This Week's South Florida Deal Sheet: Terra, Grass River Land $245M To Refinance Grove Central
Miami-based developers Terra and Grass River locked in a $245M loan from JPMorgan Chase for the recently completed transit-oriented development Grove Central in Coconut Grove, according to a release.
The financing for the mixed-use development at the intersection of U.S. 1 and Southwest 27th Avenue replaces a $204M construction loan provided by Apollo Global Management in 2021, Commercial Observer reported. The new loan will pay off the existing debt and fund improvements for public infrastructure and the adjacent Metrorail station, according to the release.
The developers were represented by Walker & Dunlop in securing the debt, with Keith Kurland acting as mortgage broker.
Grove Central was completed earlier this month and includes a 23-story apartment tower with 402 units that are 30% leased, a 1,250-space public parking garage and 170K SF of retail that is more than 95% leased, according to the release.
FINANCING
Boca Raton-based Berta Management secured an $18.5M refinancing deal at the rebranded Delray Corner retail center at 14802 S. Military Trail in Delray Beach, according to a release.
The five-year, fixed-rate CMBS financing was sourced on behalf of the landlord by Justin Neelis, managing director at Concord Summit Capital. The debt refinances a previous $16M bridge loan at the property arranged by Concord in December 2022.
The 86K SF Delray Corner was previously known as BB&B Plaza and was rebranded following the exit of Bed Bath & Beyond from the center last year. The 25K SF anchor space has been fully renovated, and a Michaels craft store is slated to open there this quarter.
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MG Developer locked in a $16M loan to purchase land for its Metro Parc South project in Hialeah, according to a release.
The financing came from Miami-based LV Lending and funded the purchase of 1.8 acres across three deals, The Real Deal reported. The Coral Gables-based developer paid $10.5M for 975 E. 24th St. and 934 and 954 E. 25th St., buying the properties from Michael Klinger of real estate firm Saber Fund. It paid $3.5M to Elizabeth Delgado to acquire a small apartment building at 981, 991 and 997 E. 24th St. and paid Klinger $2.2M for a single-family home at 965 E. 24th St.
Metro Parc South is slated to break ground in the third quarter and is planned to include a total of 347 studio, one- and two-bedroom apartments. Delivery is scheduled for the third quarter of 2026.
The project is part of the broader Metro Center complex, which MG Developer is building with Baron Property Group. The 2.3M SF development is slated to have 1,600 apartments and 35K SF of retail space when fully built, which is scheduled for 2027.
SALES
A 416K SF collection of 14 small-bay warehouses at Powerline Business Park traded as part of a multistate portfolio deal, according to a release. A sale price was not disclosed, but the South Florida Business Journal reported it was $72M.
An entity controlled by San Francisco-based Stockbridge Capital Group sold the Deerfield Beach warehouses at 4100 N. Powerline Road and 1791 W. Sample Road to Redhawk FL LLC, a partnership of New York-based Investcorp International Realty and Chicago-based Brennan Investment Group.
A $76.6M mortgage from MetLife Real Estate Lending covered the sale, which included buildings in other states.
The portfolio deal saw Stockbridge sell 49 buildings totaling 1.7M SF to two separate buyers. In addition to the Deerfield Beach warehouses, the Redhawk entity acquired 17 buildings totaling 856K SF in Denver as part of the deal. The second transaction saw BKM Capital Partners acquire two Phoenix properties and two buildings in San Jose, California.
The small-bay warehouses in Deerfield Beach were built on 26.4 acres between 1983 and 1984 and last traded for $62M in 2019, the SFBJ reported.
The deals were brokered on both the buyer and seller side by a Cushman & Wakefield team of Jim Carpenter, Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Jeff Chiate, Rick Ellison, Matthew Leupold, Robert Buckley, Tracey Cartledge, Scott Prosser, Steve Hermann and Jack Depuy.
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The village of Pinecrest paid $13.9M for a 5-acre estate that had been owned by Jorge Mas, the billionaire co-founder of the Miami-based construction firm MasTec and majority owner of Major League Soccer’s Inter Miami CF. It is the most expensive property sale ever in Pinecrest, according to a release.
The village south of Miami plans to convert the estate at 11855 SW 60th Road into a community park with an indoor facility. Mas has committed to donating $3.9M of the purchase price back to the municipality in exchange for naming rights on the proposed park.
