This Week's South Florida Deal Sheet: Flow, Canada Global Approved For Aventura Apartments
WeWork co-founder Adam Neumann is wasting no time in South Florida, with another apartment project on the way with his Israel-based partner.
Neumann’s Flow and Canada Global gained approval from the Aventura City Commission for their plans to build hundreds of apartments at the Aventura Corporate Center business park, The Real Deal reported.
The campus at 20801, 20803 and 20807 Biscayne Blvd., which Flow and Canada Global purchased in November for $116M, currently has a total of 251K SF of office space across three buildings built between 1986 and 2007.
The previous owner had proposed 495 multifamily units in 24 stories, but it never came to fruition.
The joint venture now has approval to build 675 units, allowing 70 units per acre in three 29-story towers, 1,709 parking spaces and 39K SF of retail. The commission approved 70 units per acre as well as a 50% required parking reduction.
The project will also have 20 units set aside for the city’s Hero Housing program, offering market-rate apartments to charter school teachers, first responders and city staffers in Aventura. In addition, the duo has promised a $4.2M donation to charter schools in the city and a free shuttle to a Brightline train station.
SALES
Realterm purchased an industrial outdoor storage maintenance facility in Pompano Beach from an entity traced to Scott Daiagi for $25M, according to property records provided by Vizzda.
The site at 3120 NW 16th Terrace has two buildings built in 1991 and 2015 totaling 14K SF. Situated on 8.4 acres, the facilities have 10 drive-in doors and five drive-thru bays.
Almost 4 acres are leased to United Rentals, an equipment and tool rental company, and the remainder is leased to Discount Truck Parking, a truck parking facility.
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An affiliate of Gencom purchased a beachfront club and restaurant in Key Biscayne from Fortune International Group for $20M, according to property records provided by Vizzda.
Grand Bay Club, built in 1997, totals 14K SF. Amenities include a spa, salon, pool, playground and fitness center, according to its website. Fortune International Group acquired the property for $16M in 2007. The sale was funded by a $105M cross-collateralized loan from Banco Inbursa.
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Robert Rivani's Black Lion sold two restaurant spaces in Miami for a combined total of $38.2M, according to a release.
The first location — inside the SLS Lux Brickell at 8 SE 8th St. — is leased to Japanese-inspired steakhouse and lounge Gekkō, which occupies 8K SF indoors along with 3K SF of outdoor dining space.
At the Dua Miami Hotel at 1300 S Miami Ave., Rivani sold the home of Latin American restaurant Rosa Negra Miami, which spans 9K SF of indoor dining and 4,600 SF of outdoor dining.
Fabio and Sebastian Faerman of FA Commercial represented Black Lion in the deal, while Kevin Waissmann of Fortune Christie’s International Real Estate represented the undisclosed buyer.
LEASES
Fashion retailer Akira took over a former Forever 21 store, signing a deal for about 10K SF on the ground floor of 701 Lincoln Road in Miami Beach, according to a release.
The deal was facilitated by Comras Co.’s Michael Comras, who owns the 41K SF building.
Akira, owned by Eric Hsueh, Erikka Wang, Sarah Hughes and Gordon Liao, is a women’s boutique retailer based in Chicago with more than 20 stores across 12 states. The retailer is moving from a 19K SF building at 744 Lincoln Road, which Culto Fútbol is set to take over.
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Miramar Park of Commerce renewed 60K SF of leases with two tenants, according to a release.
Caterpillar, a construction and mining equipment operator, has been a tenant since 1999 and renewed its 45K SF long-term lease at 3450 Executive Way. Nissan North America, which has been a tenant since 1995, renewed its 16K SF lease.
Nissan was represented by CBRE’s Tom O’Loughlin, and Caterpillar was represented by Newmark Southern Region’s Steve Medwin and Nick Wigoda. Ryan Goggins and Peter Apol represented the owner of the business park, Sunbeam Properties and Development.
FINANCING
Witkoff Group and Access Real Estate landed a $100M mortgage from Apollo Global Management to refinance a 200-acre golf resort in West Palm Beach, Commercial Observer reported.
The property at 1900 Banyan Club Road includes the Belgrove Resort & Spa, a 150-key hotel; and the Dutchman’s Pipe Golf Club, an 18-hole course designed by Jack Nicklaus. The joint venture also recently launched sales for a 22-unit condo complex at the property.
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Australian Properties Group North and South and Sympatico Real Estate secured a $30M construction loan for their Berkeley Palm Beach condo project, the South Florida Business Journal reported.
The 25-story project is set to include 193 condos ranging between 2,500 SF and 4,800 SF for two to five bedrooms. Prices average at about $3.5M and amenities include a teen’s room, a fitness center, a nightclub, a cigar lounge and more.
The Arquitectonica-designed project began construction in November at 601 and 621 Clearwater Park Road.
PEOPLE
Miami-based Starwood Capital appointed Rob Allard as chief investment officer of Starwood Insurance Strategies, according to a release.
Allard has more than 27 years of experience in the financial industry, including roles as chief investment officer and head of Rothesay, founding partner and CEO of Firebreak Capital and managing director at Goldman Sachs, according to his LinkedIn profile.
In his new role, Allard will lead efforts to provide insurance clients with investment solutions tailored to their return, duration and risk needs while using Starwood’s $30B real asset credit platform.
THIS AND THAT
Wellness brand Pura Vida Miami opened its flagship location in Coconut Grove with a new gelato concept, according to a release.
The café opened its 6K SF storefront at 3000 Grand Ave. with a wellness-focused all-day breakfast menu and Gelato by Pura Vida Miami, a house-made offering that’s gluten and refined-sugar-free. Flavors include salted pistachio and chocolate hazelnut.
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Gaia Real Estate has launched a Miami office as well as a joint venture with Moderno Development Group, according to a release.
Gaia has moved into a 2K SF duplex office on Northeast Second Avenue and launched a $150M fund named MILAS — standing for Miami land and single-family, The Real Deal reported.
The joint venture is focused on acquiring value-add multifamily and commercial assets in South Florida, with a focus on Miami and Fort Lauderdale.
