December 2021
South Florida Market Update
Broward County
New York City investment firm GMF Capital bought the Hollywood East apartment building for $102.5 million just two days before Christmas.

Totaling 579,420 square feet and standing at 15 stories, Hollywood East, at 2165 Van Buren St., was completed in 2020.

The building has 247 apartment units, a parking garage with 448 spaces as well as a lobby with a concierge, gym, and pool.

Cardone Capital is closing the acquisition on Friday of four apartment complexes in Broward County for a combined $740 million.

The Aventura-based company, which is led by 10X author Grant Cardone, paid for the properties in cash and bank financing and will use about $220 million in crowdfunding to give investors a piece of the deal, Cardone said. He will also market the crowdfunding opportunity to residents of the apartment buildings.

“They could be an owner of the property, not just a tenant,” Cardone said. “If they invest, they will be much more likely to stay on the property longer.”

An affiliate of Butters Construction & Development and New York-based BlackRock acquired a Tamarac office building for $16.23 million, with plans to replace it with an industrial development.

BOF FL 5601 Hiatus LLC, an affiliate of Atlanta-based Bridge Investment Group, sold the 100,980-square-foot office building at 5601 N. Hiatus Road to Hiatus Industrial Venture LLC. Malcolm Butters, CEO of the Coconut Creek-based developer, manages the buyer, according to city records filed during the approval process. Butters said BlackRock is his partner in the deal.

Miami-Dade County
Integra Investments and Constellation Group turned a nice profit on a recently renovated office building in Miami Beach.

The 31,979-square-foot office at 1674 Meridian Ave. sold for $26.5 million. The seller was 1674 Meridian Ventures LLC, a partnership between Miami-based Integra and Miami-based Constellation, and the buyer was a company led by Juan Jose Zaragoza of Miami-based Exan Capital. The price equated to $829 a square foot.

The building is 55% leased.

A developer of the Legacy Hotel & Residences within the Miami Worldcenter mixed-use project obtained a $340 million construction loan to move the development forward.

New York-based Silverstein Capital Partners, issuing its first construction loan in South Florida, granted the mortgage to Miami-based Royal Palm Cos., led by Daniel Kodsi. It covers the 1.53-acre property at 942 N.E. First Ave.

Legacy broke ground in August and, according to the developer, already has its condos 100% sold out. The developer can use the construction loan to bring the project to completion, which is scheduled for 2024.

Melo Group has acquired a full block of 3.04 acres in Miami’s Edgewater for $105 million with the goal of setting up a major development.

This is latest big move for the Miami-based developer, which has built more than 6,000 apartments and condos in the city over the past 20 years. Much of its development activity has been in Edgewater and the neighboring Arts & Entertainment District. This could be Melo Group’s largest project yet and provide Miami with a much-needed boost in its supply of multifamily housing as its population grows.

The deal covered a full block, from Biscayne Boulevard to Northwest Second Avenue, between Northeast 17th Street and Northeast 17th Terrace. The main address is 1700 Biscayne Blvd.

Palm Beach County
Only four years after it sold out of bankruptcy, the Publix-anchored Fountains of Boynton shopping center west of Boynton Beach traded for $79.5 million.

G&I IX Fountains Center LLC, in care of New York-based DRA Advisors, sold the 185,372-square-foot shopping center – at 6545, 6555, 6627, 6661 and 6667 Boynton Beach Blvd. plus 9811 S. Jog Road – to 6627 West Boynton LLC, in care of New York-based Union Investment Real Estate. The price equated to $429 a square foot.

Union Investments owns more than 425 properties worldwide and is ultimately a German company.

ShareMD Properties paid $38.1 million to acquire a pair of office buildings near Boynton Beach.

Both sales were by affiliates of Cleveland-based Woodside Health. Palm Beach County has a growing senior population, so there’s strong demand for medical office space.

Elliot LaBreche and Abigail Kind of Vitalis brokered the deals.

The Boca Raton Innovation Campus, one of the largest office parks in Florida, was sold for $320 million.

The 123-acre property, at 5000 T-Rex Ave., was once an IBM research hub where the first personal computer was developed. Now, it’s a multitenant center home to companies such as Modernizing Medicine, MDVIP, Baptist Health South Florida and Canon Solutions America.

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