University Of Miami Signs 42K SF Office Lease: The South Florida Deal Sheet
The University of Miami expanded its office footprint with a 42K SF lease for the school's health system.
The university signed a 10-year lease with Hamilton Development for more than 42K SF of office space at Flagler Station, according to a release. It will occupy nearly one-third of Building 1300 and will serve as its anchor tenant.
This is the first major lease the firm has completed since it acquired the properties out of distress in May, CBRE's Cameron Tallon, who handles leasing for the site, confirmed to Bisnow.
Hamilton acquired a 24-acre site, including Buildings 1100, 1200 and 1300, at Flagler Station from Bridge Investment Group after rising vacancy pushed the portfolio's $64M mortgage with Wells Fargo Bank into distress.
Hamilton bought the debt, then Bridge handed Building 1100 over in a deed-in-lieu-of-foreclosure transaction valued at $21M. Building 1300 traded for $21M with a $14.6M mortgage from Nashville-based Pinnacle Bank. The final trade, Building 1200, traded for $20M in a deed-in-lieu-of-foreclosure, according to property records provided by Vizzda.
At the time of the sales, Buildings 1100 and 1300 were less than 60% occupied. Asking rents for the offices are about $23 per SF.
UM will have a sign on the side of the building facing the Florida Turnpike. The property will serve as offices for the University of Miami Health System, with a move planned for the second quarter of next year.
LEASES
Local TV channels 7 Fox and 18 ABC are relocating their stations in Miramar to a new broadcast studio and production facility that Sunbeam Properties & Development is developing in the Miramar Park of Commerce, according to a release.
The 70K SF production facility at 11077 Marks Way will have two broadcast studios. Production operations will be fully operational and begin by the beginning of 2027. Sunbeam Television Corp., a sister company of Sunbeam Properties, operates the stations.
The facility is within the Miramar Park of Commerce, which has industrial and flex space spanning more than 5M SF.
SALES
Bryan Grosman sold two apartment complexes totaling 196 units for $39M to entities tracing to 27 Capital and Dwight Capital, according to a release and property records provided by Vizzda.
The two companies purchased the five three-story residential buildings and clubhouse with a $34M loan from Ladder Capital Corp. that matures in December 2028.
The apartments are located next to each other at 5500 to 5550 Washington St. in Hollywood. Hollywood Square Apartments holds 174 units across four buildings built between 1968 and 1973, while the 23-unit Islander Apartments was built in 2008.
Marcus & Millichap brokers Joseph Thomas, Alec Demetriou, Adam Marcuvitz and Ethan Krauss handled the deal on behalf of the sellers.
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Northbridge Capital sold the 92K SF Riverbend Marketplace in Fort Lauderdale to RK Centers for $36M, according to property records provided by Vizzda.
The five buildings were built in 2016 on 15 acres. Planet Fitness, Marshalls and Five Below are tenants at the center, located at 2510 to 2670 W. Broward Blvd. Walmart Supercenter, which was not included in the sale, is the anchor of the property.
RK Centers is the retail investment company owned by Raanan Katz, a minority owner of the Miami Heat.
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The Hertz Corp. sold a Dania Beach car lot to an entity tracing to Scozak Realty Trust's Scott Daiagi for $21M and leased it back, according to property records provided by Vizzda.
Daiagi purchased the 36K SF auto rental site at 2150 NE Seventh Ave. with new debt of $27M from Valley National Bank. The nearly 10-acre property consists of three buildings built in 1995. Hertz’s lease expires in December 2044 with two five-year extension options.
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CubeSmart purchased a 128K SF self-storage facility in North Miami from Stein Investment Group for $31M, according to property records provided by Vizzda.
The five-story building at 1880 NE 123rd St. was built in 2022. Unit sizes range from 5 feet by 5 feet to 10 by 30.
THIS AND THAT
Related Group, Teddy Sagi, BH Group and Wanxiang America RE Group partnered with Starr Restaurant Group to serve as the culinary curator for The Residences at Six Fisher Island, an upcoming condo project in America's richest ZIP code.
The program will feature three concepts for residents only, including the Sunrise Lounge Café. It will also offer a waterfront restaurant and a chef's table for private tastings and celebrations with cuisine that will be announced at a later date, a spokesperson told Bisnow in an email.
It will also offer catering and room service for guests. Philadelphia-based Starr Restaurant group, led by Stephen Starr, owns local restaurants like Pastis Miami, Le Coucou, Buddakan and Makoto as well as an array of popular restaurants in Washington, D.C., and New York.
The Residences at Six Fisher Island is an under-construction 10-story, 50-unit condo building on the ultra-wealthy enclave. About 70% of the condos have been sold since sales launched in 2022. The developers plan to complete the project next year.
CONSTRUCTION AND DEVELOPMENT
Seagis Property Group broke ground on a 51K SF speculative industrial project in Dania Beach, according to a release.
The company broke ground on the property at 3410 SW 26th Terrace, which will feature 32-foot clear heights, 15 dock doors and two drive-in doors for users looking to take up between 20K SF and 30K SF.
Berger Commercial’s Jonathan Thiel, Daniel Forman, Keith Graves and Lawrence Oxenberg are handling leasing.
MILESTONES
Housing Trust Group and AM Affordable Housing opened the Oasis at Aventura, an affordable senior housing project in Aventura, according to a release.
The project features 95 apartments for applicants 62 and older with income levels at or below 50% of the area median income. Monthly rents for units in the building range between $555 and $1,369.
The eight-story project at 18700 NE 25th Ave. in Aventura is less than a mile away from Aventura Mall and the Brightline Aventura Station. Amenities include a gym, community room and resident lounge, library, outdoor terrace and a bocce ball court.
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The Calta Group finished the eight-story, 180-unit Revv Hollywood apartment building and has begun welcoming residents, according to a release.
The units span studios and one- and two-bedrooms ranging between 445 SF and 1,315 SF. Amenities include a gym, a pool, coworking spaces, a resident lounge, a pet spa, a coffee bar and two ground-floor retail spaces.
Studio apartments start at $2,030, while two-bedrooms start at $3,300, according to the property's website, which is offering two months of free rent.
