Stephen Ross Buys Majority Of WPB Condo Building: The South Florida Deal Sheet
Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross, bought 71% of a 45-year-old condo complex in West Palm Beach.
An entity tracing to the developer purchased 45 out of the 63 units for $38M, according to property records provided by Vizzda. That equates to about $844K per unit.
Southbridge Condo, built in 1981, spans two three-story buildings totaling 38K SF. It is unclear what Ross plans for the site, which is located at 3915 S. Flagler Drive.
A 2022 law requiring older buildings to undergo strict recertification has left many condominium associations grappling with costly repairs, soaring maintenance fees and declining property values. As a result, more condo owners have become increasingly open to selling their units to developers pursuing buyouts.
SALES
An entity tracing to TPA Group sold a 177K SF office complex in Pembroke Pines to Midtown Capital Partners for $44M, according to property records provided by Vizzda.
Midtown financed the purchase with a $29M mortgage from Israel Discount Bank of New York.
The office, named The Edison, spans a three-story building and a one-story building from 1200 to 1300 SW 145th Ave. TPA Group purchased the site in 2017 for $12M, according to public records. The Edison is about 87% leased, Midtown Capital CEO Alejandro Velez told The Real Deal.
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An entity tracing to catering chef David Schwadron sold the 116-unit Lakeside Villas apartment complex in Sunrise to a New York property investor, according to records provided by Vizzda.
An entity tracing to Allen London, the CEO of New York-based Solstice Residential Group, paid $23M for the complex at 9404 NW 49th Place with a $15M loan from Encore Finance.
The 30 buildings and clubhouse total 106K SF on 14 acres. The property was built in 1985 and features a pool and tennis court, according to Apartments.com.
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Miami real estate investor Steve Rhodes sold off three parcels with office, retail and parking in Wynwood for $25M, according to records provided by Vizzda.
The buyer traces to Juan Arango Giraldo, who landed a $14M loan from Abanca USA for the acquisition.
The sites have a 32K SF, three-story building at 2121 NW Second Ave., built in 2016, and a 6K SF, one-story building at 2085 NW Second Ave., built in 1945. It also includes the parking lot at 172 NW 21st St.
Rhodes originally listed the sites in 2022 for $27M, The Real Deal reported at the time.
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The Kolter Group purchased two Miami Beach hotels built in the 1930s with plans to replace them with a 17-story condo building.
An entity tracing to Antonio Vilarino sold the site at 6979 Collins Ave. to Kolter for $26M, according to property records provided by Vizzda. Kolter purchased the site with a $41M loan from Wells Fargo Bank.
The new development is slated for 37 luxury units, ground-floor retail, three pools and a three-floor, 86-space parking deck.
One hotel, the Crystal Beach Suites, will close after 70 years of operation. The other hotel, the Normandy Plaza Hotel, was deemed unsafe and stopped operations in 2018, Florida YIMBY reported.
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TriStar Capital and RAL Cos. sold two Wynwood development sites to Moishe Mana for $33M, according to property records provided by Vizzda.
Mana purchased 2661 and 2702 NW Fifth Ave. with a $16M loan from Bank of America.
The assemblage is zoned for an eight-story mixed-use project — which could hold up to 366 multifamily units or up to a 733-room hotel. Those numbers could be even greater if Mana decides to leverage the Live Local Act.
MILESTONES
Bagel Emporium & Grille, a longtime Coral Gables deli, has a new location after spending 50 years at the University Shopping Center, according to a release.
The deli relocated into a 9,053 SF ground-floor space at 4000 Ponce, located at 225 Altara Ave., with extended lunch and dinner hours and a full spirits menu for the first time.
The Jewish-style deli, known for bagels, deli sandwiches and breakfast plates, was founded in 1975 at 1250 S. Dixie Highway. In 2024, news broke that the restaurant had to relocate because the site was set to be demolished.
Athens, Georgia-based Landmark Properties entered into a contract to purchase the property from University Shopping Centre LLP in 2023 and proposed to build an eight-story, 396-unit residential complex with about 19K SF of commercial space.
The shop’s new location, 4000 Ponce, was developed by CMC Group in 2002 and features 150K SF of office space and 32K SF of ground-floor retail.
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Grover Corlew partner Mark Corlew was named South Florida chapter president of NAIOP, the Commercial Real Estate Development Association, according to a release.
As president of the chapter, his responsibilities include encouraging member engagement and elevating NAIOP’s programming and operations.
Corlew has been in the industry for 30 years, focused on acquisitions, development and asset management. Before co-founding Grover Corlew, which repositions office campuses and develops multifamily, he worked with CBRE and Stiles Corp.
LEASES
Bradford Allen landed Deloitte as a tenant at Las Olas Centre, according to a release. The consulting giant signed on for almost 19K SF at 350 and 450 E. Las Olas Blvd.
The deal comes less than a year after Bradford Allen paid $208M for the office with plans to invest $25M into upgrading the 470K SF property. The firm is constructing a full floor of move-in-ready spec spaces with a delivery expected in February.
Bradford Allen is also renovating the lobby and adding a conference room, a gym and outdoor space. TCRE’s Laurel Oswald and Jon Blunk represented Bradford Allen in the deal.
FINANCING
Allen Morris Co. secured a $132M construction loan from Bank OZK for the 58-unit Ponce Park condo development in Coral Gables, according to a release.
The project is set to rise 11 stories at 3000 Ponce de Leon Blvd. It will feature two- to five-bedroom residences between 1,900 SF and 6,500 SF. The ground floor will feature 25K SF of retail. The developers broke ground on the project in December and expect to complete it in early 2028.
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OKO Group and Cain, formerly Cain International, landed a $55M loan from BDT & MSD Partners for the predevelopment phases of the Ambassador Palm Beach Hotel & Residences, 2774 South Ocean Blvd., and Edgewater House, Commercial Observer reported.
The Palm Beach Architectural Review Commission approved plans for a 277K SF development, which will span three buildings and include 41 units. The existing structures, which were built in 1957 and 1947, will be demolished.
