This Week’s South Florida Deal Sheet: Related Ross Opens One Flagler
Stephen Ross' Florida development firm opened its newest office tower in downtown West Palm Beach named One Flagler, according to a release.
The office building is the first to open under Related Ross after the company spun off last year from Related Cos.
The 25-story tower at 180 Lakeview Ave. is expected to be 95% leased by the end of the month to tenants like Vista Investments of Florida, GoldenTree Asset Management and Ocean Sound Partners, GlobeSt reported.
The building has 19K SF of terrace and green space, a Greek-style restaurant named Estiatorio Milos, retail space and offices with private terraces, according to its website.
Related purchased the site in 2021 for $20.1M from the First Church of Christ Scientist West Palm Beach, according to the Vizzda database.
CONSTRUCTION AND DEVELOPMENT
Witkoff Group and PPG Development broke ground on their Hallandale Beach condo project The Residences at Shell Bay, according to a release.
The 20-story Kobi Karp-designed tower will hold 108 residences and 60 hotel units. Construction is expected to be completed in 2027. The property also features a Greg Norman-designed nine-hole, par-3 golf course, a 48-slip marina, a clubhouse with a spa, restaurants and event space.
The project landed a $273M construction loan from JPMorgan Chase and BDT & MSD Partners and an additional $5M loan from ConnectOne Bank in November, on top of its original $55M in financing in 2021.
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Baron Property Group broke ground on its Metro Parc North residential development in Hialeah, according to a release.
The Miami and New York-based firm's 661-unit development will have units ranging from studios to three bedrooms with a 24-hour concierge, a pool with private cabanas, coworking spaces and a clubroom.
The project is next to Metro Parc at 952 E. 26th St., the development firm's 559-unit project in partnership with Coral Gables-based MG Developer, which topped off construction in March, Florida YIMBY reported.
Together, the projects encompass nearly 2M SF. Construction, led by Kast Construction, is expected to be completed in the third quarter of 2027.
SALES
An entity tracing to CSL Partners and Presidium purchased the Pura Vida Hialeah apartment complex for $95M from Coral Rock Development, according to records provided by Vizzda.
The sale was funded by $64.6M in Freddie Mac debt that matures in 2030 and was originated by Newmark subsidiary Berkeley Point Capital. The 260-unit apartment complex at 3011 W. 16th Ave. has three eight-story buildings that were built in 2022.
The complex features a pool and a fitness center on the 5-acre lot. Apartments range between one and three bedrooms that are between 505 SF and 1,120 SF, according to its website.
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BH Group acquired the Wake Biscayne Bay Apartments from Miami-based Mast Capital and New York-based TPG Angelo Gordon for $84M, Commercial Observer reported.
The two 10-story buildings at 7525 E. Treasure Drive and 1900 S. Treasure Drive hold 338 rental units and were built in 1962 and 1966 on 2.3 and 1.4 acres of land separated by Treasures On The Bay II Condominium.
BridgeInvest funded an acquisition loan of an undisclosed amount, CO reported.
Istanbul-based Süzer Group purchased a 52% stake in the Moxy Miami Wynwood hotel from DolphinBay Hospitality for $99M, according to a release.
DolphinBay Hospitality, a partnership between Dolphin Partners and Baywood Hotels, kept the remaining 48%, The Real Deal reported. Jordan Karp brokered the deal for the buyer and seller.
DolphinBay purchased the site for $11M in 2019 when it was just a warehouse, according to records provided by Vizzda. It is now a 120-key hotel designed by Kobi Karp with two restaurants and 28K SF of food, beverage and lounge space at 255 NW 25th St.
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Advance Business Associates, an entity of Tamarac-based City Furniture, sold its Pembroke Pines City Furniture store at 11211 Pines Blvd. to Miami Heat co-owner Raanan Katz for $15.2M, The Real Deal reported.
An affiliate of Katz's Sunny Isles Beach-based RK Centers purchased the 62K SF building built in 1995 on 4.3 acres. The site last traded for $6M in 1999. City Furniture has leased back the store from its new owner on a long-term basis as part of the deal.
FINANCING
Coral Gables-based Calta Group secured a $53.7M loan from Forman Capital to build an apartment complex in Hollywood, according to a release.
The loan will fund the development and construction of 251 apartment units over two phases. The first phase, named Caltopia I, is expected to break ground at the end of this year at 2217-2239 Jackson St. The 100-unit building, with sizes averaging 750 SF and rents of about $2,465 per month, is expected to take 18 months to complete.
The second phase, Caltopia II at 2718-2750 Van Buren St., would include the remaining 151 units at an average of 740 SF and about $2,590 per month.
Amenities for the properties will include a pool, fitness center and yoga room, a dog spa, lounges and kitchen areas. Scott Mehlman and Ty Regnier represented Forman Capital.
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Fort Lauderdale-based Urban Street Development secured a $20.5M loan from Berkadia for its 55 Delray mixed-use retail and office property in Delray Beach, according to a release.
The property is 100% occupied by tenants like Throw Social, Roka Hula, Vic and Angelo’s, and Brandy Melville. Berkadia’s Brad Williamson, Mitch Sinberg, Scott Wadler, Matt Robbins and Kyle Ryan arranged the loan on behalf of Urban Street Development.
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Ocean Terrace Holdings and the Witkoff Group, led by Steve and Alex Witkoff, secured an $85M preconstruction loan from JPMorgan Chase for a mixed-use condo project that has been in the works for a decade in North Beach, The Real Deal reported.
The latest movement on the project was in 2021, when Miami Beach Historic Preservation Board approved Ocean Terrace’s plans for a 20-story, 75-unit building, renovating the Broadmoor and Ocean Surf properties and adding a 127-key hotel. The project is also approved for 15K SF of commercial space on Collins Avenue and 3K SF on Ocean Terrace. There would also be partial demolition and restoration of existing buildings.
THIS AND THAT
Atlas Real Estate Partners hired Chase Guillory as assistant vice president of acquisitions based in its Miami office, according to a release.
Guillory previously worked on the acquisitions team at IMT Capital, where he worked on sourcing, underwriting and multifamily investments in the Southeast and Texas.
Miami and New York-based multifamily private investment and development firm Atlas is targeting $1B in acquisitions over the next three years.
