This Week's South Florida Deal Sheet: Zara Billionaire Buys Fort Lauderdale Tower
The Related Group sold an apartment tower in Fort Lauderdale for $65M less than its reported asking price.
The Related Group sold the Veneto Las Olas apartment tower for $165M to Spanish billionaire and Zara founder Amancio Ortega's Ponte Gadea USA Inc., according to property records provided by Vizzda.
Related delivered the 650K SF, 259-unit high-rise in November at 201 South Federal Highway. In February, the prolific Florida developer was seeking $230M for the 46-story tower, The Real Deal reported at the time.
Units range between one, two and three bedrooms that span between 822 SF and 1,530 SF, according to its website. Pricing for units ranges from $3,733 to $5,546 a month, Commercial Observer reported.
The tower also features 2K SF of retail, a pool, a spa and a sky lounge, the South Florida Business Journal reported.
SALES
An entity tied to Fortune International Group, led by Edgardo Defortuna, purchased a development site in Coral Gables for $37.5M, according to property records provided by Vizzda.
The entity, Gables Waterway Owner LLC, purchased the property from Gables Waterway Property LLC with new debt of $19M from City National Bank of Florida.
Plans from 2023 for the nearly 5-acre site at 6100 Caballero Blvd. include demolishing the existing mixed-use structure that was built on the property in the 1950s and constructing a 251-unit, two-building multifamily development 13-story and nine-story building, Florida YIMBY reported. The development would total 515K SF.
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Blackstone’s Link Logistics sold three industrial buildings to an entity tied to East Capital Partners for $90.2M, according to property records provided by Vizzda.
An affiliate of East Capital Partners bought the properties and financed the purchase with two notes totaling $62M from Pacific Coast Capital Partners. The multitenant industrial flex buildings were built in 1972 and total 368K SF on 13 acres at 3108, 3207 and 3308 NW 72nd Ave. in Miami.
JLL’s Luis Castillo, Cody Brais, Taylor Osborne, Melissa Rose and Jobi Rodriguez arranged the sale on behalf of East Capital Partners, according to a release.
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New York Life Real Estate Investors has bought into the South Florida medical office market. The insurance company acquired the four-building, 92K SF Pembroke Pines Medical Plaza for $38.3M from PPM Capital, LLC, an affiliate of Aventura-based Triarch Capital Group.
The 25-year-old complex at 400, 500, 600 and 700 North Hiatus Road is 96.8% occupied, according to JLL, which announced the deal. JLL Capital Markets brokers Ike Ojala, Matt DiCesare, Matt McCormack, Anthony Sardo, Hermen Rodriguez and Andrew Milne worked on the deal.
LEASES
MG Developer is relocating its headquarters to 7,216 SF at 400 University Drive in Coral Gables, according to a release.
MG Developer, relocating from Almeria Avenue, was represented by Blanca Commercial Real Estate. The landlord, 400 University LLC, was represented by Savills’ Donna Abood, Joe Abood and Peyton Dowd. They also landed a 3,516 SF renewal from Home Financing Center.
The office building, built in 1968 and 2008, rises five stories and totals 28K SF, according to Loopnet.
FINANCING
Related Group landed a $230M construction loan from affiliates of Apollo for the Andare Residences Design by Pininfarina.
The developers broke ground on the 46-story tower last month, and out of the 163 units, 50% have been sold.
Residences span between 1,800 SF and 4,300 SF. The $16M penthouse is 6K SF and holds a wine room and a private theater. Amenities cover 35K SF and feature a pickleball court, a gym, a wellness spa, a sports lounge and more.
It’s set to become the tallest structure in Broward County at 540 feet. The development is expected to finish in 2027.
Related Group and Merrimac Ventures, in partnership with Hilton, closed on $160M in construction financing from Bank OZK for the Waldorf Astoria’s first condo-only development in Pompano Beach.
Construction on the Waldorf Astoria Residences Pompano Beach began in April at 1213 South Ocean Blvd. with more than 70% of units under contract. The project is on track to deliver by 2027, according to a release.
The 28-story tower will feature 92 condos ranging from two to five bedrooms, with floor plans spanning 2,100 to 6,100 SF and access to a private elevator.
Plans include 20K SF of oceanfront amenities, including a pool deck, spa, outdoor bar, dining lounge and summer kitchens. Residents will also have access to 200 linear feet of beachfront and a private marina with roughly two dozen boat slips.
There are 15K SF of indoor amenities including a gym, a sauna and steam rooms, a children's entertainment center and a multi-sport simulator.
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Bridge Industrial secured $77.5M in financing from State Farm Life Insurance Co. for a three-building industrial park in Miami-Dade County, according to a release.
The loan was arranged by a CBRE team of Steve Roth and Bill Jurjovec. Bridge Point AVE is a 600K SF industrial park built in 2021 within the master-planned AVE Aviation and Commerce Centre.
Nearly fully leased with just 30K SF still available, the campus includes a 200K SF building at 5590 NW 145th St., a 110K SF building at 14150 NW 56th Court and a 279K SF building at 14250 Aviation Drive, all featuring 24- to 36-foot clear heights.
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Grover Corlew landed a $92M construction loan from Affinius Capital for its luxury apartment building in Cypress Creek, according to a release.
Berkadia’s Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins arranged the financing on behalf of Grover Corlew.
The 312-unit project is set to rise at 6261 NW Sixth Way on a nearly 4-acre site Grover Corlew assembled in 2022. The developers plan to include a speakeasy, a courtyard, a pool, coworking space, a dog spa and more. The developers a looking to complete the project by 2027.
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Cedar Street Cos. landed a $63M construction loan from ACRE Credit Little River Funding for its project in Little River, the SFBJ reported.
The 12-story apartment building plans for 191 units that range between 446 SF studios to 1,814 SF lofts, 8K SF of retail and 296 parking spaces. Amenities for the project include a gym, pickleball courts, a sport bar and a dog wash.
CONSTRUCTION AND DEVELOPMENT
Coral Gables-based MG Developer broke ground on the 347-unit Metro Parc South in Hialeah with a projected completion in 2028, according to a release.
The multifamily development is part of the larger Metro Center plan that totals nearly 2.3M SF of apartments and retail, including the 559-unit Metro Parc and 620-unit Metro Parc North. The project is set to rise at 954 and 934 East 25th St.
MILESTONES
Fisher Brothers completed its 308-unit Joule House multifamily project in Wynwood and has initiated move-ins after receiving its temporary certificate of occupancy, according to a release.
Joule House, an eight-story building at 2200 NW First Ave., has studios, one- and two-bedroom units and two- and three-bedroom penthouses spanning between 474 SF to 1,405 SF. Its 23K SF of amenities include an outdoor garden on the second floor, a gym, a coffee bar, a communal workspace and a conference room.
The project integrates 30K SF of curated art from artists Nico, Dasic Fernandez, Mr. June Remote and Ahol Sniffs Glue.
