Developers Sell Palm Beach County Marina, Land $37M For Condos: The South Florida Deal Sheet
JSB Capital Group and Johnston Group Capital Management landed a $37M loan to finish converting a waterfront apartment complex into luxury condos. The partners also sold off the marina attached to the property.
Miami-based JSB Capital and Palm Beach-based Johnston Group Capital Management landed the loan from Bank Hapoalim to finish the remaining condo interiors and refine the landscaping for the Havn Residences and Yacht Club at 184 Lake Drive on Singer Island, according to a release.
JSB and Johnston, which purchased the apartment complex for $59M in 2023, have converted 30 out of 36 units across the five mid-rise buildings to condos. Five residences at the property have been sold, with prices ranging from $1.25M to $3.5M. Resident amenities for the complex are a spa, a gym and private beach access.
The developers also last week sold off the 1.5-acre, 54-slip marina next to the property to Michael Bozzuto, owner of Connecticut-based supermarket wholesaler Bozzuto’s Inc., for $25M, Commercial Observer reported.
A Berkadia team of Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robins and Mike Basinski represented the joint venture.
FINANCING
Forman Capital provided a $30M predevelopment loan for Shoma Group’s mixed-use Shoma Bay development in North Bay Village, according to a release.
Shoma Group, led by Masoud and Stephanie Shojaee, is using the loan to pay off an existing loan for the 24-story, 333-unit condo project. The project at 18750 John F. Kennedy Causeway would include a 36K SF Publix on the ground floor and 15K SF of additional retail.
Amenities are set to include a golf simulator and virtual reality gaming, a wine cellar, a cigar lounge, a coworking lounge, a zen garden, a resident-only spa with a sauna, steam room and treatment room, and a gym with yoga and pilates studios.
More than 30% of the condos are presold, with prices starting at $800K.
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Foundry Commercial and American Realty Advisors secured a $57M loan from Synovus Bank for their Osprey Logistics Park in Broward County, according to a release.
The 437K SF industrial park was built on 22 acres in 2023 at 12000 NW 39th St. in Coral Springs. A JLL team of Steven Klein, Melissa Rose, Nicole Barba and Preston Bacon represented Foundry and ARA.
The developers landed a $51M construction loan for the property in 2022 from Wells Fargo Bank, the South Florida Business Journal reported at the time.
LEASES
Switzerland-based skincare brand Galderma is planting its U.S. headquarters at 801 Brickell Ave., according to a release.
Galderma, which owns Cetaphil, Defferin and Botox alternative Dysport, will occupy 19K SF of the 22nd floor of the 28-story high-rise. The office is planned to house 150 employees by 2028, a representative for the company told Bisnow.
Colliers’ Stephen Rutchik and Tom Farmer represented the landlords, Monarch Alternative Capital and Tourmaline Capital Partners, which purchased the 695K SF tower in 2023 for $250M.
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Banyan Development and Pebb Enterprises landed two new tenants and an expansion at the Research Park at Florida Atlantic University in Boca Raton, according to a release.
JRM Construction Management Florida LLC, a general contracting and construction management service, signed a lease for 12K SF in building IC6, with plans to bring 30 jobs to the park. South Florida Hand & Ortho inked a deal for 11K SF in building IC2. Instrumentum, a surgical instrument sterilization service, expanded its footprint to 16K SF.
The property was built in 2000 at 3600-3998 FAU Blvd. and has more than 280K SF of office space and 140 parking spaces, according to a listing on LoopNet.
A Colliers team of Derek Baker and Gary Gottlieb represented Banyan and Pebb.
SALES
Entities tracing to East Capital Partners and Vlietco Enterprises sold an industrial warehouse in Hialeah to an affiliate of Martinez Distributors for $53M, according to property records provided by Vizzda.
Martinez Distributors, a food product distributor for restaurants, hotels and markets, purchased the newly built warehouse with new cross-collateralized debt of $62M from Popular Bank.
The 171K SF building sits on a 24-acre site at 16300 NW 97th Ave. with 141 parking spaces.
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Manufactured homes developer Havenpark Communities and PGIM Real Estate purchased a mobile home park in West Palm Beach for $28M, according to property records provided by Vizzda.
The seller of the site at 2315 Espana Real was the Ruth C Abramson Trust, led by Lawrence Abramson. The 54-acre site holds 377 homes, a 2K SF clubhouse that was built in 1970, and a 690 SF clubhouse built in 1974.
Keystone Property Group sold the 1200 Corporate Place office building in Boca Raton to an undisclosed buyer for $31M, according to a release.
The 137K SF building at 1200 N. Federal Highway was 84% occupied at the time of the sale. It was built in 1984 but had renovations to its lobby, parking lot surface and landscaping in 2024. The building has a four-story central lobby, a two-story parking garage and a café.
About 40% of the rentable square footage is expected to roll over through the next four years. Douglas Mandel, Zach Levine and Cody Hershey of Institutional Property Advisors, a division of Marcus & Millichap, represented Keystone.
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An affiliate of David and William Ross sold the 217-room Stadium Hotel in Miami Gardens to AIDS Healthcare Foundation Inc. for $24M, according to property records provided by Vizzda.
The 136K SF building was built in 1973 at 21485 NW 27th Ave. and sits less than 3 miles away from the Hard Rock Stadium.
The deal closed in less than 75 days with an all-cash offer, Kabani Hotel Group, which represented the seller, told the South Florida Business Journal. Marcus & Millichap’s Ryan Shaw represented the California-based nonprofit.
PEOPLE
Marcus & Millichap welcomed Max Beyderman as senior managing director in the brokerage's Fort Lauderdale office, according to a release.
Beyderman will focus on commercial debt and equity financing across all asset types. He has served as a commercial real estate adviser for more than two decades, most recently as managing director at Meridian Capital.
CORRECTION, AUG. 14, 1:35 P.M. ET: An earlier version of this article incorrectly stated that the Havn Residences and Yacht Club on Singer Island were in Boca Raton. Its correct location is Palm Beach Shores. The story and headline have been corrected.
