent brokerages in South Florida, with three offices and roughly 60 employees.
The brokerage — which has been tapped to lease for one of Miami’s most anticipated new office buildings — has completed more than 17M SF of leasing and sales transactions. Blanca claims more than 30% market share of Miami-Dade County’s Class-A and B office leasing transactions since 2016, according to the release.
Russo's track record as an institutional asset manager positions Blanca to represent more of the wealthy investors planting flags in Miami.
SALES
Grover Corlew purchased a 21-story Fort Lauderdale office tower from an affiliate of Banyan Street Capital for $69.7M, according to property records provided by Vizzda and a release.
BridgeInvest provided Boca Raton-based real estate investor Grover Corlew with $63.4M in financing for the acquisition.
JLL’s Hermen Rodriguez and Ike Ojala handled the transaction, and JLL’s Paul Stasaitis served as the debt broker.
The price is 14.5% less than the $81.5M Banyan paid in 2017 for the 227K SF office at 200 E. Broward Blvd.
Grover Corlew plans $20M in improvements over the next two years to modernize the elevators and the lobby, add a new amenity deck, gym, and conference facilities, and upgrade tenant finishes in the property, which was built in 1991.
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An entity tracing to CP Group sold a 286K SF Boca Raton office building to an affiliate of Golden East Investors for $78.8M, according to property records provided by Vizzda.
City National Bank of Florida provided new debt of $82.1M for the transaction.
One Boca Place is a four-story building at 2255 Glades Road built in 1985. In a TCRE marketing brochure, both CP Group and Golden East Investors are listed as the building’s owners.
There has been nearly $9M in capital improvements in the building since 2018, and it includes a conference center and event space, a gym and a café on-site, according to the brochure.
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Related Ross made its second venture into Boca Raton’s office market with the $64M purchase of two two-story offices at 5201 Congress Ave., according to property records provided by Vizzda,
An affiliate of Mainstreet Capital sold North 40, built in 1984. The deal was completed with a $60.9M loan from City National Bank of Florida.
The site is located across Yamato Road from the Boca Raton Innovation Campus, the former IBM campus where the personal computer was invented. Related acquired the 124-acre property in September for its first foray into the city.
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An affiliate of Boston-based hedge fund Hill City Capital closed its bankruptcy auction purchase of Spirit Airlines’ former headquarters, according to property records provided by Vizzda.
The property sold for $83.9M, according to the deed filing. Hill City won the Aug. 11 auction with a $93.5M bid, but that price also covered other, nonreal estate assets on the campus and closing costs.
The deal is a significant discount from how much Spirit valued the property in its bankruptcy filings, which listed the value of the land at $33M and the four buildings — made up of a 180K SF, six-story office building, an amenity building, an in-flight and flight operations training facility, and housing for up to 400 visiting workers — at $288M. The apartments weren't included in the sale.
Hill City entered as the $88M stalking horse bidder for the 8.3-acre complex in Dania Beach — which went up after Spirit filed for bankruptcy in 2024 and shut down in May — and won the auction after beating a rival bidder.
Eastdil Secured Savills Managing Director Matthew DeAtley marketed the headquarters on behalf of Spirit's bankrupt estate.
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An affiliate of Brookfield Asset Management sold two Hampton Inns in Palm Beach County to an entity tracing to Brasswater for $48M, according to property records provided by Vizzda.
Brasswater spent $29M on the Hampton Inn & Suites Boynton Beach, a 164-unit, two-building hotel at 1475 W. Gateway Blvd. The 102K SF hotel was built in 1997 and 2001. Brookfield also sold the 110-unit Hampton Inn West Palm Beach Florida Turnpike at 2025 Vista Parkway. The 68K SF hotel was built in 2001.
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An entity tracing to Urban Edge purchased the 142K SF Regency Court community shopping center in Boca Raton for $90.3M, according to property records provided by Vizzda.
An affiliate of Invesco was the seller of the Publix-anchored, three-building complex at 3003 to 3013 W. Yamato Road, which was built in 1992. Other tenants include Walgreens, TooJay's, Evelyn & Arthyr, Dunkin', Chase, Citibank, Wells Fargo and Vinny's Cafe, according to information listed on LoopNet.
FINANCING
Driftwood Capital, MV Real Estate Holdings and Merrimac Ventures landed a $145M construction loan from Centennial Bank for the Riverside Wharf, a $350M mixed-use project in Downtown Miami with a 167-key Dream Hotel, according to a release.
The 200K SF Riverside Wharf will comprise two nine-story towers at 114 SW North River Drive designed by Cube 3 Architects. Plans include a 30K SF nightclub, a rooftop pool day club, a 12K SF event hall and 16K SF of restaurant space. The project will have a publicly accessible waterfront walkway as well as a private marina.
Construction, with Moss Construction serving as the general contractor, is expected to be completed in fall 2028.
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The Graham Cos. landed an $85M loan from State Farm Life Insurance Co. to refinance a 644K SF industrial flex, showroom and warehouse portfolio in Miami-Dade County, according to a release.
The 17-asset portfolio spans four business parks in Miami Lakes.
Northmarq’s Miami debt and equity team, led by Bob Harrington and Jeff Robertson, arranged the fixed-rate financing structured on a five-year term. The team closed the deal in less than 50 days, according to the release.
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