The Chicago-based CA Ventures has acquired The University Park student housing complex in Boca Raton for $80 million, roughly $503,000 per unit. The deal was financed with a $52.35 million Fannie Mae mortgage by Grandbridge Real Estate Capital.
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Kushner Companies Gearing Up To Break Ground On First Miami Projects
Kushner Companies is gearing up to break ground on their first two Miami projects located in Wynwood and Edgewater. The Wynwood project, known as Wynwood 27, will break ground first in Q1 2021 at 127 NW 27th St. and 129 NW 26th St. Wynwood 27 will feature 152-units, 50,000 SF of office space and 34,000 SF of retail space.
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The Estate Companies Acquires Site For Soleste NoMi Beach In North Miami Beach
The Estate Companies, a subsidiary of Estate Investments Group (EIG), has closed on the future site of Soleste NoMi Beach in North Miami Beach for $13.1 million. The project was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd. and currently features an 8,249 square foot retail building which will be demolished.
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Tricera Capital, LNDMRK and Related Group Break Ground On The Dorsey In Wynwood
The Related Group, Alex Karakhanian’s LNDMRK Development, and Scott Sherman’s Tricera Capital have broken ground on The Dorsey in Wynwood. The Dorsey is a mixed-use project which will rise 12-stories and will feature 306 apartment units; 35,000 SF of retail; 70,000 SF of office and 476 parking spaces.
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Northwestern Mutual Acquires Modera Port Royale In Fort Lauderdale For $180 Million
Northwestern Mutual has acquired the Modera Port Royale apartment community in Fort Lauderdale for $180 million. Modera Port Royale is located long the Intracoastal Waterway at 3303 Port Royale Drive South as well as 2890-2900 Port Royale Blvd.
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Avison Young Secures Office Lease At Boca Raton’s North 40 To Relocate Meisner Electric Headquarters
Avison Young has secured a new long-term lease for 15,172 sq.ft. at North 40 in the Park at Broken Sound in Boca Raton, a two-building office complex. Meisner Electric, Inc. the tenant will relocate its corporate headquarters from Delray Beach to the space at 901 Yamato Road to accommodate future growth. During the lease transaction Avison Young Principals Keith O’Donnell and Gary A. Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, a joint venture between Mainstreet Capital Partners, Inc., and Partners Group. Meisner Electric also has offices in Miramar and Sarasota with a strategy to expand in other Florida markets in the future.
“North 40 offers the opportunity for us to upgrade our corporate headquarter facilities to an ideally-located, high-quality space,” said Todd Gurne, President and COO of Meisner Electric. “After 43 years in Delray Beach, and now relocating to Boca Raton, we look forward to our continued growth as part of Palm Beach County’s business community.”
Boca Raton is one of the largest and more desirable office markets in Florida’s Palm Beach Country. According to Avison Young research, leasing activity was up countywide by a little less than 40% at the close of the third quarter following a tough second quarter with the country on a pandemic lockdown. COVID friendly office space is also now in high demand.
“Along with its convenient location, North 40 is known for its efficient floor plate design, large air-conditioned atrium lobby allowing for social distancing, and on-site conference center, which were particularly attractive to Meisner Electric,” said Gary A. Gottlieb. “The tenant sought to consolidate its current multi-building corporate offices into one space that could accommodate future growth, and North 40 delivered.”
Avison Young is a private company that provides value as a global real estate advisor. They provide healthy and productive workplaces for employees in cities that are prosperous.
Melo Group Tops Off Construction At Downtown 5th
Construction has officially topped off on Melo Group’s East Tower of Downtown 5th, the largest multifamily development built in Downtown Miami’s Central Business District. The project is composed of two towers, with the West Tower expected to top-off later this month. The construction has been underway with rapid speed in the middle of a pandemic as the foundation pour was only 9 months ago.
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AvalonBay Communities Acquires South Miami Winn-Dixie Site For $18.95 Million
AvalonBay Communities, led by CEO Timothy Naughton, has acquired a South Miami Winn-Dixie site located at 5850 SW 73rd Street for $18.95 million. The seller was a joint venture between entities tied to the Bacardi family and Alta Development, led by Henry Pino, who had acquired the property in 2007 for $14.5 million.
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Metro Edgewater Gearing Up To Break Ground In Edgewater's Paraiso District
Colombian developer Carlos Ortiz is gearing up to break ground on his planned rental apartment building, Metro Edgewater, which will be located in Edgewater’s Paraiso District. The project recently received FAA approval and is expect to break ground in January 2021 pending the issuance of building permits.
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Eden Appoints RKW Residential To Manage Lazul In North Miami Beach
RKW Residential has expanded their South Florida portfolio by taking over management and leasing of Lazul, EDEN Multifamily’s luxury apartment community. Lazul, originally developed by EDEN Multifamily, houses 349 apartments and is located in the heart of North Miami Beach. The 8-story building ranges in apartment size, offering studios, one-to-three bedrooms and even two-story townhomes.
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