April 2022
South Florida Market Update
Broward County
The Calta Group paid $9.5 million for a development site in downtown Hollywood with plans for an apartment complex.

Hollywood Construction & Development LLC, managed by Joseph Horn in Miami, sold the 1.6-acre site at 2215-2239 Hollywood Blvd. to Coral Gables-based Calta Group. It currently has several retail and office buildings, which would be demolished to make way for the project.

The property last traded for $7.7 million in May 2021, so it gained in value.

Terra sold the final phase of the Pines City Center in Pembroke Pines for $36.3 million.

Terra City Center Investments II LLC, headed by David Martin of Miami-based Terra, sold the 96,000 square feet of retail at 10610, 10620, and 10700 Pines Blvd. to TA Pines City Center II LLC, an affiliate of Boston-based TA Realty. The price worked out to $378 a square foot.

It was built on the 9.2-acre site in 2020 and 2021.

Hobby Lobby accounts for more than half of the space. Other tenants include McAlister’s Deli, Mister O1 Extraordinary Pizza, Legacy Fit, Chuy’s, and AT&T.

An affiliate of global investment firm Barings purchased a pair of warehouses in the Coral Springs Research and Development Park for $31 million.

ETI at Coral Springs LLC, managed by Luis Graef, who is also the president of millwork company Exclusive Trim, sold the 128,563 square feet of warehouses at 3850 and 3872 N.W. 126th Ave. to BCPF Coral Springs Property Owner LLC, care of Barings in Charlotte, North Carolina. Arkadia Property Group in Miami partnered with Barings on the deal. The price equated to $241 a square foot.

The warehouses were built on the 7-acre site in 2020 and 2021. This is the first time they have sold. Exclusive Trim, which does millwork for homebuilders, is among the tenants there. It’s located on the east side of the Sawgrass Expressway.

Miami-Dade County
An office building near the Palms at Town & Country mall in Kendall sold for $20.07 million.

Green Town & Country LLC, managed by James Bernstein of Miami-based the Green Cos., sold the 66,450-square-foot One Seventeen Professional Arts Center at 11731 Mills Dr. to 117 Professional Arts LLC, of Coral Gables. Miami-based City National Bank provided a $16.25 million mortgage to the buyer, with personal guarantees pledged by Carlos Enrique Imery GuzmanRichard Louis Kulick, and Luis Miguel Aguirre Veilman. The deal was brokered by Cushman & Wakefield's Miguel AlcivarDominic MontazemiScott O'DonnellMike Ciadella, and Greg Miller.

The price equated to $302 a square foot.

The Urbanica Meridian Hotel in Miami Beach sold for $30.5 million amid the hospitality market's rebound.

Miami-based Urbanica, through affiliate 418 Meridian LLC, sold the 70-room hotel at 418 Meridian Ave. to Miami-based investment firm Cambridge Lansdowne. Coral Gables-based Bradesco BAC Florida Bank provided an $18.3 million mortgage to the buyer. The price equated to $435,714 a room.

Urbanica purchased the 14,000-square-foot property for $5.5 million, then expanded and renovated a hotel that was originally built in 1925. The new hotel was completed in 2016 and totals 32,859 square feet in four stories.

A pair of retail buildings in the Midtown Miami neighborhood sold to a German company for $23 million.

Aventura-based 33 Midtown LLC, managed by Gustavo and Martin Miculitzki of Block Capital Group along with Elias and Abraham Cababie Daniel of Gicsa, sold the 24,925 square feet of retail buildings at 3300 N. Miami Ave. and 30 N.W. 34th St. to Germany-based Rüger Holding KG, headed by René Gerdom. The price equated to $923 a square foot.

Marcus & Millichap’s Alejandro D’AlbaAlex Zylberglait, and Scott Sandelin represented the seller in the deal. Robert Bhat, also of Marcus & Millichap, helped the buyer secure financing.

The buildings were purchased for a combined $16.3 million in 2015, so they had a 41% gain in value.

Palm Beach County
The Publix-anchored Shoppes at Woolbright in Boynton Beach were acquired by a New York company for $70.15 million.

Valencia Square Retail LLC, in care of Des Moines, Iowa-based Principal Real Estate Investors, sold the 149,268-square-foot shopping center at 10935 S. Jog Road to Georgetown Woolbright LLC, in care of the Georgetown Co. in New York. Nationwide Life Insurance Co. awarded a $40 million mortgage to the buyer. The price equated to $470 a square foot.

It last traded for $52.43 million in 2012, so the property had a nice gain in value.

The Sophia at Abacoa apartments in Jupiter sold for $202.5 million, or $519,231 per unit.

The huge price reflects the rapid rent increases at apartment complexes in northern Palm Beach County. The price per unit is just shy of the $535,000 median sales price for a single-family home in Palm Beach County recorded during February, according to the Florida Realtors.

Hart Abacoa LLC, managed by Thomas Kelly of Heitman America Real Estate in Chicago, sold the 390 apartments at 803 University Blvd. and 803 Promenade Way to BVF-V Sophia LLC, managed by Stephen Parthum of Boston-based multifamily investment firm Berkshire. The buyer also signed an agreement in county records promising not to convert the building to condos.

It last traded for $82 million in 2015, so it gained 147% in value.

TPA Group sold a recently completed warehouse in the Palm Beach Park of Commerce west of Jupiter for $21.08 million, completing the developer’s exit from the large business park after eight years.

YTG PB26 LP, an affiliate of Atlanta-based TPA Group, sold the 212,188-square-foot warehouse at 15501 Park of Commerce Blvd. to Rolling Hills Associates II LLC and Gold Duck LLC, both managed by Eric Witmondt, the CEO of Fairfield, New Jersey-based commercial real estate firm Woodmont Properties. Valley National Bank provided a $7.5 million mortgage to the buyer.

The price worked out to $99 per square foot.

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