South Florida Market Update |
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A Plantation shopping center anchored by Big Lots sold for $38.4 million.
Plantation Marketplace Investments LLC, managed by Claudio Mekler of Sunrise-based Miami Manager, sold the 230,330-square-foot Plantation Marketplace at 7007-7181 W. Broward Blvd. to a joint venture between Fort Lauderdale real estate investors Charlie Ladd of Barron Commercial Development and Steven Hudson of Hudson Capital Group. Coral Gables-based Amerant Bank provided a $21 million mortgage to the buyer. Fort Lauderdale-based Las Olas Capital Advisors provided equity for the deal.
Don Ginsburg of Katalyst Real Estate brokered both sides of the deal. The price worked out to $167 a square foot.
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The Hallandale City Center mixed-use project broke ground after the developer secured an $18.5 million construction loan.
Aventura-based H&M Development recently filed notice with the county that it started work on the project.
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The Mosaic at Miramar Town Center apartment complex sold for $200 million in one of the largest real estate deals in Broward County so far this year.
AMFP V Mosaic Apartments LLC and AMFP V Mosaic Townhomes LLC, both in care of New York-based Abacus Capital Group, sold the 117 apartments at 11750 Canal St. and the 67 townhouses 11571 Canal St.
The buyer was Mosaic at Miramar LP, in care of Tampa-based multifamily investor American Landmark. Forethought Life Insurance Co. provided a $134.7 million mortgage to the buyer.
The property last sold for $124 million in late 2020, so it gained 61% in value. That’s a reflection of the record-setting surge in rents in Broward County.
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An affiliate of Florida East Coast Industries (FECI) sold a pair of warehouses under construction at Countyline Corporate Park in Hialeah for a combined $62 million.
In both cases, the buyer was AIREIT County Line Corporate Park LLC, an affiliate of Denver-based Ares Industrial Real Estate Income Trust. That’s a national real estate fund that acquires industrial properties.
JLL's Luis Castillo, John Huguenard and Cody Brais represented the seller in the deal.
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The Hampton by Hilton at the Continental hotel in Miami Beach was sold to a Massachusetts-based company for $43.9 million.
Sukkah Miami Beach Acquisitions LLC, a joint venture between Boca Raton-based Pebb Capital and Miami-based LeaseFlorida, sold the 100-room hotel at 4000 Collins Ave. to SOV CMB Hotel Owner LLC, in care of Spot On Ventures in Osterville, Massachusetts. The price equated to $439,000 a room.
VMC Master Lender Upper REIT LLC provided a $32 million loan to the buyer.
The five-story hotel was built in 1948. Pebb Capital and LeaseFlorida spent $25 million rehabilitating the historic hotel in 2016. They said occupancy was near 100% from fall 2021 to spring 2022.
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The 1221 Brickell office tower in Miami sold for $286.5 million after securing many new tenants over the past year.
Rockpoint Group affiliate 1221 Brickell Owner LLC sold the 26-story office tower at 1221 Brickell Ave. to 1221 Brickell LLC, managed by Randall Davis in Palm Beach. The building totals 656,821 square feet, with about 408,423 square feet of leasable office and retail space and a parking garage. It includes a 2,000-square-foot terrace and 12,000 square feet of amenities, including a fitness center, on-site dining and a preschool.
The building last traded for $155 million in 2017, so it had a big gain in value.
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The Allure at Abacoa apartments in Jupiter sold for $161.1 million, more than double its last trade.
KMF X Jupiter LLC, an affiliate of Worthington, Ohio-based Klingbeil Capital Management, sold the 304 apartments at 1456 Cades Bay Ave. and 4515 Main St. to AA PropCo 2022 LLC, in care of Wellington-based Bainbridge Cos. and managed by executives at Fort Worth, Texas-based TPG Real Estate. JPMorgan Chase Bank provided an $83.25 million mortgage to the buyer. The price equated to $529,934 a unit.
It last sold for $65 million in 2015, the year it was built. The huge increase in price is a reflection of the rapid rise in rental rates in northern Palm Beach County as more wealthy people relocate to the area.
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An aerospace testing site west of Jupiter sold for $16 million to a company that’s the main tenant.
Apogee Investment Partners LLC, managed by Brian Neff in Hollywood, sold the 44.4-acre site with 5,625 square feet of aerospace testing facilities at 18855 Bee Line Highway to Beeline Proeprty Holdco, managed by executives at New York-based J.F. Lehman & Co. The site is used as a testing facility for Fort Lauderdale-based maintenance, repair and overhaul (MRO) company CTS Engines, which was acquired by J.F. Lehman in 2020.
Neff was the CEO of CTS Engines from 2010 to 2019. He’s currently CEO of Hollywood-based aerospace manufacturing firm Sintavia.
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The Winn-Dixie-anchored Rivertowne Square shopping center in Deerfield Beach sold for $18.75 million.
Ramco-Gershenson Properties, a subsidiary of New York-based RPT Realty (NYSE: RPT), sold the 145,502-square-foot retail center at 1015, 1017 and 1019 S. Federal Highway to Hollywood-based retail investor JBL Asset Management. JLL’s Danny Finkle, Eric Williams and Kim Flores represented the seller in the deal. The price equated to $129 a square foot.
Rivertowne Square last traded for $8.66 million in 1998, so it more than doubled in value. However, the price per square foot was less than most recent sales of Publix Super Markets-anchored shopping centers.
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
15,812 SF / 9,644 SF at $6,500,000
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The subject Property is located in desirable Plantation, FL. The building consists of $15,812 SF of leaseable space. The entire building is 100% net leased with beautiful build-out and finishes. There is a total of 79 parking spaces. |
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
8,273 SF / 8,011 SF Lot at $3,600,000
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Located in Hallandale Beach, FL the Property has excellent visibility from I-95. Completely renovated Flex Building. The open industrial footprint includes: 2 floors of open architecture and high ceilings, bright light, and open workspace. Brand new impact windows. |
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John DeMarco, CCIM, ACP, CAM, CDPE
Broker/Owner
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RE/MAX 5 Star Realty & The DeMarco Real Estate Group™
(954) 453-1000
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The DeMarco Real Estate Group™
1901 Harrison St. Hollywood, FL 33020
Office: (954) 453-1000
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