Japanese Developer Pays $89M For Miami Worldcenter Site: The South Florida Deal Sheet
A Japanese developer is making its Miami debut with the $90M purchase of a site that was planned to be part of the Miami Worldcenter master development.
Tokyo-based Kasumigaseki Capital paid MiamiA/I Parcel 3 Subsidiary, an entity led by E11even Miami co-founder Marc Roberts, $88.8M for a development site planned for a 53-story mixed-use tower, according to property records provided by Vizzda.
The sale, which is the first U.S. purchase for Kasumigaseki Capital, was funded by $45M in seller financing.
The seller was originally part of Falcone Group, the master developer of the $6B Miami Worldcenter, but the entity was transferred to Roberts in 2021, the South Florida Business Journal reported.
Falcone Group proposed the mixed-use tower at 155 NE 10th St. in 2024. Plans included a 280-key hotel, 351 apartments, a 5,210 SF rooftop restaurant and pool deck, and 9,720 SF of ground-floor retail space. The site is still vacant.
SALES
An entity tracing to David Rabbani purchased a recently delivered 98K SF warehouse from affiliates of Clarion Partners and Cadence Partners for $38M, according to property records provided by Vizzda.
Stirling Logistics Center delivered this year at 2910 Stirling Road in Hollywood. The developers purchased the site in 2021 for $15M and built the warehouse, which has 30 dock doors and seven trailer spots, without a construction loan, the South Florida Business Journal reported.
Rabbani leads a drug compounding company called Hallandale Pharmacy.
FINANCING
Bain Capital provided $117M to the Fisher Brothers to refinance the Joule House, a multifamily project in Wynwood, according to a release.
The 308-unit, eight-story apartment building at 2200 NW First Ave. opened in September. The project also has 26K SF of ground-floor retail space.
This new loan refinances the $117M construction loan Fisher Brothers obtained from JPMorgan Chase and Canyon Partners in 2023.
Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Michael Ianno, Christopher de Raet and Edward Leboyer represented Fisher Brothers.
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L&D and One Capital landed a $30.5M construction loan from Maxim Capital Group for the Surf Row Residences at 8800 Collins Ave. in Surfside, according to a release.
The developers broke ground on the 24-unit condo project last year and plan to deliver it in 2027.
Prices for the one-to-three-bedroom condos start at $1.4M. Amenities include a spa, coworking spaces and a beach butler service.
CONSTRUCTION AND DEVELOPMENT
13th Floor Investments and Rockpoint broke ground on the Link at Boca mixed-use multifamily community, according to a release.
The transit-oriented project at 680 W. Yamato Road will rise eight stories adjacent to the Boca Raton Tri-Rail Station. The 340-apartment development also includes about 24K SF of ground-floor retail.
The studio and one-to-three-bedroom units will span 600 SF to 1,300 SF. The project will also have a 650-space parking garage open to residents, retail visitors and Tri-Rail riders.
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SB Development and Hazelton Capital Group broke ground on The Cove Residences at 456 NE 29th St. in Edgewater, according to a release.
The 134-unit project is expected to rise 40 stories by 2028. The developers also announced that sales for the one-to-four-bedroom units launched with pricing starting around $900K.
The project will offer a theater and game lounge, coworking space, private docking and wellness space.
LEASES
L&L Holding and Oak Row Equities signed five new retail tenants at the recently delivered Wynwood Plaza to more than 5K SF combined, according to a release.
New York City-based H&H Bagels signed a 10-year lease for 1,400 SF, and Sanguich, a Miami-based Cuban sandwich shop, signed for 10 years and 1,350 SF.
Megaformer Studio signed a 10-year, 2,100 SF lease for a fitness studio, while S-Paw, a pet spa with automatic dog bath cabins, and Eternity Nail Salon signed five-year deals for 400 SF each.
Wynwood Plaza is a 1M SF mixed-use campus with 509 apartments and 25K SF of retail. But what it is most known for is the 266K SF of office space that lured tenants like OKO Group, law firm Weitz & Luxembourg and Amazon, which signed Wynwood’s largest office lease ever.
MILESTONES
Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross, launched sales of its latest luxury condos in West Palm Beach, according to a release.
Edgeworth at 1155 S. Flagler Drive will span two 28-story towers and total 168 units. The one-to-five-bedroom units will include an elevator in every residence. The project, designed by architecture firm Kohn Pedersen Fox, will feature 90K SF of wellness-centric amenities.
Units start at $2.5M and range upward of $35.5M. Related’s Adam McPherson and Corcoran Sunshine Marketing Group will lead sales.
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Casa Familia celebrated the grand opening of Miami's first multifamily project specifically tailored for adults with intellectual and developmental disabilities, according to a release.
The Village of Casa Familia at 10951 SW 84th St. includes two three-story buildings with 50 one- and two-bedroom units for 62 residents. The development features an 11K SF community center with an art studio, game room, movie theater and event space.
The rent is capped at 30% of tenants' incomes.