The property was the largest privately owned residential parcel in Pinecrest prior to the sale, according to the release. It includes trails and gardens designed by landscape architect Raymond Jungles overlooking a lagoon and an 11K SF home.
The residence has five bedrooms, eight full bathrooms and two half-bathrooms. A separate two-story building includes a wine cellar, entertainment area, tennis court and grotto-inspired pool.
Compass broker Joshua Kaufman, part of The Buchbinder Group, represented Pinecrest in the purchase.
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An entity controlled by New York-based Granite Cos. acquired a 1.1-acre development site in Edgewater for $28.5M, the South Florida Business Journal reported.
The property, located at 2501, 2511 and 2521 Biscayne Blvd., was sold by three companies with varying stakes in the site. An entity managed by Michael Wiener of New York-based Arch Cos. sold its 50.7% interest, an LLC controlled by New York-based Infinity Real Estate sold its 26.8% stake, and the remaining interest was sold by Blue Star U.S. Real Estate, managed by Saul Sutton in New Jersey.
The sellers were represented by CBRE brokers Leslie Maister and Benjamin Silver. They had assembled the parcels between 2016 and 2018 for a combined $22.7M, the SFBJ reported. It is the site of the 5K SF Rima Mediterranean Restaurant.
LEASES
MD Turbines signed a 178K SF lease at an under-construction warehouse at Countyline Corporate Park in Hialeah, the South Florida Business Journal reported.
The aviation repair firm signed the 10-year deal at Building 39, one of four buildings under construction by Terreno Realty Corp. as part of a 1.1M SF expansion of the commercial park.
The latest phase, the development’s fourth, is 96% leased, and MD Turbines is expected to take occupancy in June, the SFBJ reported. The aviation company already leases 225K SF at the park.
Carlos Velasquez, managing principal of VS Real Estate, represented Terreno in lease negotiations.
The firm paid $174M for 121 acres at the corporate park last year and is planning to break ground on an additional 1M SF of industrial space on the western side of the development, Velasquez told the SFBJ.
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Three tenants signed leases totaling 32K SF at Amerant Center in Coral Gables. The 13-story, 177K SF office tower at 220 Alhambra Circle is 90% leased. It is owned by 220 Alhambra Properties LLC, an entity controlled by Amerant Bank, which has its headquarters in the tower.
Gordon Messinger, executive vice president at CBRE, represented the landlord in all three leases:
- A 20K SF deal from The Morgan Law Group to occupy the entire fifth floor. The firm is relocating from 55 Merrick Way in Coral Gables and is expected to move in next quarter. It was represented by Cresa brokers Robert Orban and Zachary Talbot.
- A 9K SF lease from law firm Kelley Kronenberg, which is planning to relocate to the ninth floor from 1111 Brickell Ave. next month. It was represented by Tyler Harrison at Equistone Partners.
- A 3K SF ground-floor retail lease from Heavenly MedSpa for a location that is expected to open later this year. It will be the brand’s third spa, adding to storefronts in Orlando and Atlanta.
CONSTRUCTION AND DEVELOPMENT
Aventura-based Turnberry broke ground on One Park Tower by Turnberry in its SoLé Mia master-planned community between North Miami and Aventura, according to a release.
The 33-story tower at 2411 Laguna Circle was designed by Arquitectonica with interiors by Meyer Davis. Its 299 units start at $800K and are more than 50% pre-sold, with condos ranging from one to three bedrooms, plus penthouses.
The first condos are slated for delivery in summer 2026, with Fortune International Realty handling sales.
The 184-acre SoLé Mia began construction in 2015, and its developers, New York-based LeFrak and Turnberry, bill it as a city within a city. Three residential towers were completed there and a 30-story apartment tower broke ground in March. The development is slated to have a Mater Academy charter school and a 363K SF medical center from UHealth, both scheduled to open early next year.
THIS AND THAT
Fort Lauderdale-based Native Realty acquired No Limit Real Estate, an 18-person firm that produced $70M in volume last year, The Real Deal reported.
No Limit was founded in 2014 by Kyle Sorel and Jordan Cohen and handled residential, commercial, investment and development deals. It was acquired by Native for an undisclosed price and will bolster the firm’s residential and commercial operations.
Native Realty, launched by Jaime Sturgis in 2017, had until recently been focused on commercial real estate. It expanded into the residential space in November after recruiting Re/Max brokers Whitney Dutton, Chris Sedlack and Arber Balani, along with some of their support staff, TRD reported at the time.
