This Week's South Florida Deal Sheet: Iron Mountain Breaks Ground On First Miami Data Center
Boston-based information services giant Iron Mountain broke ground on its first data center in Miami, dubbed MIA-1.
The 150K SF facility is expected to open in 2026 with 16 megawatts of capacity at 2925 NW 120th Terrace. The data center will run entirely on 100% carbon-free energy, according to a release, and will be Building Research Establishment Environmental Assessment Method certified.
MIA-1 will offer colocation for companies, cloud and content providers and large-scale users that need long-term high-density solutions in Florida. Iron Mountain has 11 U.S. locations and more than 25 data centers globally, including in the Middle East, Africa and Europe.
Miami data centers had a 16% vacancy rate toward the end of last year, compared to the national average of below 3%. As of the second quarter of 2024, there were no data centers under construction in the market, according to CBRE.
CONSTRUCTION AND DEVELOPMENT
Multiplan Real Estate Asset Management broke ground on its Ocean House luxury condo building in Surfside, according to a release.
The project at 9317 Collins Ave. will have 25 ultra-luxury residences ranging between two and five bedrooms and between 2,093 and 6,279 SF with prices starting at $5M.
The building is designed by Miami-based Arquitectonica and its landscape division, ArquitectonicaGEO. Amenities for Ocean House include a spa with a treatment room, salon, steam room, rooftop pool deck with a vitality pool, a fitness center, floating cabanas and secluded lounges. Construction is expected to finish in 2027.
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Rilea Group and Ciprés broke ground on The Rider Residences, a rock 'n' roll and motorcycle-themed 12-story condo tower between Miami’s Wynwood, Midtown and Edgewater neighborhoods, according to a release.
The project will bring 146 fully furnished residences to 94 NE 29th St. The Rider will offer studios, one, two and three-bedroom units and penthouse units measuring between 386 and 1,612 SF. Prices for the residences start at $500K and go upward of $1.8M.
Amenities for the building will include a pool, a high-end restaurant and speakeasy bar accessible through a private elevator, a vinyl listening room, a pet spa, a fitness center, cold plunge pools, infrared saunas, IV therapy services and a traditional Hammam and Turkish bath. Construction is expected to be completed in 2026.
SALES
Walton Street Capital purchased a 226K SF warehouse in Broward County from Manova Partners for $44M, according to a release.
The two-story warehouse built in 1994 on 13 acres has 45 dock doors and three ramped grade doors, according to Vizzda. The property also has 11 trailer stalls, two drive-in doors and 226 parking spaces. It was 54% leased at the time of the sale.
CBRE National Partners’ José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento represented the seller.
Manova had a $42M mortgage on the property with Nuveen Real Estate that Walton Street assumed and upped to $79M with a maturity date in January 2028, according to Vizzda records.
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PEBB Enterprises and Contrarian Capital Management sold an office building off-market to 6601 Park of Commerce Holdings LLP for $14M, according to a release.
The 61K SF office building at the Meridian Office Center was one of two properties within the 11.4-acre property at 6551 Park of Commerce Blvd. that were acquired for $29.8M by the joint venture in 2022, according to records provided by Vizzda. The two companies still own the second building in the office center, which is occupied by Cross Country Healthcare.
Located within The Park at Broken Sound, the single-tenant office building is occupied by LexisNexis.
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An 85K SF industrial warehouse in Miami was sold by an entity tracing to Xebec Realty Investments for $27M, according to records provided by Vizzda.
The buyer, an entity tied to Juan Antonio Bruno Perroni Filho, acquired the single-story warehouse at 1010 NW 72nd St. The property was built in 2023 on 4.7 acres with 20 dock doors, 30-foot clear heights, two grade doors and 73 parking spaces.
LEASES
Transwestern Real Estate Services moved its South Florida office from Miami Tower at 100 SE 2nd St. to The Alhambra Plaza in Coral Gables, according to a release.
The new lease is 4,482 SF in the 14-story office tower in Coral Gables’ business district, where Transwestern is also the property manager. The owner is an entity tied to DWS Group, The Real Deal reported.
The office tower includes newly renovated common areas, a conference center, a health club and a car wash.
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Fort Lauderdale’s Thrive Art District, owned by brothers Jonathan and Abraham Fish, signed leases with six new tenants.
The deals, arranged by Native Realty Chief Operating Officer Kaley Tuning, include Pulse Pilates leasing 1,875 SF, YogiThot leasing 1,251 SF and Laurie Duncan Fine Art leasing 772 SF at 710 NW Fifth Ave.
Summit Marketing & Promotions leased 1,270 SF, Dr. Prosper with Pros Performance and Medicine leased 1,270 SF and Casa De Kava inked 1,218 SF at 701 NW Fifth Ave.
Thrive is a 5.3-acre development that opened in 2023 and is home to art studios, shops and restaurants.
