Related Ross Buys The Ben With $173M Loan: The South Florida Deal Sheet
Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross, added yet another property to its dominant West Palm Beach portfolio.
The developer purchased the 208-room The Ben hotel, part of Marriott International's Autograph Collection, from Wheelock Street Capital, Related Ross announced. Ross landed a $172.5M loan from Nomura to finance the deal.
Newmark’s Jordan Roeschlaub, Nick Scribani, John Caraviello, Tyler Dumon and Tate Keir arranged the financing, according to a release. CBRE’s Robert Webster, Ron Danko Jr. and Timothy Southard represented Wheelock Street Capital in the sale.
The price was undisclosed, but Bloomberg reported in November that Ross was in talks with Wheelock to purchase the hotel for $190M.
Wheelock purchased The Ben for $106M in 2021 with a $101M loan from Wells Fargo that matured in October, according to property records provided by Vizzda.
The 146K SF hotel at 251 N. Narcissus Ave., which opened in 2020, features a rooftop lounge with a pool, cabanas, a bar, a gym, a library, an onsite restaurant and about 18K SF of event space. Guests also have access to experiences such as private yacht charters and sunrise yoga.
One of its most prominent features is its seasonal ice skating rink, part of a winter wonderland experience.
SALES
An entity tracing to Sagard purchased three industrial buildings in Medley from a fishing boat maker for $51M in a sale-leaseback agreement, according to property records provided by Vizzda.
The warehouses at 11102 NW S. River Drive serve as both the corporate headquarters and manufacturing space for SeaVee Boats.
The 186K SF property was purpose-built for SeaVee in 2019 and houses every phase of the company’s operations, including design, engineering, fabrication, assembly, finishing, maintenance and administrative functions.
Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, David Spillers and Philip Shapiro represented SeaVee Boats in the deal.
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An affiliate of The Shidler Group sold an apartment complex in Boynton Beach for $79M to Harbor Group International, according to property records provided by Vizzda.
Harbor Group is ground-leasing the apartment building from the Jay Shidler-led firm. Shidler paid $153M for the entire property in 2021, Commercial Observer reported at the time.
The 433-unit SeaLofts at Boynton Village encompasses nine four-story buildings, 11 two-story buildings and one clubhouse totaling 514K SF.
The one-, two- and three-bedroom units range from 760 SF to 1,700 SF with rent starting at $2,160 a month, according to Apartments.com. The complex features a pool, a yoga and meditation area, a playground and an indoor sports court, according to its website.
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PGIM Real Estate sold a 340-unit apartment complex in Palm Beach Gardens for $131M to Dermot Co., according to property records provided by Vizzda.
Dermot assumed a $59M mortgage tied to the property and increased the debt to $110M from Affinus Capital.
The new owner last month announced it would be spending $2M to upgrade the amenities at the property, called The Quaye at Wellington.
CONSTRUCTION AND DEVELOPMENT
OKO Group and Cain, formerly Cain International, finished construction of the Una Residences in Brickell.
The 47-story tower at 175 SE 25th Road received its temporary certificate of occupancy from Miami, the developers announced Wednesday.
Una delivered with more than 90% of units sold — the unsold condos are priced between $6.2M and $10.8M, according to a release. The two- to five-bedroom units span between 1,100 SF and 4,786 SF, while the two three-level penthouses encompass 7,089 SF and feature a nearly 3K SF terrace.
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BH Group and Related Group broke ground on The Ritz-Carlton Residences West Palm Beach, the first condo project in the city for the luxury Marriott International brand, according to a release.
The 138-unit project is set to rise 27 stories at 1717 N. Flagler Drive. The Arquitectonica-designed development is more than 70% sold after over $150M worth of residences went under contract in the past six months, according to the developers.
MILESTONES
Winston & Strawn LLP moved into its expanded 45K SF office on the 17th and 18th floors of the Southeast Financial Center, according to a release.
The Chicago-based law firm entered into Miami’s market in 2022, signing a 15K SF lease at the building at 200 S. Biscayne Blvd., the South Florida Business Journal reported.
The space was supposed to be temporary for the company, which had signed on for two floors at 830 Brickell in 2022. But Citadel, a hedge fund led by billionaire Ken Griffin, grabbed the two floors in 2024, Bloomberg reported. The law firm signed the expansion deal at the Southeast Financial Center in 2024 to triple its office footprint.
Winston & Strawn now has more than 40 lawyers in Miami after launching with six local partners. It has 14 regional offices in other areas of North America, South America and Europe.
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Great Gulf launched sales for the condos at Mandarin Oriental Residences in West Palm Beach, according to a release.
The 31-story, 87-unit condo project at 5400 N. Flagler Drive will be the luxury hotel brand's first residential-only offering in South Florida, the developer announced. The project will feature two- to four-bedroom units, a full-floor penthouse and two private villas, each with a wraparound balcony.
Moshe Safdie, who designed the U.S. Institute of Peace in Washington, D.C., was tapped as the project's architect. Studio Munge will handle the interiors, and landscapes will be designed by ENEA Landscape Architecture.
