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.

The 1.9 acre site has approval to build a 9-story mixed-use project with 283 apartment units and a 36,395 square foot grocery store designed by Corwil Architects. The residential component would feature a pool dec and 8,000 square feet of amenity space, along with the development offer 400 parking spaces. The new building would replace a 20,664 square foot Winn-Dixie which was built in 1962. The site is located just a few block from the South Miami Metrorail Station.

Bell Partners Acquires Boca Raton Multifamily Communities For $94.25 Million

The Greensboro, NC-based Bell Partners has acquired two apartment communities in Boca Raton, The Lumin at Boca Raton and Cade Boca Raton, for $94.25 million. The Lumin at Boca Raton and Cade Boca Raton are located within the Park at Broken Sound, at 5500 Broken Sound Blvd. and 950 NW Broken South Parkway respectively. The acquisition was financed by a $58.8 million mortgage provided by GIM Commercial Mortgage Loan Fund. The properties will be renamed Bell at Broken Sound. Bell Partners now owns eight apartment communities in South Florida.

5500 Broken Sound Blvd. is a 180-unit apartment complex completed in 2018 on 9.1 acres. The property was developed and sold by a joint venture between Mainstreet Capital Partners and New Century Companies and sold for $56.5 million, roughly $314,000 per unit. 950 NW Broken Sound Parkway was also completed in 2018 and features 90 townhomes on 5-acres. The property was sold by an affiliate of Bluerock Real Estate and sold for $37.75 million, roughly $419,000 per unit.

EverWest Real Estate Investors Acquires Hialeah Industrial Property In Off-Market Deal For $13.1 Million

The Denver-based real estate investment firm EverWest Real Estate Investors has acquired an 160,000 square foot industrial property in Hialeah, FL in an off-market deal. The property, which is located at 1101 E. 33rd St., an infill location in the heart of Miami’s Hialeah industrial submarket, was acquired for $13.1 million, or $82 per-square-foot. Andrew Gurewitsch of Windsor Realty Partners represented the building seller, a partnership between two local investors.

“Hialeah is a centralized location, in close proximity to Miami International Airport, major thoroughfares and sought-after labor,” said EverWest Director of Southeast Acquisitions Tyler Williams. “The building is also fully occupied with a stable rent roll, making it the perfect candidate for long-term improvements – demonstrating EverWest’s continued ability to acquire and enhance well-located industrial product in a highly competitive landscape.”

“Hialeah is a city within a city with continued strong demand across all asset classes. The property is located in one of the most robust and fundamentally strong submarkets in Miami-Dade with an exciting future,” said Andrew Gurewitsch of Windsor Realty Partners.

The Hialeah building features 18’ to 22’ clear heights with functional dock-high loading, direct rail access, heavy power and a large lot for high-volume trailer storage. EverWest plans to implement a capital improvement program while benefiting from the building’s stabilized tenancy in a submarket with strong rent growth.

The building was fully leased to two long-term tenants at acquisition; IC Industries Inc., a leading South Florida corrugated box manufacturing and delivery service, and Schwarz Partners Packaging, part of an Indianapolis-based holding company with interests in corrugated paper and packaging, with a focus on the full-circle renewable process.

American Landmark Acquires 624-Unit Multifamily Portfolio From RADCO For $100.5 Million

American Landmark has acquired the recently renovated Radius Winter Park and Ashford at Feather Sound communities in Casselberry and Clearwater, FL from the Atlanta-based RADCO Companies. The 624-unit portfolio traded for $100.5 million and the transaction was overseen by CBRE. Radius Winter Park features 336 apartment units and sold for $51.5 million and Ashford at Feather Sound features 276 apartment units and sold for $49 million. The properties will be renamed Onyx Winter Park and Fairways at Feather Sound.

Radius Winter Park is located in Casselberry, FL, just 10 miles north of Orlando. The lakeside community was developed in 1983 and features a suite of amenities including a pool, BBQ and picnic area, playground, dog park, pet spa, indoor fitness center and internet café. Units range from studio to two-bedroom floor plans.

