November 2021
South Florida Market Update
Source: World Atlas
Broward County
Lynd Living sold the Aqua Villa apartments in Margate for $66.5 million in a profitable flip only 10 months after buying it.

Lakes at Margate Apartments FL LLC, an affiliate of San Antonio-based Lynd Living, sold the 280 apartments at 5750 Lakeside Drive to Lakes of Margate Apt Owner LLC, managed by Josh Champion as president of Atlanta-based multifamily firm Carroll. PGIM Real Estate U.S. Debt Fund provided a $48.27 million mortgage to the buyer. The price equated to $237,500 per unit.

Hampton Beebe of Newmark represented the seller in the deal.

A medical office building in Hollywood was sold by a company connected to one of its largest tenants.

The 26,884-square-foot office at 2700 Hollywood Blvd. was sold for $12.3 million by 2700 Hollywood Blvd LLC.

Ruben Salama, who is also the practice administrator at Elite Plastic Surgery, manages the LLC. Elite Plastic Surgery is based in the building, along with several other health care providers.

An affiliate of Stiles Corp. sold Galleria Plaza, a shopping center near the Galleria Mall in Fort Lauderdale, for $17.1 million.

Sunrise Investment Partners LLC, an affiliate of Fort Lauderdale-based Stiles, sold the 24,807-square-foot retail plaza at 2541-2595 E. Sunrise Blvd. to Shawnick Galleria LLC, managed by Esmail Shahid in Irvine, California. CBRE’s David Donnellan and Patricia Friend represented the seller, while the buyer worked with Paul Ahmed and Mackenzie Lampman, also of CBRE.

Miami-Dade County
Chetrit Group took a big step forward for its plans to build over 1,000 residential units in Miami's Brickell Financial District after securing a $310 million construction loan.

New York-based Madison Realty Capital said it provided the loan to New York-based Chetrit Group for the 6.2-acre site at 401 S.W. Third Ave., along the Miami River. It will cover the first phase of the project, which will have 632 residential units in 54 stories, along with the second phase, a 3-story project with 24,000 square of commercial space along the river and a river walk connecting the heart of Brickell to Jose Marti Park. The project will also include funding for improvements at the park, support of the city’s trolley and for Miami-Dade County affordable housing in Little Havana.

A pair of nursing homes in Miami-Dade County sold for a combined $33.4 million in a deal related to the sale of a Boca Raton nursing home a day earlier.

In all three cases, the sellers of the nursing homes were managed by Jack Rajchenbach and Mark Hollander of Skokie, Illinois. Englewood Cliffs, New Jersey-based CareRite Centers was the sole manager of the buyer in Boca Raton, but owned a 50% interest in the buying entities in Miami-Dade.

A company managed by Jon Samuel, the developer of Midtown Miami, paid $15.7 million for a warehouse in Coral Springs.

Coral Vutec Properties LLC, managed by Daniel Sinkoff, sold the 105,183-square-foot warehouse at 11711 W. Sample Road to MGX I LLC, managed by Samuel of Miami-based Midtown Group. The buyer was represented by Josh Wade of Delray Beach-based Flagship Retail Advisors, while the seller worked with Les Byron of SVN Commercial Realty.

The price equated to $149 per square foot.

Palm Beach County
Miami-based Tricera Capital acquired the Milan at Town Center office building in Boca Raton for $20 million.

The 70,000-square-foot office building at 1675 N. Military Trail was sold by 5295 Center Realty Development, managed by Randall R. Rossili in Boca Raton and Veronra, New Jersey residents Robert P. FerreraMichael S. Buckworth and Alan Rossili. Mission Capital helped the buyer obtain financing from Walker & Dunlop. The deal was brokered by Douglas MandelJonathan More and Tyler Kulman of Marcus & Millichap. The price equated to $286 per square foot.

An indoor/outdoor restaurant project in downtown Delray Beach broke ground after developer Icon Development Group obtained a $10.8 million construction loan.

Davie-based CCHC Fund II provided the mortgage to Icon Development Holdings II LLC, which recently acquired the property from BBC Holdings LLC for $5.29 million.

The Oakwood Apartments, a townhouse rental complex in Lake Worth Beach, sold for $35.4 million.

Oakwood Apartment 160 Units LLC, an affiliate of Miami-based One Real Estate Investments, sold the 160 garden-style townhouses at 2425 Second Ave. North to Oakwood Townhomes LLC, managed by Schweb Partners of Jackson, New Jersey. The buyer obtained a $31.5 million mortgage from Arbor Realty. Berkadia’s Jaret TurkellRoberto PesantOmar Morales and Jose Mota represented the seller.

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