South Florida Market Update |
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A self-storage facility just east of Interstate 95 in Hallandale Beach sold for $23 million.
CLC HBFL I LLC, in care of Bala Cynwyd, Pennsylvania-based City Line Capital, sold the 136,591-square-foot self-storage facility at 450 Ansin Blvd. to Boundary Ansin LLC, in care of Bethesda, Maryland-based commercial real estate investment firm Boundary Cos. Seacoast National Bank provided a $16.45 million mortgage to the buyer.
The price worked out to $168 a square foot.
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The retail space at the ground floor of Society Las Olas, located along the New River in Fort Lauderdale, sold for $17 million.
Trimac Riverfront, a partnership between Miami-based Tricera Capital and Fort Lauderdale-based Merrimac Ventures, led by Dev Motwani, sold the 16,500 square feet of retail and restaurant space at 301 S.W. First Ave., to PMG-Greybrook Riverfront I LLC, a partnership between New York-based Property Markets Group and Toronto-based Greybrook Realty Partners. The buyer also listed New York-based Mark Lapidus, an associate of former WeWork CEO Adam Neumann, as a co-manager.The buyers still own the Society Las Olas apartments after developing the project in 2020. The price for the commercial space equated to $1,030 a square foot.
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A pair of charter school campuses in Broward County sold for a combined $47 million, a lesson in profitable flipping after only three months of ownership.
In the bigger deal, PCSD Schools LLC, managed by Brian Huffaker of Boise, Idaho-based Performance Charter School Development, sold the 85,233-square-foot Renaissance Charter School at University at 8399 N. University Drive in Tamarac for $27.2 million.
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Terreno Realty Corp. paid $73.2 million for a pair of warehouses in Hialeah, bringing its number of buildings at Countyline Corporate Park to seven.
Countyline Building 29 LLC and Countyline Building 30 LLC, both affiliates of Miami-based Florida East Coast Industries, sold two warehouses for a combined 407,000 square feet at 4281 and 4341 West 108th St. to Bellevue, Washington-based Terreno (NYSE: TRNO). The price equated to $180 a square foot. The buildings were recently completed on the 19.8-acre site.
Terreno said the buildings have 359 parking spaces and 124 dock-high doors. They are 100% leased to two tenants, although Terreno wouldn’t disclose which companies are there.
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The developers of the E11even Hotel & Residences in Miami took a big step towards making the project reality by closing on the property and obtaining a $148.5 million construction loan.
Miami Beach-based Miami Block 17 LLC, managed by Michael Simkins, Marc Roberts, and Debra Slifkin, sold the 9,125-square-foot property at 1025 N. Miami Ave. for $10.67 million to the 11th Street Land Trust with 11th Street Trustee LLC and managed by Ryan Shear of New York-based Property Markets Group.
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Aventura-based MG3 Group, through its private real estate investment trust, acquired the Walmart Supercenter-anchored Fontainebleau Park Plaza in west Miami-Dade County for about $73 million.
CJUF III Flagler LLC, in care of Miami-based Berkowitz Development Group, sold the 246,833-square-foot retail center at 9191 W. Flagler St.
Hernan Leonoff, a principal and co-founder of MG3, said the price included the cost of paying defaulted interest on the seller’s mortgage.
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Equus Capital Partners acquired a pair of warehouse/office buildings near West Palm Beach for $41 million as part of a larger portfolio deal across multiple states.
Liberty Property Trust, a subsidiary of San Francisco-based industrial giant Prologis (NYSE: PLD), sold the 83,480-square-foot warehouse/office on 6.9 acres at 1400 Northpoint Parkway and the 64,209-square-foot warehouse/office on 5.3 acres at 300 Northpoint Parkway to Colt South Florida Owner LP, an affiliate of Philadelphia-based Equus. The price equated to $278 a square foot.
Both properties were developed in 2001 and last traded for a combined $10.08 million in 2009. That means they nearly quadrupled in value amid the strong demand for industrial space in South Florida.
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Lifespace Communities could expand its Waterford senior living facility in Juno Beach with a major reconstruction project.
The town’s Planning & Zoning Board on Feb. 7 will consider the application from West Des Moines, Iowa-based Lifespace Communities. Built in 1982, the Waterford currently has 492 independent living beds on the 14.5-acre site at 601 Universe Blvd.
The company asked the town to annex seven lots from 1787-1703 Pleasant Drive, totaling 1.45 acres, and apply “planned unit development” zoning to them. These vacant lots are directly south of the Waterford campus. Six of them previously had single-family homes.
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The Publix-anchored Delray Square shopping center in Delray Beach was acquired by a Jacksonville-based company for $48 million.
TKC CLXXVIII LLC, in care of Charlotte, North Carolina-based the Keith Corp., sold the 162,412-square-foot retail center at 4751 and 4789 W. Atlantic Ave. plus 14620 S. Military Trail to the Delray Square Land Trust with Property Management Support as trustee. Jacksonville-based Sleiman Enterprises announced that it was behind the acquisition. Guardian Life Insurance Co. of America awarded a $32.5 million mortgage to the buyer. The price equated to $296 a square foot.
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR LEASE
18,879 SF / 1.47 Acre Lot at $39,000 Per Month MG
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Excellent Full Service Center located directly off US 441/S. State Rd 7. Great Visibility with over 39,000 cars daily traffic. The property has 18,879 SF of warehouse space on 1.47 Acres with a fully-fenced in lot. Brand new Spray Booth and Car Lifts included. Auto repair equipment is negotiable. Recently renovated office/salesroom. Perfect for any auto sales, auto service, and collision center. |
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
40,068 SF / 1.97 Acre Lot
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Class B Office Center with a strong tenant mix of 15 tenants and is currently 100% leased. This building is in excellent overall condition and very well maintained. The property was fully renovated in 2019 with over $1 mil in recent improvements. This is an excellent investment opportunity. |
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John DeMarco, CCIM
Broker/Owner
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The DeMarco Real Estate Group™
1901 Harrison St. Hollywood, FL 33020
Office: (954) 453-1000
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