Bradford Allen Flips West Palm Office To Related Ross: The South Florida Deal Sheet
Related Ross, led by Miami Dolphins owner and billionaire Stephen Ross, isn't stopping its aggressive push to grow its West Palm Beach portfolio, and a Chicago investor just took advantage for a $10M flip.
Related Ross purchased the 18-story One Clearlake Centre office tower for $55.3M, financing the purchase with a $40M loan from City National Bank of Florida, according to property records provided by Vizzda.
Chicago-based Bradford Allen, led by Larry Elbaum and Jeff Bernstein, just purchased the office for $45M in May, a price that represented a 25% discount from what the prior owner, Rockpoint Group, had paid.
Bradford Allen purchased the 221K SF office building when it was 62% leased with plans to upgrade the building’s roof, elevators, conference center, fitness center, tenant lounge and food service.
Representatives for Bradford Allen and Related Ross didn't respond to whether these upgrades to the building took place.
The office, built in 1987 at 250 S. Australian Ave., now joins Ross’ portfolio of West Palm office buildings, including One Flagler, which opened earlier this year 95% leased, and under-construction 10 CityPlace.
SALES
Citadel billionaire Ken Griffin sold off a mixed-use retail building in West Palm Beach to TZ Capital for $80.5M, according to property records provided by Vizzda.
South Florida-based TZ Capital purchased the 48K SF building at 151 Worth Ave. with a $73M loan from BDT & MSD Partners. Griffin had purchased the 25-year-old property — which is vacant, according to Palm Beach Daily News — for $78M in 2022.
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An entity tracing to Hendrick Automotive Group sold the Pompano Honda dealership for $32M to Lia Auto Group, according to property records provided by Vizzda.
The three buildings built in 1983, 1988 and 1992 span 55K SF at 5381 N. Federal Highway in Pompano Beach. Lia, a New York-based company that runs dealerships in the Northeast, took out a $29M mortgage with M&T Bank to finance the deal, the South Florida Business Journal reports.
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BH Group and Gold Standard of Care joined forces to acquire the Sterling Aventura and Atrium of Boca Raton senior living facilities, which total 330 units, from Blackstone, according to a release.
The developers purchased the assets for a combined $24.5M. The transaction is part of a wave of senior housing properties that Blackstone is selling for huge losses.
The pair rebranded the buildings to Ahava Senior Residences at Aventura and Ahava Senior Residences Boca and plan to upgrade care options, resident programming, interiors and exteriors of the building for $72M.
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An entity tracing to Bell Partners sold a 249-unit apartment complex for $60.1M to Advenir, according to property records provided by Vizzda.
A JLL team of Jesse Wright, JJ Hovenden and Luke Magana arranged a $53M Freddie Mac loan on behalf of Advenir, according to a release.
Advenir at Lighthouse Point, formerly Bell Lighthouse Point, is a six-story building that was constructed in 2015 at 4611 N. Federal Highway in Pompano Beach.
The one-, two- and three-bedroom units range from $2,069 to $3,086 a month for rent and span between 653 SF and 1,285 SF, according to Apartments.com.
FINANCING
Naftali Credit Partners provided its first South Florida loan, according to a release.
The lender, the debt arm of Miki Naftali’s Naftali Group, provided the $62M bridge financing to New York-based Fundrebel, consisting of a $42M senior loan and a $20M subordinate loan.
The loan is going toward lease-up support, closing costs, interest reserves and tenant improvements and leasing commissions for the Nine Hollywood. The 12-story multifamily building was built in 2024 with 204 units, two ground-floor retail spaces and 260 parking spots. Amenities include a gym, pool, lounge and storage.
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13th Floor Investments and Key International broke ground on the 327-unit Skye multifamily community in Delray Beach with a $79.2M loan from CIBC Bank USA, according to a release.
The project is the second residential phase of the 50-acre Parks at Delray mixed-use development, following Savio, a recently delivered 420-unit apartment building.
Skye is expected to deliver in 2027 with one-, two– and three-bedroom apartments ranging from 560 SF to 1,410 SF and townhomes between 1,670 and 1,770 SF. Amenities include a yoga room, dog park, social club room with a kitchen and bar, and a business center.
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The Cortland at the Hammocks I and II were refinanced as part of a $192M Freddie Mac deal for Cortland Partners, according to a release.
The apartment complex at 15280 SW 104 St. offers apartments between $1,823 and $5,090 and units that span 552 SF to 1,488 SF, according to Apartments.com.
Other properties tied to the loan are the Huntington Glen complex in Dallas and Cortland Congress Park in Denver. A Walker & Dunlop team led by Stephen Farnsworth structured the deal on behalf of Cortland.
PEOPLE
Native Realty, led by Jaime Sturgis, welcomed Michelle Speroni, according to a release.
Speroni, an Old Dominion University alumna, will focus on healthcare and retail real estate at the firm. She is joining the team as an associate after working with Vitas Healthcare and Carr, according to her LinkedIn profile.
