Canero Group Sells Coconut Grove Condo For 160% Gain: The South Florida Deal Sheet
A year after buying out a 60-year-old Coconut Grove condo building, The Canero Group has more than doubled its investment in a sale to El-Ad National Properties.
El-Ad purchased the 25-unit condo complex at 3265 Virginia St. for $45M with plans to redevelop the property, according to a release. The Canero Group bought all of the units in the building last year for $17.3M.
“I know that the buyers have big plans to do something special in the Grove," said Omar Morales, the Berkadia broker who represented the seller.
The property was subject to a potential demolition by the city of Miami's Unsafe Structures Board after not completing its 40- to 50-year recertification. Canero rented some of the units back to the former condo owners, Morales said. The two-story complex totals 20K SF and includes 32 parking spaces, a pool and a mix of one- and two-bedroom units.
No plans for the site have been made public, but El-Ad's work elsewhere in South Florida is focused on luxury products. In Broward, the firm is building Alina Residences Boca Raton, a 210-unit condo project that has reached $60M in sales.
“Coconut Grove continues to stand out as one of Miami’s most established and sought-after neighborhoods, making it a natural fit for El-Ad National Properties as we continue expanding throughout South Florida,” El-Ad CEO Matthew Jeffries said in a statement.
“We remain focused on identifying distinctive opportunities in premier locations that align with our long-term vision and development strategy across the region.”
SALES
An affiliate of Related Ross purchased an office building and adjacent development site at 470 Fern St. in West Palm Beach for $55M, according to property records provided by Vizzda.
The seller, an entity tracing to Wexford Real Estate Investors, 13th Floor Investments and L&L Holding Co., assembled the property in 2021 and 2022 for a total of $27M, the South Florida Business Journal reported.
The property was approved for 340 apartments and nearly 20K SF of commercial space while preserving the current building, which was built in 1925, SFBJ reported.
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An entity tracing to Integra Investments sold a 380-unit apartment complex in North Miami to an affiliate of RPM Living for $206M, according to property records provided by Vizzda.
The sale was funded by a $123M debt from Walker & Dunlop.
Integra developed The Biscayne 112 apartments, finishing construction in 2021 after raising some of the equity for the project via ArborCrowd, a crowdfunding platform.
Units at the building range from $2,386 to $5,326 and span up to 1,380 SF, according to Apartments.com.
LEASES
Brickstar Capital welcomed Composure Club as a tenant at its 60K SF The Courtyard in Boca Raton, according to a release.
The fitness and wellness concept signed on for nearly 14K SF, with plans to open later this year. It joins other tenants including Image Studios, Mane Coffee and The Sweat Room Pilates at the mixed-use retail property at 500 NE Spanish River Blvd.
Newmark’s Mitch Heifetz represented the landlord, and Jared Robins of Inhouse CRE represented Composure Club.
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Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross, landed a 10-year lease with law firm Fox Rothschild at 15 CityPlace in West Palm Beach, according to a release.
The law firm will take up 17K SF at the under-construction office building, which landed the state's largest construction loan in history, along with its neighboring tower, 10 CityPlace.
The buildings, which will also house Cleveland Clinic, Shutts & Bowen and Related Ross' HQ, are set to deliver in 2027.
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Two new tenants have signed on at University Shoppes at 1615 SW 107th Ave., bringing it to 100% occupancy, according to a release.
Pro Body Tech Empire Gym signed on for nearly 12K SF, with plans to open by November. Miami Children Pediatric Services took nearly 3K SF and expects to open by September.
The new tenants are joining Starbucks, Walgreens, Dollar Tree and more at the plaza. CCIM’s Daniel Solomon and Katz & Associates’ Karen Maerovitz represented the landlord, University Shoppes Summit LLC, in the deals.
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Inmobiliaria Brom landed 50K SF of leases at its first South Florida project, the O Towers, according to a release.
The Aventura office campus at 21500 Biscayne Blvd., built in 2023, encompasses The Onyx Tower, The White Tower and The Red Tower and totals about 400K SF.
The largest lease was a 15K SF, full-floor lease with ReturnPro, a returns management platform. AbbaDox, a tech-forward radiology center, signed on for 8,600 SF.
Asset management firm ASA signed for 6,600 SF, and financial tech firm Big Think Capital signed up for 6K SF. Premium Merchant Funding is taking 5K SF, and Keller Williams is taking 4K SF.
Blanca Commercial Real Estate's Juan Ruiz, Jack Davidson and Tere Blanca represented the landlord.
PEOPLE
Boca Raton-based Andover Real Estate Partners hired Griffin Hoffmann as principal and head of acquisitions for the national multifamily investment platform, according to a release.
Hoffmann has been in the industry for more than 15 years and has worked on over $1.5B in national multifamily transactions for more than 5,000 units.
He joins from Hill Property Partners Real Estate, where he served as a partner and head of acquisitions for five years.
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Colliers welcomed Justin Walker as vice president in its Boca Raton office, according to a release.
Walker, who is joining from Franklin Street, where he was senior director, has closed more than $100M in transactions.
In his new role, he will focus on retail investment sales and capital markets advisory in South Florida.
