July 2021
South Florida Market Update
Source: GovTech
Broward County
The Yacht Haven mobile home park and marina in Fort Lauderdale was sold for $58.1 million.

The property is one of the few mobile home parks with water frontage remaining in South Florida, as most have been redeveloped. It’s along the New River.

Yacht Haven Park and Marina Inc. and Azurite Corp., both managed by Barry Yampol in Fort Lauderdale, sold the 20.2-acre site at 2323 and 2295 W. State Road 84

The Cypress Grove Apartments in Lauderhill were sold for $94.6 million, more than double their price from last year.

CC Cypress LLC, managed by Jared Remington of New Cannan, Connecticut-based Code Capital Partners, sold the 814 apartments at 4200 N.W. 19th St. to 4200 Cypress Owner LLC, in care of New York-based apartment investor FBE Limited, managed by Yehoshua Leib Fruchthandler.

MF1 Capital LLC provided an $80.41 million mortgage to the buyer. The price equated to $116,216 per unit.

The Related Group’s second oceanfront condo project in Pompano Beach will have larger units, according to plans recently filed with the city.

The Miami-based developer, through affiliate PRH 900 North Ocean LLC, has the 3.07-acre site at 900 N. Ocean Blvd. under contract. There, Related Group would buy out and terminate the existing 49-unit condo, Beach Villa 900 Ocean Boulevard, which was built in 1978.

When its plans to rezone the property were initially revealed in April, the Related Group said it aimed to build a 21-story tower with 119 condos. However, there were no renderings or detailed site plans.

Miami-Dade County
A Miami-Dade County warehouse with small industrial bays was sold for $18 million.

Ernesto Fabre of Fabre Design Group and Americas International Center, also managed by Fabre, sold the 145,331-square-foot industrial building at 9300 N.W. 13th St.

The buyer was AIC Owners LLC, managed by Pryse Elam, president of Orlando-based Foundry Commercial, a veteran industrial developer. CIT Bank awarded a $14.1 million mortgage to the buyer. Michael WeinbergRebecca Van Reken and Alec Fox of Berkadia brokered the loan.

Aventura-based MG3 Developer Group acquired the Doral Concourse office building for $96 million.

G & I VIII Doral Concourse LLC, an affiliate of New York-based DRA Advisors, sold the building with 240,669 square feet of office space at 8400 N.W. 36th St. to MG3, led by Hernan LeonoffMarcelo Saiegh and Gustavo Bogomolni.

The price equated to $399 per square foot of office space. The six-story building also has a five-story parking deck.

The 29N project would be one of the largest developments in Wynwood at 964,693 square feet.

The Wynwood Design Review Committee will consider on July 12 plans for the project at 95 N.W. 29th St. L & L Carpe Wynwood Holdings, a joint venture between New York companies L&L Holding Co. and Carpe Real Estate Partners, has nine parcels there under contract, combining for three acres. It’s directly east of the Gateway at Wynwood office building, which is currently under construction.

Palm Beach County
Encompass Health Corp. has proposed a rehabilitation hospital in Palm Beach Gardens. It's one of a handful of new hospitals planned in Palm Beach County.

The Birmingham, Alabama-based hospital company (NYSE: EHC) filed a plan amendment with the city for the 7.31-acre site at the southwest corner of PGA Boulevard and Ballenisles Boulevard, just east of Florida's Turnpike. Encompass Health has the land under contract from West Outparcel LLC, managed by John C. Bills in Palm Beach Gardens.

The vacant site is currently zoned residential. The new land use would be planned unit development, with conditional use as a hospital.

Boca Raton-based Pebb Enterprises plans to build a complex with space for multiple restaurants near the Town Center at Boca Raton mall.

CP Boca Plaza LLC, managed by Boca Raton-based CP Group, sold 1.94 acres at the northeast corner of Butts Road and Town Center Road to Pebb Enterprises for $2.35 million. The site is next to the office building at 5355 Town Center Road, which is still owned by CP Boca Plaza.

Pebb Enterprises said Restaurant Row will total 22,500 square feet with space for five tenants. Pubbelly Sushi and El Camino have already signed pre-leases there. Dominic Montazemi of Cushman & Wakefield brokered the deal.

The One Town Center office building in Boca Raton has been sold for $99.5 million, a sign that investors are confident in the recovery of the South Florida office market.

CP Boca Plaza LLC, a joint venture between Boca Raton-based CP Group and New York-based Siguler Guff & Co. sold the 191,294-square-foot office at 5355 Town Center Road to Singapore-based Prime US REIT.

The deal comes as wealthy residents and big companies continue to move to Palm Beach County.

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Vero Beach Financial Center
1201 19th Place Vero Beach, FL 32960
40,068 SF at $11,500,000
Very well maintained Class B Office Center. Strong tenant mix, currently 92.15% leased, Actual Capitalization rate of 6.77%

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4580 SW 33rd Ave
Fort Lauderdale, FL 33312
3,176 SF / 43,505 SF at $1,400,000
7 Unit/14 bed Assisted Living Facility Oversized 1-Acre lot.
Possible Multifamily Redevelopment with 8 Unit Addition Available.
Small Business Grant Program
The DeMarco Real Estate Group™ with RE/MAX 5 Star Realty is proud to give back to our local community. We are now accepting applications for our annual Small Business Grant Program. This $15,000 grant shall be awarded to a small business that is relocating or opening at a new business location.

Please visit our Website for a full list of eligibility requirements and application deadlines.
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