South Florida Market Update |
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The recently completed Alexan 335 apartment complex in Plantation sold for $72.72 million.
Plantation Apartments LP, managed by executives of Dallas-based Trammell Crow Residential and partner New York-based CP Capital, sold the 248 apartments at 335 N. State Road 7 to IMP 335 LLC, in care of Boston-based commercial real estate firm GID. Hartford Fire Insurance Co. provided a $48.75 million mortgage to the buyer. The price worked out to $293,238 a unit.
Trammell Crow Residential started developing the 9.45-acre site in 2019. The Alexan 335 includes 1,500 square feet of commercial space, a pool, a game lounge, and two fitness studios. Units range from 756 square feet with one bedroom to 1,346 square feet with three bedrooms.
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An affiliate of Bang Energy obtained a boost of cash from selling a Pembroke Pines distribution warehouse for $58.25 million.
Sheridan Real Estate Investment B LLC, led by Bang Energy CEO John “Jack” Owoc in Weston, sold the 248,770-square-foot warehouse at 20351 Sheridan St., on the west side of the city, to Evox FL Pembroke 20351 LLC, managed by Denver-based EverWest Real Estate Investors. The buyer has $3.8 billion in commercial real estate under management, according to its website. The price equated to $234 a square foot. Cushman & Wakefield Rick Etner Jr., Chris Metzger, Christopher Thomson, Matt McAllister, and Merritt Etner represented the buyer in the deal. They said Bang Energy is expected to lease back the building for three years.
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The University Medical Arts medical office building in Tamarac sold for $10.05 million.
Tamarac Medical Office LLC and PrivCap Hawks LLC, both managed by Daniel Cohen of Boca Raton-based PrivCap Cos., assigned the land lease for the 44,951-square-foot office building at 7431 N. University Drive to 7431 Medical Offices LLC, managed by Ruvi Silberstein in Los Angeles. Popular Bank awarded a $7.04 million mortgage to the buyer. The price equated to $224 a square foot.
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An Art Deco-style restaurant building on South Beach sold to local investors for $10 million.
A trust in the name of Zori Hayon sold the 12,868-square-foot restaurant building at 1450 Collins Ave. to E.D.Y. Inc., managed by Elijah Levy, Doron Malinasky and Josef Lipkin in Miami Beach. Coral Gables-based Amerant Bank awarded a $7.5 million mortgage to the buyers.
The price equated to $777 a square foot.
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L&L Holding Co. and Carpe Real Estate Partners acquired a three-acre development site in Miami's Wynwood Arts District where they will build a mixed-use project.
The New York-based developers paid about $53 million for the property in multiple deals, according to a source familiar with the deal. The site at 95 N.W. 29th St. includes several surrounding parcels.
The largest seller was the Rubell Family Collection, which moved its museum west to Allapattah. The other sellers were Luis Muniz, Alejandro Colome, 6100 AK LLC, ZMK LLC, 7350 Biscayne Blvd LLC, and Advanced Video Communications. The deal was brokered by Stefano Santoro of Disruptive Real Estate.
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A warehouse hosting an Amazon.com delivery station in the West Kendall neighborhood of Miami-Dade County sold for $34.69 million.
Kendall Property Owner LLC, in care of Minneapolis-based the Ryan Cos., sold the new 83,842-square-foot warehouse at 13320 S.W. 132nd Ave, to CPUS Three Lakes LP, managed by executives with CBRE in New York as part of a REIT it manages. The price equated to $414 a square foot.
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An affiliate of Starwood Capital Group paid $130 million for the Marketplace at the Outlets, a West Palm Beach shopping center with multiple big-box national tenants.
CLPF-Marketplace LLC, in care of New York-based Clarion Partners, sold the 303,705-square-foot shopping center at 1821 Palm Beach Lakes Blvd.
The buyer was SREIT Palm Beach Lakes BLVD. LLC, managed by executives at Miami Beach-based Starwood. Wells Fargo Bank awarded a $79 million mortgage to the buyer. The price equated to $428 a square foot.
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A Maryland-based company acquired a portfolio of seven neighboring office buildings in West Palm Beach for $19.5 million.
West Palm Beach-based 340-500 Columbia Drive LLC sold the 109,237 square feet of office space at 340, 360, 380, 400, 420, 440 and 500 Columbia Drive. The buyers were Columbia Tract One through Three LLC, all managed by Angler Properties of Towson, Maryland.
Darryn Dunn and Tom Gibson of Palm Beach Gardens-based Asset Specialists brokered the deal. They are also the leasing managers of the property for the new owner. The price worked out to $179 a square foot.
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A BP gas station and car wash in Boca Raton sold for $13.63 million in another sign of rapidly increasing real estate values across the region.
A.M.K. Petroleum Enterprises, managed by Kleopas Kleopa in Boca Raton, sold the 6,003-square-foot service station at 801 W. Yamato Road to RJ Petroleum Properties V LLC, managed by Michael Saei and Roxanne Schau of West Hollywood, California-based First Financial Capital. Los Angeles-based Bank of Hope provided a $10.89 million loan to the buyer.
First Financial Capital is a direct lender that helps clients purchase service stations and hospitality properties by structuring commercial bridge loans, according to its website.
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
5,200 SF / 10,489 SF Lot at $1,500,000
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Industrial Warehouse located just east of US 441/State Road 7 between Hollywood Blvd and Pembroke Rd. and is within close proximity to Florida's turnpike and interstate I-95. The property has a fully fenced-in lot, high 12' ceilings, office space, and a mezzanine. |
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
2,639 SF / 5,400 SF Lot at $950,000
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Excellent Retail/Office Building located directly on Dixie Hwy in East Hollywood, FL. The property is located in the DH-3 Zoning District, which allows for most retail and commercial uses. The current layout can accommodate most businesses and includes a large fenced-in lot in the back of the property. |
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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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