This Week's South Florida Deal Sheet: Affordable Housing Project In Miami-Dade Opens Doors

Quail Roost Station has opened its first phase in South Miami-Dade, adding 200 new affordable apartments.

The community on SW 184th Street comprises 33 studios, 132 one-bedrooms, 23 two-bedrooms, three four-bedrooms and one five-bedroom. The affordable housing units are set at 22% to 80% of the area median income and prices range between $737 and $2,065 a month.

The project also included a new Bus Rapid Transit station on SW 184th Street, one of the 14 BRT stations in South Dade scheduled to open this summer.

Phase 2 broke ground in August and is also expected to be completed this year.

The project is being spearheaded by Miami-Dade County’s Department of Housing and Community Development, Department of Transportation and Public Works, Florida Housing Finance Corp. and Housing Finance Authority. 

The county worked in partnership with Atlantic Pacific Cos., EAC Developers, East Coast Development Enterprise, Palmetto Homes of Miami and Wells Fargo.

CONSTRUCTION AND DEVELOPMENT

Empira Group broke ground on Enso, its boutique multifamily project in Miami’s The Roads neighborhood, according to a release.

The developers secured a $32M construction loan from Spain-based Grupo Abanca’s Abanca USA in March. 

Empira expects to finish the construction of the eight-story building at 3025 SW 3rd Ave. along Coral Way by 2027. The project is set to bring 85 one, two and three-bedroom rental residences — 10 of which will offer private terraces that will span between 700 and 1,000 SF.

Amenities include a fitness center, a rooftop deck, a pool and outdoor lounge space.

SALES

An entity tracing to Canpro Investments sold a seven-story office tower in Boca Raton to Ontario-based Axia GeoCapital for $20.6M, according to records provided by Vizzda.

The 241K SF One Park Place was built in 1985 and has an 880-space parking garage, according to Loopnet. Tenants at 621 NW 53rd St. include Boca Raton Psychology Associates and Adam Scott and Associates.

The office building was 53% vacant at the time of the sale, the South Florida Business Journal reported.

LEASES

CDS Realty Investments’ Presidential Circle office building in Hollywood reached 88% leased with two new tenants, according to a release.

Air Charter Service, an aviation brokerage, relocated from its Downtown Miami office to sign a 5,425 SF lease in the North Tower. Tyler de la Peña, then with Colliers, negotiated the deal on behalf of the tenant.

Financial services company AR Capital signed a 4,929 SF lease in the North Tower of the building at 4000 Hollywood Blvd. 

The 281K SF complex also secured three renewals.

Starlims, a laboratory information systems company, renewed 10K SF with representation from CBRE’s Keith Edelman and Scott Goldstein. Environmental engineering firm Hazen and Sawyer renewed 16K SF with representation from Curtis Dean of CD Commercial Real Estate Services. Lastly, dermatology brand DermCare renewed its 10K SF lease and was represented by Cushman & Wakefield’s Tony Jones.

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MSC Cruises USA leased more than 33K SF at Bayview Corporate Tower to relocate and expand its footprint by 15K SF, according to a release.

The Geneva-based cruise line will take the sixth floor of the 12-story office building at 6451 N. Federal Highway in Fort Lauderdale. The new space will house its finance, outbound sales, IT and human resource teams. 

The cruise line is moving from a coworking space at 6750 N. Andrews Ave., according to its website.

Somerset and its equity partners Lower Gwynedd, Pacific Palisades and Westminster Capital Group purchased the building in 2020 for $83M, the South Florida Business Journal reported at the time. 

Cushman & Wakefield’s Deanna Lobinsky and Chase Kulp represented the landlord and Cushman & Wakefield’s Alan Kleber, Tyler Reynolds and Scott Quick represented the tenant.

FINANCING

The Green Cos. landed a $51M refinancing from Goldman Sachs for the Dadeland Centre I and II office towers in Miami-Dade County, Commercial Observer reported.

The 10-year fixed-rate loan was facilitated by JLL’s Paul Stasaitis.

Dadeland Centre I spans 18 stories and 129K SF, while Dadeland Centre II totals 15 stories and 113K SF. The properties, completed in 2003 and 2008, are 93% leased and sit on land leased from Miami-Dade County at 9155 and 9150 South Dadeland Ave.

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Seagis Property Group landed an $87.7M refinancing loan for a Miami-Dade industrial portfolio from State Farm Life Insurance Co., The Real Deal reported. 

The portfolio includes six warehouses and industrial facilities ranging from 64K SF to 167K SF across six sites in Northwest Miami-Dade, acquired between 2002 and 2012 for a combined $38.3M. 

The mortgage replaces a $95M loan from Hartford Fire Insurance Co., TRD reported.

A JLL team led by Jim Cadranell and Gregory Nalbandian represented Seagis.

PEOPLE

JLL hired Sean Black as senior managing director and Tyler de la Peña as senior vice president to its South Florida team.

Black, a former Olympic boxer, is also co-founder and CEO of brokerage firm BLACKre and previously worked with JLL’s New York team for six years. He also held senior positions at WeWork and Cushman & Wakefield.

His new role is focused on office tenant representation and portfolio client work.

De la Peña worked for Colliers International for nearly six years and CBRE for about three. His new role will represent local, regional and national office tenants across South Florida.

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NAIOP South Florida awarded JLL’s Manny De Zarraga with its Lifetime Achievement Award.

De Zarraga is an executive managing director at JLL Capital Markets and co-head of the firm’s National Investment Sales Advisory Group, with over 30 years of experience in real estate investment banking. 

He has completed more than $27B in transactions, specializing in representing institutional and global family office owners with a focus on Latin American markets.

THIS AND THAT

Walmart is moving forward with plans to remodel a handful of stores across South Florida this year as part of a $1.6B statewide investment, according to a release.

The updates are part of a broader effort that includes 34 remodels and two new Neighborhood Market locations across Florida set to open this year. The initiative is focused on expanding online pickup and delivery services and updating store layouts.

In Miami, stores at 6991 SW 8th St., 3200 NW 79th St. and 9191 W. Flagler St. are slated for remodeling. 

Other South Florida locations include Hollywood at 301 S. State Road 7, Miramar at 1800 S. University Drive, Delray Beach at 3155 S Federal Highway and 16205 S. Military Trail.

Further north are Royal Palm Beach at 9990 Belvedere Road, Margate at 5555 W. Atlantic Blvd. and Lake Worth at 4105 S. State Road 7.