October 2021
South Florida Market Update
Broward County
Alta Developers has joined the group of developers building projects in downtown Hollywood, as the Miami-based developer has proposed a $90 million apartment tower.

The city’s Technical Advisory Committee on Oct. 18 will consider plans for the project by Alta Hollywood LLC, managed by Felipe Raimundo Onetto as CEO of Alta Developers. The LLC paid $23 million in August for 2.42 acres at 401 N. Federal Highway; 1713, 1719 and 1725 Taylor St.; 416 N. 17th Ave.; 1710, 1720, 1726 and 1730 Fillmore St. It currently has five small apartment buildings, which would be demolished for this project.

The B Ocean Resort Fort Lauderdale and a neighboring parking lot sold for a combined $126.9 million, but one of the prior owners has extended its stay on the beachfront resort known for its mermaid shows.

CRP/Insite Clipper LLC, a joint venture between Fort Lauderdale-based InSite Group and Washington, D.C.-based The Carlyle Group (Nasdaq: CG), sold the 481-room hotel at 1136 and 1140 Holiday Drive, plus 1101, 1127 and 1140 Seabreeze Blvd. for $117.9 million

The buyer was FLL Ocean Hotel Owners LLC, which lists its managing members as InSite Group CEO Ben Shmul, Rockpoint Group General Counsel Ron Hoyl in Dallas and Rockpoint CFO Spencer Raymond in Boston.

The office building at the Plantation Walk mixed-use project was sold for $57.5 million.

EHOF Plantation Office LLC, an affiliate of Boca Raton-based Encore Capital Management, led by Art Falcone, sold the 173,193-square-foot office building in seven stories at 261 N. University Drive. The buyer was Plantation Walk Offices LLC, an affiliate of Tampa-based Vision Properties, led by CEO Fred Arena. Synovus Bank provided a $37.38 million mortgage to the buyer.

Miami-Dade County
Aventura-based MG3 Group acquired the retail space at the Aventura Parksquare mixed-use project.

Hernan Leonoff, a principal and co-founder of MG3 Group, said his company’s real estate investment trust affiliate acquired an interest in the LLC that owns the 50,149 square feet of retail.
The seller was Miami-based Integra Investments, which developed the project at 2950 N.W. 207th St. in 2018. A deed was not issued and Leonoff declined to disclose the price.

However, a source with knowledge of the transaction said the price was $48 million.

The owner of the Aliro Apartments in North Miami is working on a $120 million expansion and renovation plan.

Apopka-based design-builder Finfrock said it was retained by the owner of the 870-unit apartment complex at 1820 N.E. 142nd St. for the property. The 9-story apartment complex is owned by BRE Portofino MF Property Owner, in care of New York-based investment giant Blackstone, in partnership with New Jersey-based Optimum Properties.

The Renaissance at the Gables wedding hall in Miami could be replaced with an extended care senior living facility with the same name.

The city’s Urban Development Review Board on Oct. 20 will consider plans for the 1.5-acre site at 3224 and 3232 S.W. 23rd St.; 3209 and 3219 S.W. 23rd Terrace; and 2340 S.W. 23rd Ave. It currently has a 17,686-square-foot wedding hall built in 1990. It’s just east of Coral Gables.

Palm Beach County
The recently renovated Fountain Square office campus in Boca Raton sold for $77.3 million.

BOF FL Fountain Square LLC, a partnership between Atlanta-based Bridge Investment Group and Denver-based Ascentris, sold the three buildings with a combined 242,816 square feet of office space at 2600 N. Military Trail. The buyer was EIP Fountain Square LLC, a partnership between IP Capital and Edge Principal Advisors, both based in Boca Raton.

The price equated to $318 per square foot.

The Fresh Market Village shopping center in Jupiter, which is anchored by The Fresh Market, sold for $25.5 million.

Adar Jupiter LLC, managed by North Miami Beach-based Elion Partners, sold the 55,046-square-foot retail plaza at 287 E. Indiantown Road and 80 Intracoastal Pointe Drive to New York-based JB Capital Management, in partnership with Royce Properties. The price equated to $463 per square foot. Justin Smith at Atlantic Retail brokered the deal.

The property last traded for $8.38 million in 2013. It was renovated in 2014, when Greensboro, North Carolina-based specialty grocer Fresh Market opened.

A specialty hospital will soon break ground in Jupiter after a developer obtained a $19.62 million construction loan.

Union Bank & Trust Co. in Leawood, Kansas awarded the mortgage to Jupiter RH Investors LLC, an affiliate of Jupiter-based health care real estate firm Rendina Health Care Real Estate. It recently acquired the 5-acre site at the northeast corner of Pioneer Road and the future extension of Innovation Way from Workplace Florida, another Rendina affiliate, for $3.95 million.

The site is located in the Abacoa community, just north of the Abacoa Institute for Healthy Living.

Exclusively Listed by The DeMarco Real Estate Group™
5,000 SF / 32,330 SF Lot at $1,790,000
Second Generation Restaurant/Bar in Fort Lauderdale. Great visibility on major street. The building has a seating capacity of 221 people inside with additional outdoor seating. Large parking lot with 40 spaces and fully built out commercial kitchen.
Exclusively Listed by The DeMarco Real Estate Group™
Auto Body Shop
1300 S 56th Ave Hollywood, FL 33023
5,623 SF / 10,919 SF Lot at $16,500 P/Month Gross
Turn-key Collision Center, located on the corner of 56th Ave by Pembroke Rd and 441. Great industrial warehouse with 14' ceiling heights and 6 bays.
The DeMarco Real Estate Group & Re/Max 5 Star Realty
is proud to present our annual
Thanksgiving Charity Food Giveaway
This year, our goal is to help our neighbors in need with a FREE complete meal kit. These kits include a whole turkey, canned goods, a whole pie and a $50 Publix gift card!
In honor of the Thanksgiving Holiday, we are thankful and blessed to be able to continue our commitment to give back to our community, which has given us so much. We are handing out our free meal kits to help others to enjoy and celebrate Thanksgiving with their family and friends.

November 21st, 2021
at 4151 Hollywood Blvd, Hollywood FL
Starts at 11 am - While supplies last
Exclusively Listed By:
John DeMarco, CCIM