This Week's South Florida Deal Sheet: Blackstone Buys Apartments, Sells Office
In the same week, Blackstone entities bought an apartment complex and sold an office property, both in Hialeah.
An entity tracing to Blackstone purchased the 359-unit Solea at Miami Lakes apartment complex from Greystar for $116M, according to records provided by Vizzda.
The 11 three-story buildings were developed in 2023 on a 20-acre site at 17405 NW 94th Court in Hialeah. Totaling 439K SF, the complex offers one-to-three-bedroom units ranging between 740 SF and 1,310 SF, with prices starting at $2,335, according to Apartments.com. Amenities include a fitness center, wellness studio and pool, according to the property’s website.
Meanwhile, Gramercy Property Trust, which Blackstone bought in 2018, sold the 116K SF office building at 17100 NW 59th Ave. in Hialeah to an entity tracing to Ali Ahmed for $20.5M, Vizzda records show.
The building was developed in 1995 and last traded in 2003, when Bank of America sold it for $14M, according to the South Florida Business Journal. The bank once fully leased the property, though it is unclear when it exited. Regus is now building out a coworking space at the address, according to its website.
SALES
PGIM Real Estate sold a Kendall apartment complex to Stratford Propco LLC and Stratford Family LLC for $60.5M, according to records provided by Vizzda.
The two buyer entities trace to Lesley, Thomas and Peter Neary, who financed their purchase of the 249-unit complex at 9051 SW 122nd Ave. with $49M in debt from Newmark that matures in 2030.
The complex, consisting of six three-story buildings, five two-story buildings, two storage buildings and a clubhouse, was developed in 1992 on 10 acres.
LEASES
Nicklaus Children’s Hospital has signed a lease for about 65K SF at Columbus Center at 1 Alhambra Plaza, Commercial Observer first reported.
The lease follows Tourmaline Capital Partners’ $76M purchase of the downtown Coral Gables complex as it was on its way to foreclosure and recently underwent an $11M renovation. The hospital’s main campus is at 3100 SW 62nd Ave.
The complex spans 500K SF across a 14-story and an eight-story tower built in 1990. The building fell from 69% leased to 63% leased in June, Bisnow previously reported. Tourmaline plans to add an amenity space programmed by its subsidiary company, Onsite.
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Jay Shirodkar, who leads Miami-based Yes Hospitality Group, is launching Jay’s Steakhouse in Fort Lauderdale’s Flagler Village, according to a release.
The restaurant leased 9,524 SF inside a historic former church at 441 NE Third Ave. Native Realty CEO Jaime Sturgis brokered both sides of the deal.
The building was once home to Broward’s first Catholic church before being repurposed five years ago for retail and restaurant use by owner URBN Flaglar LLC, led by Itay Avital. The public opening is planned for the week of May 5.
FINANCING
South Florida-based Cymbal DLT Cos. landed a $27M refinancing loan from Linkvest Capital through its lending affiliate LV Lending for Cymbal DLT's retail and office building in Midtown Miami, according to a release.
The financing allows for the redevelopment of the 25K SF retail and office building at 3452-3470 N. Miami Ave. into an Arquitectonica-designed multifamily tower. The project is slated to break ground in 2026 to make way for a 35-story development with 598 units and 20K SF of retail, to be built under Florida’s Live Local Act.
An unspecified portion of the units will be rented as workforce housing to residents making up to 120% of the area median income.
CONSTRUCTION AND DEVELOPMENT
Related Group, Merrimac Ventures and Hilton broke ground on the Waldorf Astoria Residences in Pompano Beach, according to a release.
The project is the first standalone residential project for the Waldorf Astoria brand and is set to deliver 92 units with two to five bedrooms ranging from 2,100 SF to 6,100 SF. There are four penthouses that start at $16M.
Amenities include a private marina with about two dozen boat slips, 200 feet of beachfront and a spa. Construction is expected to be complete in 2027.
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A former MLB player plans to build a 41-story Live Local Act project at 330, 334, 344 and 356 NW 37th St. in Wynwood, the South Florida Business Journal reported.
The plans for AG Wyn, from former Los Angeles Dodger Alex Guerrero and his partner, Ruben Rodriguez, calls for 234 units, 94 of which would be designated for renters making 120% of AMI.
The project, called Wynwood Tower, will have studios, one-, two- and three-bedroom apartments, and is slated to go before the Miami Urban Development Review Committee on Wednesday.
THIS AND THAT
Continuum Co., led by Ian Bruce Eichner, launched its own in-house brokerage arm named Continuum Realty to handle sales and marketing for its South Florida developments, according to a release.
The division tapped Phil Gutman to lead a team of eight, overseeing sales for projects like Continuum Club & Residences in North Bay Village and La Baia North in Bay Harbor Islands. The move comes as the company is preparing to launch projects in North Bay Village, North Miami and Fort Lauderdale and grow its team for 2025.
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North Development, led by Ricardo Dunin, launched its own management firm for short-term rentals named North Management, according to a release.
The in-house hospitality platform, led by Dunin and Gilberto Garcia-Tuñon, will oversee the developer's short-term rental portfolio like Domus Brickell Park and the upcoming Domus Brickell Center.
The company aims to address longstanding issues with quality and consistency in the short-term rental and condo-hotel market by blending hotel-level service with the flexibility of short-term stays, it said in the release.
