Blackstone Offloads Industrial Site In Opa-Locka: The South Florida Deal Sheet
Blackstone’s Link Logistics affiliate sold off yet another industrial property, this time an Opa-Locka development site to TA Realty for $106M.
Boston-based TA Realty purchased the nearly 44-acre parcel at 12691 NW Le Jeune Road, where plans call for 742K SF of industrial space across six buildings and a 74K SF office, according to property records from Vizzda.
The project, phase two of Ironwood Commerce Center, was originally slated to start construction in the second half of 2023, the South Florida Business Journal reported.
Link sold phase one of Iron Commerce Center, four warehouses at 12700 NW 42nd Ave. developed in 2022, to an affiliate of TA Realty for $160M in December.
Gramercy Property Trust purchased the site, which used to be the site of the Opa-Locka Hialeah Flea Market, as part of a 72-acre deal in 2017, SFBJ reported at the time. Blackstone then purchased Gramercy in 2018 and rebranded it as Link Logistics.
Blackstone’s sale follows its disposition of the Airport Trade Center, a more than 370K SF industrial portfolio, to East Capital Partners. In April, its industrial subsidiary sold a three-building portfolio to Ares Management for a combined $120.5M.
SALES
SantaFe Healthcare sold its 403-unit retirement community in Cutler Bay to not-for-profit Garden Healthcare for $24M, according to records provided by Vizzda.
Garden Healthcare purchased the 42-building community at 19301 SW 87th Ave. with a $36M loan from New York-based Dime Community Bank.
The East Ridge at Cutler Bay community, built in 1961 on 76 acres, totals 274K SF. The community has one- and two-bedroom units ranging from 850 SF to 1300 SF, according to its website.
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Entities tracing to Terra Group and Frisbie Group purchased land in Palm Beach that used to be a greyhound racetrack owned by the Palm Beach Kennel Club for $21M, according to records provided by Vizzda.
The purchase for 1111 N Congress Ave. was made with a new loan of $16M from City National Bank of Florida. The 16 acres have proposals for a 400-unit multifamily development, Westgate Gardens, in 13 three-story buildings and a clubhouse. Eighty of the units will be designated as workforce housing.
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An entity tracing to Foundry Commercial purchased land in Pompano Beach in partnership with Crow Holdings for $23M, according to property records provided by Vizzda.
The seller, an entity tracing to Criterion Group, purchased the 10-acre parcel for $16M in 2021. The vacant land was used as overflow parking for Festival Marketplace Mall, which permanently closed on May 31, The Miami Herald reported.
The land has proposals for a Criterion Outdoor Storage with a 36K SF industrial warehouse and a nearly 7K SF, two-story office building with 60 parking spaces.
CONSTRUCTION AND DEVELOPMENT
Gilbane Development Real Estate Development and Palm Beach Atlantic University entered into a $240M public-private partnership to build new student housing, according to a release.
The partnership will bring a 25-story, mixed-use student residence hall with 275 units at the intersection of Dixie Highway and Acacia Road in downtown West Palm Beach.
In addition to the proposed 319K SF tower, Gilbane will also build a 28K SF dining facility, a 14K SF fitness center, and a student recreation center. and a parking garage with 704 spaces.
Construction is expected to begin this summer with a target completion in August 2027.
FINANCING
Kushner Cos. and PTM Partners secured an $87.3M mortgage to refinance the 420-unit 2000 Biscayne multifamily building in downtown Miami, according to a release.
Corebridge Financial provided the refinancing for the 36-story residential tower at 251 NE 20th St., which delivered in July last year. Amenities for the development feature coworking areas, a gym, spa, game room, children's play area, pet spa and a dog park. The property is 75% leased.
A Walker & Dunlop team of Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Jordan Casella, Christopher de Raet and Stanley Cayre advised the transaction on behalf of the borrower.
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GFO Investments, led by Russell and Marisa Galbut, landed a $54M construction loan from Ocean Bank to build a Whole Foods in Miami Beach, Commercial Observer reported.
GFO affiliate Crescent Heights purchased the 1.3-acre property from Wells Fargo Bank for $15M, according to property records provided by Vizzda. Wells Fargo signed a 15-year lease to take 4K SF in the new, 53K SF development alongside a 41K SF Whole Foods and a 271-space parking garage at 1901 Alton Road.
MILESTONES
Housing Trust Group and Mount Hermon AME Church opened the doors at their affordable multifamily development in Fort Lauderdale for renters 62 and older, according to a release.
The 104-unit project at 750 NW Fourth St. is reserved for seniors earning between 25% and 60% of the area median income. Rents range between $433 to $1,422 a month.
Across seven stories, the community holds a gym, a clubroom and on-site services with 24-hour assistance and adult literacy training. It also provides support for housekeeping, grocery shopping and laundry.
PEOPLE
Pinnacle named Max Cruz as its new CEO of its affordable housing division.
Cruz was the chief operations officer at Premium Development Inc. USA. He has more than 25 years of experience and has entitled, developed and overseen the construction of more than 3,200 rental homes in Florida and more than $5M in rental financing, according to a release. His responsibilities in the new role will be executing the continued growth of Pinnacle’s affordable housing platform.
