CIM Group Sells Miami Worldcenter Retail In $210M Deal: The South Florida Deal Sheet
Falcone Group teamed up with a handful of new partners to buy out the majority owner of the retail and entertainment component of the 27-acre Miami Worldcenter development for $210M.
The sale is a swap in partnerships for Falcone Group, led by CEO and founder Art Falcone, according to a release.
The Boca Raton-based developer paired up with ROK Acquisitions, Andrew Mirmelli, The Davis Cos. and Jamestown to acquire five parcels and two garages from Miami Worldcenter Associates — a joint venture between Falcone, Nitin Motwani and CIM Group.
CIM has been involved in the project as an equity partner since 2011. Newmark's Eric Williams, Adam Spies and Conor Lalor handled the deal.
The sale encompasses roughly 300K SF of retail, restaurants and entertainment, which is 97% leased to tenants like Apple, Maple & Ash, Lululemon, Sephora and Ray-Ban. It also includes 2,000 parking spaces and 100K SF of public space.
The retail component is part of the $6B Miami Worldcenter, which consists of more than 30 parcels in Miami’s Park West neighborhood. It encompasses 16 operational or under-construction hospitality and residential towers.
SALES
An entity tracing to Kurv Industrial, formerly Bridge Industrial, purchased an industrial park in Pompano Beach from QuadReal Property Group for $220M, according to property records provided by Vizzda.
The deal was funded with a $154M cross-collateralized mortgage from Ares Management. QuadReal bought East Pompano Industrial Center in 2017 for $26M in 2017, so the deal represents a more than sevenfold increase in price since its last trade, The Real Deal reported.
The property consists of five buildings built in 1993, 2020 and 2023 on nearly 49 acres at 1240 to 1300 NE 48th St.
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A joint venture of Falcone Group, Encore Capital Management and Rescore Property Corp. sold a 348-unit apartment tower in Fort Lauderdale to an entity tracing to Journey Capital for $108M, according to property records provided by Vizzda.
M&T Realty Capital Corp. provided an $88M Fannie Mae loan to Journey Capital for the acquisition.
The Rise Flagler Village at 405 NE Second St. has studio, one-, two- and three-bedroom apartments that range between 460 SF and 1,540 SF priced at $2,270 to $4,565.
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An affiliate of Related Ross purchased a 205K SF office complex in Coral Springs from an entity tracing to Fiserv Inc. for $36M, according to property records provided by Vizzda.
The sale was made with $18M of seller-carried debt.
Fiserv is a Wisconsin-based fintech company that processes debit and credit card transactions, loans and electronic bill pay. The company executed a three-year leaseback at the property.
The 205K SF office complex at 4000 Coral Ridge Drive and 3975 NW 120th Ave. comprises two buildings built in 1965 and 1999.
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JSB Capital Group sold a 10K SF luxury retail property in Palm Beach for $43M, according to property records provided by Vizzda.
Retail REIT Acadia Realty Trust bought the property at 225 Worth Ave., which was built in 1950 and counts Gucci, J.McLaughlin and G/Fore as its tenants.
Adirondack Capital Partners’ Brittany Feinberg and Michael Hunter Coghill brokered the deal on behalf of the buyer and seller, according to a release.
CONSTRUCTION AND DEVELOPMENT
13th Floor Investments finished construction on the first two residential buildings at Parks at Hallandale, according to a release.
The two buildings, which hold 100 out of the 398 total apartments in the project, received their temporary certificates of occupancy and are welcoming their first residents. The developer plans to finish building the additional 298 units across five residential buildings this summer.
The community offers studio, one-, two- and three-bedroom apartments that range between 600 SF and 1,400 SF and rent for between $2,125 and $4,215.
The majority of the complex is rented at market rates, but 10% of the project is designated for workforce housing at 120% of the area median income.
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Related Ross broke ground on its Shorecrest condo project in West Palm Beach, according to a release.
The developer landed a $157M loan from GoldenTree Asset Management to build the 28-story, 98-unit luxury condo project by 2027. The two- and three-bedroom units start at $3.5M. There are only four units per floor, and each has a waterfront view.
The Roger Ferris + Partners-designed building features 18K SF of amenities, including an Equinox gym, a rooftop pool deck, a golf stimulator, and a private dining room and lounge.
PEOPLE
Miami Beach-based The Peebles Corp. named a new chief operating officer and chief of staff, according to a release.
The company named Chloe Peebles, daughter of CEO R. Donahue “Don” Peebles, as the new chief of staff. Her role will consist of reinforcing the company’s brand through managing projects and optimizing internal workflow.
Chloe Peebles graduated from Texas Christian University with a bachelor's degree in strategic communications, according to her LinkedIn, and will serve alongside the new chief operating officer, Donahue Peebles III, her brother.
Peebles III, who joined the company in 2011, will oversee asset management, capital markets and oversight of the company’s construction pipeline as COO.
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New York-based GID Residential is expanding its development platform to reach the tri-county area and made a new hire to spearhead that effort, according to a release.
The real estate owner, operator, developer and investor, which has $32B in assets under management, hired Omar Del Rio as the senior managing director.
Del Rio has been in the Florida market for more than 30 years and has had leadership roles with Related Cos., Fairfield Residential, Gables Residential, Quarterra and Eastwind Development. He has developed more than 11,000 homes in garden-style and high-rise developments across 40 Florida communities.
