A Coconut Grove office building sold for a record price for the neighborhood, just one year after it was taken over via foreclosure.
3480 Main Highway in Coconut Grove
Torose Equities and Sabal Investment Holdings sold 3480 Main Highway in Coconut Grove to Azora Private Solutions for $61M, Torose announced.
Torose and Sabal gained control of the 55K SF building by purchasing the $32M mortgage on the property last year. Raoul Thomas’ CGI Merchant had fallen behind on loan payments, resulting in a UCC foreclosure.
Office tenants include Ridgeback Biotherapeutics, Longpoint Realty Partners and RedBird Capital Partners. The building also houses restaurants Amal and Level 6 on the ground floor and the rooftop.
This isn’t the first move Azora Private Solutions has made in Coconut Grove’s office market. The firm, a joint venture between Miami-based Exan Capital and Madrid-based Advenir Azora, also purchased two office buildings in the neighborhood for a combined $82M in September, The Real Deal reported.
SALES
Denholtz sold Deerfield Corporate Park Buildings 1 and 6 for $35M, according to a release.
The buyer was an entity tracing to West Palm Beach-based Aptos Management, the South Florida Business Journal reported.
The two office buildings in Deerfield Beach total 157K SF and are 88% leased to 26 tenants. The two buildings are in the Deerfield Corporate Park at 602-668 and 776-858 S. Military Trail.
Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar represented Denholtz.
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Related Cos., Related Group and Roizman Development sold a 300-unit apartment complex in Weston to Foundation For Affordable Housing for $50M, according to property records provided by Vizzda.
Foundation For Affordable Housing purchased the asset, which was built in 1989, with a $28M senior loan from Newmark, backed by Freddie Mac, and a $24M loan from Spira Equity Partners.
The Falls at Bonvanture spans two five-story residential buildings and a clubhouse at 201 Racquet Club Road.
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Entities tracing to A+ Mini Storage sold the retail and storage facility at 5301 and 5315 W. 20th Ave. in Hialeah to Volta Global for $23M, according to property records provided by Vizzda.
Office Depot and A+ Storage are tenants at the 143K SF one- and two-story buildings, built in 1979 and 2008, along with Neptunes Aquarium Store, Sherwin Williams, an arcade and a dry cleaner, the South Florida Business Journal reported.
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Pebb Capital, Lane Capital Partners and Wharton Properties purchased an office and retail building in the Miami Design District from Design District Development Partners LLC for $72M, according to property records provided by Vizzda.
The buyers purchased the seven-story, 15K SF building at 112 NE 41st St. with a $52M loan from 26North. This is the first time the building, built in 2017, has sold.
The building, named Design 41, houses tenants like architecture firm Foster + Partners, which signed a 5K SF lease at the building in November, the South Florida Business Journal reported.
THIS AND THAT
Citadel CEO Ken Griffin and Related Ross CEO Stephen Ross pledged $10M combined to Ambition Accelerated, a program through the Florida Council of 100 to attract out-of-state executives, Bloomberg reported.
The campaign will advertise and market to business leaders in northeastern and western U.S. cities in an attempt to lure them to the Gold Coast of Florida, from Palm Beach County to Miami.
The campaign, which will highlight Florida’s tax benefits and lighter business regulations, launched at the Ross-sponsored Wall Street Journal Invest Live conference held in West Palm Beach on Monday.
Courtesy of L&L Holding Co.
L&L Holding Co. and Oak Row Equities’ Wynwood Plaza at 95 NW 29th St.
FINANCING
L&L Holding Co., Oak Row Equities and Shorenstein Investment Advisers landed a $335M refinancing loan from Blue Owl Capital for the Wynwood Plaza mixed-use campus, according to a release.
The development at 95 NW 29th St. includes a 266K SF office building and 509 apartments. It opened its doors in October.
Amazon signed Wynwood’s largest office lease last year at the building for 76K SF. Other tenants at the building include OKO Group, which leased 25K SF in July, Weitz & Luxembourg and Claure Group — which is a co-investor in the project.
CONSTRUCTION AND DEVELOPMENT
Key International and Wexford Real Estate Investors are building a Mr. C Residences in Boca Raton, according to a release.
The developers are planning a 12-story, branded residential building at 41 SE Fourth St. with units starting at $1.7M. The developers tapped Arquitectonica to design the building.
Amenities will include a rooftop deck with an infinity pool, private cabanas, an open-air cinema and outdoor dining areas, as well as a social lounge with card tables, a golf simulator and a playroom.
Planned wellness-centered amenities include a spa, gym, yoga studio, meditation lawn, lap pool, hot and cold plunge pools, and padel and pickleball courts.
The condo sales, led by Douglas Elliman Development Marketing, are expected to launch this spring.
PEOPLE
Madison Capital Group, a commercial real estate capital advisory firm based in Miami, hired Roberto Perea as the managing director of capital markets, according to a release.
Perea will advise domestic and international developers, owners and investors on financing strategy, capital structuring and real estate portfolio growth. His focus will be in senior and subordinate debt, joint ventures and preferred equity.
Perea joins MRC after founding his own boutique capital advisory firm, 710 Capital. It is unclear if the firm is still operating, but Perea’s LinkedIn profile indicates that his position ended last year.
Perea brings more than 23 years of experience in arranging debt and equity financing, with stops at Wells Fargo, BankUnited, Gibraltar Private Bank and City National Bank of Florida.
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Newmark welcomed Shipley Hall as executive managing director in its Miami office to lead its growth across the Southeast, according to a release.
Hall has more than 20 years of institutional experience in leasing, investment and advisory services. He has overseen more than $4B in transactions involving more than 7M SF of office assets across Florida.
Hall was the founder and managing partner of Swan Commercial Advisors, where he advised on complex assignments spanning Miami, Fort Lauderdale, Palm Beach, Tampa and Central Florida.
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Gaia Real Estate tapped Pascual Korchmar as the firm’s new managing director of acquisitions and development, according to a release.
Korchmar will lead acquisition sourcing and development strategy as the firm expands into high-demand residential markets and emerging rental neighborhoods.
Korchmar is joining the firm following founding and leasing his own company, Korchmar Development Corp. He still serves as president for the company, according to his LinkedIn profile.