Ashford at Feather Sound was developed in 1985 and is located near I-275 just across the bay from Tampa in Clearwater, FL. The lushly landscaped property features two lakes, a heated pool, hot tub, sundeck, a grilling and picnic station, fitness center, tennis courts, scenic walking paths and an equipped pet park. Units are available in one- and two-bedroom layouts.

Ades Family Foundation Acquires Miami Shores Site To Build A Private, Non-Profit Jewish Day School

The Ades Family Foundation has acquired a 3.9 acre assemblage in an opportunity zone near Miami Shores for $5.3 million. The foundation plans to build a 60,000 square foot private, non-profit, Jewish day school which is anticipated to open in 2023. The transaction was overseen by Jamie Rose Maniscalco with Apex Capital Realty, who represented both the buyer and the sellers, the Peroni Family Trust and Sunshine Realty Enterprise. The assemblage is located at 855, 975 and 995 Northwest 95th Street as well as a second assemblage located at 900, 910 and 920 Northwest 96th Street. The Ades Family Foundation is a philanthropic foundation led by Daniel Andes, managing partner and CIO of the Aventura-based Kawa Capital Management.

Talent Hub Agency Acquires Ground-Floor Retail Suite At Merrick Manor In Coral Gables

Merrick Manor in Coral Gables has announced the sale of a ground-floor retail condominium to Talent Hub Agency, where the firm will open their new Miami headquarters following the acquisition. Merrick Manor is a mixed residential and commercial luxury condo building developed by the Henry Torres-led Astor Companies. The condominium offers nearly 20,000 square feet of prime retail space on the ground floor neighboring the Shops at Merrick Park. Manny Chamizo III, the Global Commercial Director of ONE Sotheby’s International Realty, arranged the sale of this Class A retail space to Talent Hub.

“With interest rates low, prospective commercial tenants are realizing they can buy their own spaces at prices on par with market rents and take advantage of appreciation while building equity,” Chamizo said. “Talent Hub’s purchase at Merrick Manor underscores how this building offers an unparalleled opportunity to buy Class A commercial product within a brand-new luxury mixed-use building just steps away from the world-class Shops at Merrick Park.”

Talent Hub is co-owned by Puerto Rican actor, singer and songwriting Carlos Ponce. The agency represents many A-list influencers and celebrities which will add even more character to the already existing and diverse mix of retailers and businesses at Merrick Manor. Existing businesses include Anaïs Nails & Spa, Body Details, Elegance Beauty Salon, Sweat 440, Trésor and a substation for the Coral Gables Police Department. Coral Gables business district is the perfect location for many businesses as it is easy to commute from Downtown Miami and Miami International Airport. This central location is even walkable to Miracle Mile.

“Merrick Manor is an ideal location for Talent Hub’s Miami headquarters,” Ponce said. “The quality of the building is impeccable. We look forward to helping our talented members realize their vast potential in our new home.”

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative at Merrick Manor located at 301 Altara Avenue in Coral Gables.

Avison Young’s Florida Capital Markets Group Oversees Sale Of Concept II Towers In Lake Worth

Avison Young’s Florida Capital Markets Group has overseen the sale of Concept II Towers in Lake Worth for $10.9 million to local real estate investor Allen Chelminsky. The 6.6-acre complex, located at 2290-2328 10th Ave., features a pair of office towers which were developed in 1985. The recently renovated complex offers a total of 96,674 square feet of office space overlooking Lake Worth. The seller, KAS Lakeworth, was represented Avison Young’s Florida Capital Markets Group lex by David Duckworth, John K. Crotty, Michael T. Fay, Brian C. de la Fé, Emily Brais and Berkley Bloodworth. KAS Lakeworth acquired the property for $7.4 million in 2015.

“The buyer for Concept II Towers secured an outstanding value-add office asset which consistently performed well during the pandemic and increased occupancy to 82.5%,” said Duckworth. “Situated in an ideal central Palm Beach County location with Lake Worth in the midst of revitalization, the property boasts strong in-place cash flows with a synergistic mix of quality medical and professional tenants, and there is and tremendous upside potential through lease-up.” 

