Tishman Speyer Drops $125M On Boca Raton Apartments: This Week's South Florida Deal Sheet
A 270-unit Boca Raton multifamily complex sold for more than $100M.
New York-based Tishman Speyer purchased the Bell at Broken Sound from Bell Partners for $124.5M, according to property records provided by Vizzda.
The complex at 5500 Broken Sound Blvd. NW is part of a 700-acre community dubbed The Park at Broken Sound. It features 12 three-story buildings comprising 180 apartments and 90 townhomes. The one-, two- and three-bedroom units range between 807 and 1,710 SF priced at $2,279 to $4,245 a month, according to Apartments.com.
CBRE's Robert Given, Zach Sackley, Troy Ballard and Michael Mulkern brokered the deal and CBRE Multifamily Capital provided a $78M loan for the acquisition, Commercial Observer reported.
Bell Partners purchased the property in 2020, shortly after its completion in 2018, for $94M, Commercial Observer reported.
This is one of the first South Florida sales for Bell Partners after the company acquired apartments in Kendall in December and another complex in Miramar in November last year.
SALES
Miami-based Galium Capital sold the 77K SF Palm Square retail center in Pembroke Pines to an affiliate of JBL Asset Management for $25M, according to a release.
The retail center sits on 8 acres at 10251 Pines Blvd., with tenants like Dunkin’, Sherwin-Williams and KFC making it 94% occupied.
The deal was brokered by a Marcus & Millichap team of Kirk Olson and Drew Kristol.
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Texas-based River Oaks Properties purchased a two-story retail building in Miami’s Design District from an affiliate of Harbor Group International for $27M, according to a release.
The 5,875 SF retail property at 111-115 NE 40th St. is 100% leased to footwear brand Birkenstock and luggage brand Rimowa.
Inhouse Commercial's Jordan Gimelstein represented Harbor Group International and Pegasus Investments Real Estate Advisory Inc. represented River Oaks in the deal.
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A Dalfen Industrial entity bought a Miami Lakes warehouse from an affiliate of Sagard Real Estate for $30M, according to property records provided by Vizzda.
The 192K SF warehouse, with 17K SF of office, at 5770 Miami Lakes Drive, was built in 1977 on nearly nine acres.
LEASES
The State of Florida signed two leases at Sawgrass International Corporate Park in Sunrise totaling 40K SF, according to a release.
The Florida Department of Financial Services signed on for 21K SF and the Florida Department of Revenue signed on for 19K SF. The government agencies are expected to move in 2026 to 789-799 International Parkway.
CBRE’s Gordon Messinger represented the landlord, MG3 Group, in the deal.
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London-based insurance group Howden leased 23K SF at 600 Brickell World Plaza, according to a release.
A Colliers team of Jonathan Kingsley, Zach Smith, Jodie Poirier, Ian Gilbert and Bob Rosenthal represented Howden. Elm Spring’s Ilene Munoz represented the landlord, Brickell Holdings LLC.
600 Brickell World Plaza is a 40-story, 1M SF office building that Foram Group developed in 2011. The building features a gym, a conference center and parking across 11 floors.
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Tourmaline Capital Partners and Monarch Alternative Capital landed nearly 48K SF of leases at 801 Brickell, according to a release.
Popular skincare brand Galderma, which announced it was moving its headquarters to Miami in June, signed on for 19K SF on the 22nd floor. Data security company Varonis signed on for 18,358 SF on the 11th floor. The final two leases secured were MS Reinsurance with 7,709 SF and Walker & Dunlop with 2,864 SF.
Stephen Rutchik and Tom Farmer represented Tourmaline and Monarch in the four new leases at 801 Brickell Ave.
For the larger tenants — Stream Realty’s Shay Pope and Carlyle Coffin represented Galderma and Newmark's Clay Sidner and Jeremy Hakala represented Varonis. In the smaller leases, Colliers’ Kevin Gonzalez represented MS Reinsurance and CBRE’s Keith Edelman and Scott Goldstein represented Walker & Dunlop.
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International restaurant group Amazónico opened a new restaurant inspired by the Amazon across three floors at 800 Brickell Ave., according to a release.
The 20K SF lease covers the restaurant, rooftop bar and a nightlife concept. The cuisine is a fusion of Latin American and Amazonian influences.
This is the first U.S. location for the restaurant, which originated in Spain and later planted locations in Madrid, London, Dubai and Monte Carlo.
The landlord, Gatsby Florida, in partnership with Darryl R. Kaplan Co., acquired the property in 2019 for $125M.
Colliers brokers represented both the tenant and the landlord — Jonathan Carter represented the landlord and Jenny Gefen represented the tenant in the deal.
CONSTRUCTION AND DEVELOPMENT
Metropica Development LLC broke ground on the first phase of the Metropica mixed-use project in Sunrise, according to a release.
Along with the 900 apartment units, the first phase will feature a retail plaza with 150K SF of restaurants and entertainment with a hotel. The $2B master plan for Metropica includes 3,000 residential units, 650K SF of office, 485K SF of retail and two hotels on a 50-acre site at 2000 Metropica Way.
FINANCING
Miami-based Ciprés and South Florida developer Rilea Group landed a $90M construction loan for The Rider Residences, according to a release.
Mexico-based Banco Inbursa provided the loan for the 12-story, 146-unit project slated for completion in 2027 at 94 NE 29th St. The project, which will also feature 11K SF of retail, broke ground in February.
The residences will range between 386 and 1,612 SF and sell for $500K to $2.5M. Amenities include a rooftop pool, a restaurant and a speakeasy with private elevator access, private offices for sale, a pet spa and a fitness center.
