Focus Flips Senior Living Facility For $24M Gain: The South Florida Deal Sheet
Two years after buying a Palm Beach County senior living facility for nearly $64M, Focus Healthcare Partners sold the property for a 36% gain.
Focus sold the 377-unit assisted living facility at 9130 Hypoluxo Road in Lake Worth to Welltower for $87.2M, according to property records provided by Vizzda.
The facility consists of two buildings built in 2017 on 22 acres. It offers independent living, assisted living and memory care.
Focus paid $63.7M in 2024 for The Arbor of Lake Worth. Neither Focus nor Welltower responded to a request for comment.
Welltower assumed the seller’s $48M Freddie Mac loan, which has a remaining balance of $47M, from JLL.
The sale comes amid rising investor interest in the senior housing sector as the nation’s 80-and-older population is projected to grow by 36% over the next 10 years, according to a JLL report.
Transactions in the sector surpassed $24B in 2025, the highest 12-month volume since the second half of 2014 through the first six months of 2015. In a survey conducted by JLL, 85% of investors were looking to increase their senior housing exposure this year, according to the report.
SALES
An entity tracing to Lincoln Property Co. purchased a 247K SF industrial complex in Deerfield Beach from an affiliate of Brookfield Properties for $77M, according to property records provided by Vizzda.
Deerfield Corporate Park, at 674 to 772 S. Military Trail, is made up of four buildings built in 1984. The park has suite sizes between 6K SF and 18K SF, according to a CBRE brochure.
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An entity tracing to Bill Seldie’s Auto Group sold two auto dealerships in Doral for $50M to an affiliate of Dream Motor Group, according to property records provided by Vizzda.
The buildings, which total 94K SF, were built in 1993 and 1996. This is the first time that Doral Mitsubishi and Nissan of Doral at 10500 and 10688 NW 12th St. have been sold.
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An affiliate of Nuveen purchased a 172K SF shopping center in Margate for $46M from the Sterling Organization, according to property records provided by Vizzda.
Nuveen financed the acquisition with part of a $149M cross-collateralized loan from Bank of America. Sterling purchased Coral Landings III at 6166 to 6210 W. Sample Road and 3200 to 3470 NW 62nd Ave. for $37M in 2022.
The center is anchored by Aldi and HomeGoods. The purchase falls in line with Nuveen's focus on needs-based properties as it pushes deeper into retail acquisitions.
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Joe Lubeck, CEO of American Landmark Apartments, purchased the Embassy Suites by Hilton Palm Beach Gardens from Ashford Hospitality Trust for $40M, according to a release.
Lubeck paid $34M for the 160-key property at 4350 PGA Blvd. and $6M for an adjacent parcel, a spokesperson confirmed to Bisnow.
The hotel, which was built in 1990, according to the county's property appraiser, will be part of Lubeck’s personal portfolio. The new owner could reopen a Mediterranean restaurant that had closed on the site.
CONSTRUCTION AND DEVELOPMENT
Swire Properties imploded the Mandarin Oriental Hotel on Sunday amid a haze of pink and blue smoke bombs, paving the way for a major new development on Brickell Key.
Swire sold off all of its other Miami assets in recent years to help fund The Residences at Mandarin Oriental, Miami. The ultra-luxury project will have 228 residential units in its south tower and 98 residential units and 121 hotel rooms in its north tower.
The demolition was led by The BG Group LLC, Controlled Demolition Inc. and Moss Construction. The debris removal will take six months to complete, with a groundbreaking expected in late 2026 and construction to finish by 2030.
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Related Ross is planning another condo project in West Palm Beach, The Palm Beach Post reported.
The Stephen Ross-owned developer is partnered with Wexford Real Estate Investors, 13th Floor Investments and L&L Holding Cos., which purchased the land at 430, 440, 450, 460 and 464 Fern St.; 419 and 435 Gardenia St.; and 415, 417 and 421 S. Dixie Highway in 2021 for $26M.
The developers originally planned a 25-story, 372-unit apartment building for the site, but it was never built.
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Banco Santander broke ground on a 1.6M SF office tower at 1401 Brickell Ave., the South Florida Business Journal reported.
The planned tower is set to rise 50 stories. Santander Holdings USA, a subsidiary of the Spanish bank, tapped Rilea Group to build the tower, which is expected to deliver in 2029.
The office, which will include retail and dining space, is replacing Santander's previous local headquarters. It is unclear how much space the bank will take in the new building.
LEASES
Terranova Corp. has signed a cadre of tenants at its buildings on Coral Gables' Miracle Mile over the last five months.
CBRE-owned coworking firm Industrious signed a lease for 22K SF at 255 Alhambra Circle, which Terranova owns in partnership with Torose Equities and Lndmrk Development.
Moxies, a restaurant with more than 60 locations, signed an 18K SF lease at 93 Miracle Mile, while Wells Fargo signed a 5,900 SF lease at 200 Miracle Mile.
The two leases were among 100K SF of deals Terranova signed in Coral Gables, including Driftwood Capital expanding its lease from 13,900 SF to 18,530 SF, Edward Jones leasing 5,730 SF and UMusic Hospitality and Lifestyle leasing 3,370 SF at 255 Alhambra Circle.
