This Week’s South Florida Deal Sheet
Chicago-based Blue Vista Capital Management and Aventura-based H&M Development have acquired a 2.2-acre sports center in Hialeah Gardens and plan to develop a three-story, 962-unit self-storage facility, according to a joint statement released by the firms.
The project, located at 10953 Northwest 138th St., is the first asset in Blue Vista and H&M's venture plan to acquire and develop various self-storage centers along the East Coast, South Florida Business Journal reports.
Blue Vista and H&M acquired the climate-controlled recreation space from Triangle Soccer LLC for nearly $5M and have struck a deal with Extra Space Storage to manage the facility.
Executives from the joint venture received approval from the city of Doral to redevelop the site, SFBJ reports.
The project is scheduled to break ground in May and is being designed by Deerfield Beach-based architect Kenneth Carlson.
FINANCE
Royal Palm Cos. and partner Rafael Pecchio have landed a $76.5M construction loan from private lender 3650 REIT to complete their Elevate Apartments development in Broward County.
The 293-unit apartment complex, located at 560 East Dania Beach Blvd. in Dania Beach, broke ground November 2021 and is nearly halfway completed, according to a press release. Delivery is expected for Q4 2023.
Elevated Apartments will include a 2,300 SF coworking space and business center in addition to a 1,500 SF nature preserve with open trails.
The $76.5M construction loan carries a 36-month term and was arranged by Concord Summit Capital Managing Director Kevin O’Grady.
It is the second construction loan for the project after the developers secured a $65M loan from Trez Capital in July 2021.
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Miami developer Adrian Homes secured a $22.7M loan to move forward with construction of the Down South Apartments complex in Naranja in southern Miami-Dade.
Popular Bank provided the construction loan while Vertix Group brokered the deal, South Florida Business Journal reports. The funds will be used to build a 144-unit, three-story apartment complex at 26620 Old Dixie Highway on a 12.4-acre stretch of the 26.9-acre property.
Adrian Homes acquired the lot for $8.85M in 2018. The developer sold 14.5 acres to Lennar Homes for $7.14M in 2021, which is building houses. Popular Bank’s loan will be allocated for the first phase of the project. A second, future phase is slated to add 168 units.
LEASES
Aldi is increasing its presence in South Florida.
The German grocery chain secured a 20-year ground lease at Midway Crossings shopping center near Miami International Airport, marking the grocer’s 12th location in Miami-Dade County, Commercial Observer reports.
The new 20K SF store at 7797 West Flagler St. will join other tenants at the 700K SF Midway Crossings shopping center like Costco, Burlington and The Home Depot. West Palm Beach-based the Sterling Organization developed the property in 2021.
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Global Empowerment Mission has relocated and expanded its flex office and warehouse space. The South Florida-based relief organization has relocated its headquarters to 58K SF at 1850 Northwest 84th Ave. in Doral. It is approximately 4 miles away from its 18K SF location at 1810 Northwest 97th Ave., South Florida Business Journal reports.
Global Empowerment Mission’s new headquarters complex can accommodate about 25 full-time employees, subcontractors and about 100 volunteers.
