This Week's South Florida Deal Sheet: Online Travel Agency To Relocate Headquarters
After 10 years in downtown West Palm Beach, HotelPlanner.com is relocating its home base.
The online hotel booking platform is relocating its headquarters from downtown West Palm Beach with a 10-year lease for 12K SF at Oakbrook Center in Palm Beach Gardens, according to a release.
HotelPlanner.com, operated by Lexyl Travel Technologies LLC, had its headquarters in Downtown West Palm Beach for a decade, occupying 15K SF at the PNC Bank building at 205 Datura St.
The company had originally occupied space at the Phillips Point office complex at 777 S. Flagler Drive.
Oakbrook Center is a 243K SF, Class-A office complex at 11760, 11770 and 11780 U.S. Highway 1. The office park has three six-story buildings built in 1990, and about 35K SF is available, according to a LoopNet listing.
NAI Merin Hunter Codman’s Jason Sundook facilitated the transaction on behalf of the tenant and the landlords, MHCommercial Real Estate Fund LLC and Waterfall Asset Management LLC.
LEASES
Four companies signed office leases at 701 Brickell with new landlord Morning Calm Management, according to a release.
Blue Owl, an alternative asset management company, signed a 10K SF lease at the building, acquired by the Boca Raton-based real estate investor and hedge fund Elliott Investment Management for $443M last year.
Digital infrastructure firm Core Scientific took 11K SF, XP Investments signed a 14K SF lease, and investment strategy firm Verition Fund Management signed a 5K SF lease.
Cushman & Wakefield’s Brian Gale and Edward Quinon represented the landlord in the negotiations.
The 33-story, 685K SF building is now 94% leased and features a renovated lobby, fitness center and on-site retail like Pura Vida.
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Agave Holdings has brought the office component of The Plaza Coral Gables to 100% leased after signing three new tenants, according to a release.
Marcum LLP, an accountant and adviser firm, leased 9K SF at the building, while New York-based stock brokerage firm Baycrest Partners leased almost 2K SF and asset manager Alti Global signed for about 6K SF. Carlyle Coffin of Stream Realty Partners repped Marcum, Max Rossi of Newmark repped Baycrest, and Thomas Haughton of CBRE repped Alti.
Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented Agave.
Other tenants at the project include Apple, which occupies 41K SF, Hinshaw & Culbertson, with 21K SF, and Bacardi, with 110K SF.
The development has two office towers totaling 455K SF. The North Tower spans 291K SF and includes a fitness center and tenant lounge, while the South Tower totals 163K SF with access to the same amenities.
The mixed-use project also includes the 242-key Loews Coral Gables Hotel, 165K SF of retail and 170 residential units at The Reserve.
CONSTRUCTION AND DEVELOPMENT
Continuum Co., led by Ian Bruce Eichner, broke ground on its Continuum Club & Residences in North Bay Village, according to a release.
The 32-story residential tower at 1755 JFK Causeway is planned to hold 198 residences ranging from 800 SF to 4K SF. The project, designed by Arquitectonica, is 48% sold.
The plans for the project call for 60K SF of amenities, including a restaurant, two pools, a jacuzzi plunge, a social lounge and a marina. Construction, led by Kast Construction, is expected to be completed in 2028.
FINANCING
PMG, Lion Development Group and Marc Roberts Cos. secured a $215M construction loan for the joint venture’s 38 West Eleventh Residences condo tower, according to a release.
GoldenTree Asset Management provided the financing for the 44-story project at 38 NW 11th St., which has 99% of the 659 planned condos sold and will allow year-round Airbnb hosting.
Units will come fully furnished, and amenities will span 20K SF, including a rooftop pool, a fitness center and coworking space. It will also have a 30K SF, three-level entertainment venue. The project is expected to be delivered by the beginning of 2028.
SALES
An entity tracing to Ohio-based healthcare REIT Welltower purchased a senior facility in Cooper City for $34.2M, according to records provided by Vizzda.
The seller was an entity affiliated with Royal Senior Care and MG3 Group, which developed the 220-bed facility in 2017. The facility, named Oakmonte Village of Davie, consists of two three-story buildings and a one-story building totaling 182K SF at 8201 Stirling Road.
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New Testament Baptist Church sold The Master's Academy, a K-8 grade school and church on a 43-acre property in Broward County.
The buyer was an LLC tracing to Carlos Martinez and Bernardo Duran, who paid $22M, according to property records provided by Vizzda. Martinez and Duran landed $17.2M in seller financing to help close the deal.
Duran, through another entity, Hancock 40 AC LLC, also owns a neighboring 40-acre site, which he purchased in 2022 for $9M, the South Florida Business Journal reported.
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Newland Realty Capital and Cerberus Capital Management purchased a senior living facility in Lantana for $67M from Bridge Investment Group, according to records provided by Vizzda.
The joint venture purchased the 291-unit The Carlisle Palm Beach at 440 E. Ocean Ave. with new debt of $55.7M from United Bank. The property consists of a six-story, a three-story and a one-story building totaling 312K SF.
Liberty Senior Living will manage operations for the facility, the South Florida Business Journal reported. Bridge, which is being taken over by Apollo Global Management, acquired the property for $77.2M in 2017, the SFBJ reported at the time.
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Jon Samuel, principal at Midtown Group, sold the fully leased retail plaza Sawgrass Landing for $30M, The Real Deal first reported.
The buyer, New York-based SK Realty Management, purchased the shopping center at 13713, 13775 and 13999 W. Sunrise Blvd. Tenants at the 64K SF center include Starbucks, Panera Bread and LA Fitness.
The off-market transaction was facilitated by Apogee Realty’s Lena Zubkova and Capital Group Realty’s Moshe Biton.
PEOPLE
JLL welcomed Ryan Levy as its executive vice president in Miami, according to a release.
The new position will focus on office tenant representation for local, national and global users.
Levy, who has more than 16 years of experience in lease acquisition, relocation strategies, consolidation and more, previously served as managing director at Newmark for three years and managing director at Cushman & Wakefield before that.
