This Week's South Florida Deal Sheet: City National Bank Of Florida Signs Miami's Biggest Lease Of The Year
City National Bank of Florida set a new high-water mark, signing Miami’s largest lease of the year for its new headquarters.
The bank inked an agreement for 145K SF in Coral Gables to accommodate its Miami-Dade County workforce. The office building at 2701 S. Le Jeune Road will be renamed the City National Financial Center once the bank moves in 2026, according to a release.
Built in 2009, the 16-story office building is undergoing a renovation to update its lobby, modernize common areas and add a fitness center and on-site café. Part of the renovation will include adding CNB’s name to the top of the building.
Pontegadea Investment, led by Amancio Ortega, bought the office building in 2009 for $62M. Current tenants include Quirch Foods and Infinity, which operates a car dealership on the ground floor.
The bank is based in a 124K SF building it owns at 2855 S. Le Jeune Road.
CBRE’s Eric Groffman, Cameron Tallon and Randy Carballo represented the owner of the building, Pontegadea. A CBRE team representing CNB included Matthew Goodman, Jeff Gordon and Ramon Hernandez.
PEOPLE
Miami-based real estate investment firm Gencom appointed Margaux Mielcarek as its new senior vice president of development for Bermuda and the Caribbean.
Mielcarek is responsible for overseeing hotel and residential development, asset management and identifying new opportunities in the region.
Before Gencom, she led projects in multifamily and mixed-use development that totaled 1,200 rental units in Miami. Formerly at JLL, she specialized in consulting and hotel transactions in Latin America and the Caribbean.
LEASES
Equinox has leased 35K SF at Ombelle Fort Lauderdale, a project led by Brooklyn-based Dependable Equities, for its first Fort Lauderdale location.
The lease at 300 NE Third Ave. will be on the development's first two floors in the 43-story Ombelle tower, with 775 condos combined. The fitness club will offer fitness classes, personal training and a full-service spa.
Construction of the development is expected to start later this year and complete in 2028.
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Organic grocery store Plum Market is opening a second Florida location in Palm Beach Gardens, the South Florida Business Journal reported.
The grocer is scheduled to open in 30K SF next spring at 2410 PGS Blvd. at the Prosperity Centre shopping plaza. The Michigan-based retailer plans to employ 150 people, bringing grocery, dining options and a wine selection by master sommelier Madeline Triffon.
SALES
Dallas-based car auction company Copart purchased 40 acres of industrially zoned land near West Palm Beach for $65M, according to records provided by Vizzda.
Forklift dealership Jamco Inc. sold the site that was developed in 1971 at 801 Pike Road. The site houses three buildings built in 1971 and 2000, but it is mostly used to store industrial equipment, the SFBJ reported.
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Midtown Group sold a 106K SF showroom and warehouse for $22.3M to NorthBridge Partners, according to Vizzda.
Occupied by Floor & Decor, the 97K SF facility in Coral Springs Commerce Park at 11711 W. Sample Road has 26-foot clear heights and two dock-high loading positions. The two-story building was built in 1996 on 9 acres.
Midtown had acquired the property for $15.7M in 2021.
Cushman & Wakefield’s Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon and Greg Miller represented Midtown.
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Terra and Fortune International Group joined to acquire the former Silver Sands Resort in Key Biscayne for $205M.
The joint venture has plans for a branded development with 56 condos at 301 Ocean Drive. Amenities for the project include a fine dining restaurant, a fitness center, a spa and social areas. The hotel, built in 1956, last traded for $6.4M in 1991, the SFBJ reported.
Plans for the development were approved in October. Construction is expected to begin in 2026.
FINANCING
WeWork co-founder Adam Neumann landed a $155M loan for his Flow House condo development in the 27-acre Miami Worldcenter.
The development, which is under construction, landed the construction and inventory loan from New York-based Invictus Real Estate Partners and Integritas Capital Management, according to a release.
Rising 40 stories, the residential tower at 697 N. Miami Ave. will include 466 fully furnished condos ranging between studios and two bedrooms and starting at $480K, according to the project's website.
Amenities include a coworking space, pool, fitness center, spa facilities, a game room and a podcasting room.
THIS AND THAT
BGI Cos. and Blue Road’s condominium tower Alba Palm Beach in West Palm Beach’s Northwood neighborhood reached its top-off milestone.
The 55-unit condo tower hit 60% sold, with residences starting at just under $3M. The project is set to offer 25K SF of amenities, including a theater room, a spa, private dining and a concierge medicine practice with Mount Sinai Health.
Construction, led by Moss Construction, is set to complete in early 2026.