“The Concept II Towers sale is a sign of growing investor confidence in the commercial real estate market,” said Crotty. “Many investors are looking to get back to the business of buying assets that fit their overall strategy. The office market remains incredibly resilient, and collection rates are tracking similarly to pre-pandemic levels.” 

Lennar Acquires 209 Home Lots In Delray Beach's Avalon Trails Community From 13th Floor Homes

Lennar Corp. (NYSE: LEN) has acquired 209 home lots from an entity tied to 13th Floor Homes in the Avalon's Trails community in Delray Beach for $27.64 million. The price pans out to roughly $132,000 per lot and the seller may be eligible to participate in the success of the project where homes are priced from the mid-$300,000’s.

Avalon Trails broke ground in 2019 and is located on a 110 acre former golf course at 7472 N. Oriole Blvd. which 13th Floor Homes acquired for $5.4 million in 2018. The total site is approved for 521 homes for the senior 55+ community and 13th Floor Homes still owns a site approved for a 200 unit multifamily development which is yet to break ground.

Amenities at Avalon Trails include a clubhouse, multiple pools, fitness center, business center, billiards room, tennis courts, pickle ball, bocce ball and card rooms. The project will also feature 2.4-miles of trails for walking, running and biking.

Fortune International Group Acquires Development Site On Pompano Beach Waterfront For $27.5 Million

Fortune International Group, led by Edgardo Defortuna, has acquired 4.61 acres of waterfront land in Pompano Beach, Fla., with plans to construct a pair of high-end condominiums on the site. The property is a combination of two adjacent parcels at 1380 South Ocean Blvd., a rarity for the area featuring 500 total feet of waterfrontage and coveted direct access to the beach as well as Biscayne Bay via the Intracoastal Waterway. Fortune International Group purchased the site from Lionheart Capital for $27.5 million. 

“The sheer fact that there are so few waterfront sites of this magnitude available anywhere along the South Florida coastline -- from South Beach to Palm Beach -- makes this an extremely appealing opportunity for homebuyers,” continued Defortuna.  “Furthermore, residents are going to have the best of both worlds: the ability to put their boat in the water, or enjoy a day on the beach.”

Plans for the project are expected to be unveiled in the first half of 2021.  A 30-story tower is approved for the site on the ocean and a 12-story building on the Intracoastal. The complex will be comprised of 239 residences and the property will feature a private marina and shared beachfront amenities.   

“On the heels of our success at Auberge, which is located just a few minutes south of this site, we plan on bringing a world-class project to Pompano Beach -- one that will offer a very unique lifestyle for the benefit of local residents as well as those who are relocating to South Florida, such as Northeast and Canadian buyers,” said Edgardo Defortuna, President and CEO of Fortune International Group. 

Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Retail Building In Miami Shores

Miami-based real estate investment firm Tricera Capital, led by Scott Sherman and Ben Mandell, and Alex Karakhanian’s LNDMRK Development have teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property for $4 million on Sept. 30.

The venture obtained a $2.5 million loan from First National Bank of South Miami for the acquisition.

The acquisition is a desirable long-term investment with Walgreens is signed to a long-term single-tenant lease for the 14,850-square-foot building. Tricera and LNDMRK purchased the property at an attractive land basis, offering significant upside through future redevelopment or re-leasing the existing building. The property is adjacent to a Publix supermarket on a stretch of Biscayne Boulevard that generates substantial traffic.

“We are thrilled to partner with Alex and LNDMRK once again on this new investment,” said Tricera Co-Founders and Managing Principals Scott Sherman and Ben Mandell. “This acquisition underscores our firm’s unique ability to identify and execute on off-market opportunities in urban core neighborhoods.”

“It is exciting to expand on our successful partnership with Tricera,” Karakhanian said. “This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio.”

Miguel Pinto and Jamie Maniscalco of APEX Capital Realty represented both the buyer and seller in the off-market transaction.

In addition to the 9020 Biscayne acquisition, Tricera and LNDMRK are collaborating on several investments and developments including partnering with Related Group to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space in Wynwood. The joint venture acquired the project site, a former Coca Cola plant, in September 2019. Tricera and LNDMRK are also jointly developing a luxury retail project in Miami’s Design District.