March 2022
South Florida Market Update
Broward County
The Las Olas Square complex in downtown Fort Lauderdale sold for a 60% gain in value from its last trade in another sign of the city's office-market rebound.

According to sources familiar with the deal, the price was $144.5 million.

Steelbridge Las Olas West LLC, which is a joint venture between Miami-based Steelbridge Capital, Coconut Grove-based Square2 Capital, and New York-based Apollo Global Management, sold the offices with 267,955 square feet of rentable space at 501 and 515 E. Las Olas Blvd. The buyer was a partnership between Boca Raton-based CP Group and Related Fund Management, part of New York-based the Related Cos., led by Miami Dolphins billionaire owner Stephen M. Ross. The price equated to $539 a square foot.

The new Motif Apartments in the Flagler Village neighborhood of Fort Lauderdale sold for $195 million.

BR ArchCo Flagler Village LLC, a joint venture between New York-based Bluerock and Atlanta-based ArchCo Residential, sold the 385 apartments and about 26,000 square feet of retail and restaurant space at 500 N. Andrews Ave. to Motif Apartments LLC, managed by Pleasanton, California-based Thomas Tomanek & Associates. Voya Investment Management provided a $90 million mortgage to the buyer.

The LiveWell at Coral Plaza assisted living facility in Margate sold for $16 million, more than doubling in value from its last trade.

LiveWell Home I LLC, managed by Yanir Shmaryou of Miami Beach-based LiveWell Senior Living, sold the 58,409-square-foot senior living center with 140 beds at 5850 Margate Blvd. to 5850 Margate LLC, managed by Hector Fernandez of Miami-based RSR Senior Residences. Old Second National Bank provided a $12.99 million mortgage to the buyer. The price worked out to $114,286 a square foot.

Miami-Dade County
MSC Cruises USA broke ground on its $350 million cruise terminal at PortMiami as it ramps up operations at the busy port.

The U.S. arm of the Geneva-based cruise line, based in Fort Lauderdale, said the four-story building would total 490,000 square feet. When completed in late 2023, it will host 36,000 passengers a day and three ships at once, including the 2,270-cabin MSC Seascape, its newest vessel.

Miami-based Arquitectonica designed the building. Italy-based Fincantieri Infrastructure is leading the construction efforts.

The shuttered shell of a hospital tower in Miami Gardens was sold for $11 million, potentially leading to the redevelopment of one of the largest abandoned buildings in South Florida.

Parkway West Medical Center closed 20 years ago and the 11-story building at 17300 N.W. Seventh Avenue Road, in view of the Golden Glades Interchange, has remained with its broken windows, peeling paint and graffiti-covered walls. The building has faced foreclosure and bankruptcy proceedings over the years but it was never taken over by lenders.

An affiliate of Miami-based Corinthian Capital paid a combined $82 million for three apartment buildings in Miami-Dade and Broward counties.

In the bigger deal, Weiner Woods Apartments, in care of Harrison, New York-based Maxx Properties, sold the 156-unit Arbors at Greynolds Park at 2365 N.E. 173rd St., North Miami Beach, to TCG Corinthian FL Portfolio Prop, managed by Denis Barreto Jr and Mathew B. Miller of Corinthian Capital, for $35.2 million. The price equated to $225,641 a unit.

Palm Beach County
The Barcelona Jupiter Apartments sold for $138.5 million, posting a big gain in value.

Fort Lauderdale-based 207 Florida Realtor Associates and 217 Florida Realty Associates, both managed by Maurice Mann of Mann Realty Associates, sold the 352 apartments at 105 Sierra Drive to Norland Barcelona LLC, an affiliate of Newton, Massachusetts-based multifamily firm Norland. Equitable Financial Life Insurance Co. provided a $101.4 million mortgage to the buyer. The price equated to $393,466 a unit.

It last traded for $87.6 million in 2016, so it gained 58% in value. That’s a reflection of the sharp increase in rents in Palm Beach County.

A firm led by accountant and consumer debt expert Howard Dvorkin made a nice profit by selling land in the equestrian community of Wellington for $15.5 million.

NRNS Acquisition WEF Land LLC, managed by Dvorkin in Fort Lauderdale, sold the 13.56-acre site at 3650 and 3780 Gene Mische Way to Wellington Showgrounds 1 LLC. Dvorkin said the buyer was managed by Rusty Heiser and it’s possible he will lease it back to the owner of the neighboring Winter Equestrian Festival.

That is one of the largest equestrian shows in the world and it draws many wealthy residents to Wellington.

An industrial building in Mangonia Park, just west of the Port of Palm Beach, was sold for $22 million.

Alliance HSP West Palm Warehouse LLC, an affiliate of Bryn Mawr, Pennsylvania-based commercial real estate firm Alliance HSP, sold the 142,082-square-foot industrial building at 1601 Hill Ave., which has some office space, to a partnership between New York-based Avid Asset Management and Stuart-based Fogel Capital. SoundPoint Capital provided a $17.5 million mortgage to the buyer. The price equated to $155 a square foot.

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