Florida

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

by Jeff Shaw April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Development Florida Loans Multifamily Southeast

Concord Summit Capital Arranges $60M Construction Financing for Multifamily Development in Hollywood, Florida

by John Nelson April 20, 2023

HOLLYWOOD, FLA. — Concord Summit Captial LLC has arranged a $50 million construction loan and $10 million of preferred equity for the development of a 180-unit apartment community in Hollywood. David Larson, Keegan Burger and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing on behalf of the borrowers, The Calta Group and Gilu Holdings and Development. Situated near Hollywood Beach and I-95, the unnamed, seven-story multifamily community is expected to be delivered in first-quarter 2025.

April 20, 2023

Acquisitions Florida Industrial Southeast

Redfearn Capital Acquires Industrial Facility, Industrial Outdoor Storage Property in Florida for $18.9M

by John Nelson April 20, 2023

JACKSONVILLE AND DELRAY BEACH, FLA. — Redfearn Capital has purchased an industrial facility in Jacksonville and industrial outdoor storage (IOS) property in Delray Beach for a combined $18.9 million. The Jacksonville property is a 138,200-square-foot warehouse with 32 dock doors and 24-foot clear heights within Imeson Industrial Park. An entity doing business as 201 Busch Partners LLC sold the single-tenant facility, which was fully occupied by Wing Industries, for $14.4 million. The Delray Beach IOS property comprises a 13,790-square-foot facility and two acres of outdoor storage located at 1595 S.W. 4th Ave. APS Real Estate Inc. sold the asset, which is leased to Assurance Power Systems, for $4.5 million.

April 20, 2023

Development Florida Multifamily Southeast

Estate Cos. to Develop 321-Unit Multifamily Property in Downtown West Palm Beach

by John Nelson April 19, 2023

WEST PALM BEACH, FLA. — The Estate Cos. has received site plan approval for Soleste Palm Station, a 321-unit apartment development in downtown West Palm Beach. The City of West Palm Beach’s Downtown Action Committee voted unanimously to approve the project, which is scheduled to break ground in July. Soleste Palm Station will deliver a mix of studio, one-, two- and three-bedroom apartments ranging from 330 to 1,265 square feet in size. Amenities will include a resort-style pool with cabanas; health club with yoga, spin and aerobics rooms and on-demand fitness; social and gaming lounge; cyber lobby with coworking spaces; dog park and pet washing station; and dry cleaning and laundry services. Estate Cos. has numerous projects in various stages of development in South Florida, including two in North Miami Beach, three in Hollywood and one apiece in Dania Beach, Lauderhill, Pompano Beach and Riviera Beach.

April 19, 2023

Development Florida Leasing Activity Mixed-Use Retail Southeast

Lululemon, Sephora Open Stores at $4B Miami Worldcenter Development

by John Nelson April 19, 2023

MIAMI — Retailers lululemon athletica and Sephora have opened stores at Miami Worldcenter, a $4 billion mixed-use development in downtown Miami. The stores are located adjacent to one another along the development’s 7th Street pedestrian promenade that overlooks World Square Plaza, a 20,000-square-foot park. CIM Group, a co-developer of Miami Worldcenter, is leading the project’s retail leasing along with Miami-based The Comras Co. The master developer is Miami Worldcenter Associates, which is led by Art Falcone and Nitin Motwani. Still to come at the 27-acre Miami Worldcenter are food-and-beverage options including El Vecino by chef Michael Beltran, who also operates the Brasserie Laurel restaurant at the development; Chicago’s Maple & Ash and etta restaurants; Sports & Social, a dining and entertainment concept; as well as other nationally recognized brands including Rihanna’s Savage X Fenty, Club Studio, Ray-Ban, Posman Books, Bowlero and Lucid Motors. Approximately 80 percent of the retail space has been leased at the development.

April 19, 2023

Acquisitions Development Florida Multifamily Southeast Top Stories

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

by Kristin Harlow April 19, 2023

MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces. Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification. The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months. “This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” says Lahcen Knapp, Empira’s chairman. “Miami has emerged as one of the top U.S. …

April 19, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $23M Sale of Tampa Industrial Facility

by John Nelson April 18, 2023

TAMPA, FLA. — Cushman & Wakefield has arranged the $23 million sale of 4908 Tampa West, a 214,806-square-foot industrial facility in Tampa’s Airport submarket. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi and Chloe Strada of Cushman & Wakefield represented the seller, Robert Curran from Tryumph LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $15.1 million in acquisition financing through an unnamed national insurance company on behalf of the buyer, IP Capital Partners. 4908 Tampa West is situated about eight miles from Tampa International Airport and near I-275 and I-4. The property was fully leased at the time of sale to companies including anchor tenant CAE. The acquisition includes five acres of additional land onsite for outdoor storage or new development.

April 18, 2023

Florida Loans Mixed-Use Southeast

Berkadia Arranges $165M Refinancing for The Dorsey Mixed-Use Development in Miami

by John Nelson April 17, 2023

MIAMI — Berkadia has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed mixed-use development located in Miami’s Wynwood neighborhood. The property — which was co-developed by Related Group, LNDMRK and Tricera Capital — features 306 apartments, 73,000 square feet of offices and 36,000 square feet of retail space. Schonfeld Strategic Advisors and Industrious fully occupy the office portion of the development. Scott Wadler, Brad Williamson, Matt Robbins, Mitch Sinberg and Michael Basinski of Berkadia’s South Florida office arranged the 30-month, interest-only financing through MF1 Capital on behalf of the borrowers.

April 17, 2023

Development Florida Mixed-Use Multifamily Southeast

GreenBarn, Skyview Underway on 312-Unit Allen Apartment Community in Central Florida

by John Nelson April 17, 2023

KISSIMMEE, FLA. — GreenBarn Investment Group and Skyview Cos. are underway on the first phase of The Allen, a mixed-use development situated on 20 acres within the Medical Arts District of Kissimmee. Upon completion, the property’s first phase will feature an apartment community comprising 312 units. Sumitomo Mitsui Trust Bank has provided a $52.7 million construction loan for the residential development, and NTT Urban Development Corp. and Rithm Capital Corp. are co-investors. Plans for the project site currently include up to 1 million square feet across three phases of development, with the possibility of an additional 300 multifamily units and a medical office building.

April 17, 2023

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