This Week's South Florida Deal Sheet: AT&T Sells 10 Local Office Buildings

South Florida featured prominently in AT&T's $850M, 13M SF sale-leaseback deal with New York City-based Reign Capital.

As of last week, South Florida accounted for 10 of the 74 transactions, totaling nearly $63M. The properties were acquired with a cross-collateralized loan of $983M from UMB Bank.

The largest deal was a 12-story office in West Palm Beach at 327 Gardenia St. that AT&T sold for $17M. AT&T leased back the 50-year-old building from Reign until 2045 with an option to extend another 10 years.

An almost 13-acre property with two two-story buildings and a one-story building built in 1975 was sold for $2M at 8600-8750 W. Oakland Park Blvd. in Broward County.

The remaining eight buildings sold are in Miami-Dade County. A five-story 200K SF building on an 11-acre property sold for $13M at 460 NE 215th St. A four-story office building at 45 NW Fifth St. changed hands for $6M.

Smaller transactions included a 1.6-acre lot with a three-story building selling for $5M at 2470 NW 38th St. and a 3.1-acre property with a three-story building in Miami Gardens at 18560 NW 27th Ave. being sold for $5M.

SALES

International private equity firm Henderson Park closed on its acquisition of the PGA National Resort in Palm Beach Gardens from a Brookfield Asset Management real estate fund.

While the price wasn't disclosed, Bloomberg reported in October when the deal went under contract that it was expected to trade for $425M or $1.3M per room.

London-based Henderson Park tapped Virginia-based Salamander Hotels & Resorts and Carolinas-based South Street Partners to manage the property, which holds 360 rooms and offers 99 holes across six golf courses.

The 807-acre resort last traded for $218M, and Brookfield spent $100M on renovations.

The resort was the site of the 1983 Ryder Cup and the 1987 PGA Championship and has hosted The Cognizant Classic since 2007.

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Indianapolis-based REIT Kite Realty Group purchased a 172K SF shopping center from an affiliate of Atlanta-based Jamestown for $68.4M, according to records provided by Vizzda.

The four buildings at 831 Village Blvd. were built between 1987 and 2015 on 21 acres. The shopping center is anchored by Publix, and also has tenants Amici Brick Oven Pizza, Duffy’s Sports Grill, Jersey Mike’s Subs, Rock ‘n Crab Cajun Seafood and Bar and more.

Jamestown acquired Village Commons for $50.9M in 2014, the South Florida Business Journal reported.

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TA Realty sold the 4-acre Palmetto Lakes Industrial flex warehouse property to Midtown Capital Partners for $21.5M, according to records provided by Vizzda.

The two warehouses, totaling 84K SF at 5261 NW 161st St., were built in 1985. Marcus & Millichap’s Douglas Mandel, Zach Levine and Joshua Gilbert represented Boston-based TA Realty.

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Bell Partners sold the Bell Pembroke Pines apartment complex to TA Realty for $118M, according to records provided by Vizzda. North Carolina-based Bell Partners acquired the property in 2018 for $92M.

The 300-unit apartment complex has 14 three-story residential buildings with a one-story clubhouse. The complex was built in 2014 on 33 acres at 16700 Sheridan St.

DEVELOPMENT AND CONSTRUCTION

Miller Construction Co. broke ground on a $28M expansion project for the Lehrman Community Day School in Miami Beach, according to a release.

The three-story building totaling 29K SF will house a cafeteria and stage for student performances on the ground floor. The second floor will hold a library and classrooms, and the third floor will be the school's gymnasium.

The elementary school at 727 77th St. is expecting construction to wrap up in the second quarter of 2026.

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Florida International University and Baptist Health South Florida are launching a $212M academic health science and clinical facility, according to a release.

The project, designed by Stantec, is aimed to target the anticipated shortage of 18,000 physicians by 2035 and will add more than 22 graduate medical education programs. The project will take rise on FIU’s Modesto A. Maidique campus which spans five blocks on Tamiami Trail in West Miami-Dade.

The architectural design for the building began in January, and while a construction start date has not been set, the project is expected to be completed in 2028.

FINANCING

West Palm Beach-based Southern Realty Trust, a division of TCG Real Estate, closed on a senior secured revolving credit facility with California-based East West Bank, initially providing $50M with the potential to expand up to $200M, according to a release.

The credit facility is part of Southern Realty Trust’s growth strategy to pursue high-quality commercial real estate projects across the South. The three-year credit facility matures at the beginning of 2028.

LEASES

Gym chain Equinox signed a 37K SF lease at the former Office Depot headquarters in Boca Raton that is being redeveloped into a mixed-use property by Related Group, BH Group and Pebb Enterprises, Commercial Observer reported.

The partners paid $104M for the 29-acre property at 6600 North Military Trail in 2023 and secured approval for the mixed-use development at the beginning of January, The Real Deal reported.

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The owner of 951 Yamato Road has signed 40K SF of leases in Boca Raton, according to a release.

NAI Merin Hunter Codman's Jay Grossman and Richard Brockney represented the landlord, 951 Yamato Acquisition Company LLC, an entity linked to Brookwood Financial.

The four leases bring the occupancy for the 146K SF office building near The Park at Broken Sound to 94%.

• A mortgage lender and servicer, Freedom Mortgage Company, leased 10K SF.

• A litigation and business law firm, Shendell & Pollock P.L., leased 7,800 SF.

• A personal and household repair and maintenance firm, New SGC LLC, leased 5,500 SF.

• A healthcare technology company focused on behavioral and mental health treatment, Dazos LLC, leased 4,400 SF.