September 2021
South Florida Market Update
Broward County
A New York-based company acquired the St. Tropez Apartments in Plantation for $125.4 million.

Tropez Property Owner LLC, in care of Lincoln Property Co. in Duluth, Georgia, sold the 376 apartments at 8000 Cleary Blvd. to AMFP V St. Tropez LLC, in care of New York-based multifamily investment firm Abacus Capital Partners. JLL Real Estate Capital provided a 7-year, $84.53 million loan to the buyer.

The price equated to $333,511 per unit.

It last traded for $88.6 million in 2015, so the property had a strong gain in value.

An affiliate of the Related Group obtained a $91.3 million construction loan to finish work on the Solemar condo along the ocean in Pompano Beach.

CIBC Bank USA provided the mortgage to PRH 1116 North Ocean LLC, an affiliate of Miami-based the Related Group. It covers the 2.65-acre site at 1116 N. Ocean Blvd.

The developer broke ground on the 20-story condo with 105 units in May. This loan means the Related Group could have all the funding required to complete the project.

During an interview in August, Related Group VP Nicholas Perez said Solemar was 97% pre-sold and the majority of the buyers were domestic, with many from the Northeast.

Pebblebrook Hotel Trust has closed on its $270 million purchase of the Margaritaville Hollywood Beach Resort along the ocean in Hollywood.

The Bethesda, Maryland-based hotel real estate investment trust (NYSE: PEB) purchased the 369-room hotel at 1111 N. Ocean Drive from an affiliate of Denver-based KSL Capital Partners. The buyer assumed $161.5 million in debt, with a floating interest rate that currently sits at 2.5%. That means the interest rate moves up and down with the market.

The deal was first announced in June.

Miami-Dade County
An office building could rise in the parking lot of a shopping center in the Miami Health District.

The city’s Urban Development Review Board on Sept. 14 will consider the application for the 2.14-acre site at 1000 and 1050 N.W. 14th St., on the north side of the Dolphin Expressway/State Road 836.

The property currently has Civica Center, a three-story shopping plaza of 74,463 square feet, plus a 4,768-square-foot bank branch. Both of those buildings would remain while the office building is developed, although their parking would be relocated to the office building’s new parking garage.

Nolan Reynolds International has completed the Life Time mixed-use project in Coral Gables, where people can live, work, shop or focus on wellness.

The 1.2 million-square-foot Life Time Coral Gables rises 14 stories and was developed at a cost of more than $500 million. This is the first Miami-Dade County location for Minnesota-based fitness group Life Time.

The developers of the Natiivo Miami condo in downtown Miami obtained a $213.4 million construction loan to complete the project.

Obtaining the construction loan could give the developer enough financing to bring the project to the finish line. Natiivo Miami broke ground in February.

Bank OZK (Nasdaq: OZK) awarded the mortgage to Sixth Street Miami Partners, part of the Galbut Family Office, led by Miami Beach residents Keith Menin and Marisa Galbut, who are also part of Miami-based developer Crescent Heights.

Palm Beach County
An affiliate of New York-based investment giant Blackstone acquired the One Boynton apartments in Boynton Beach for $171 million.

CH Realty VII-PSREG Boynton Beach Las Ventanas, managed by RangeWater Real Estate in Atlanta, sold the 494 apartments and 43,236 square feet of ground-floor retail at 1331 and 1351 S. Federal Highway to 1351 South Federal (FL) Owner LLC, which lists its managers as executives with Blackstone in New York.

The property last traded for $109.35 million in 2016, when it was known as Las Ventanas.

Quantum Village, a Publix Super Markets-anchored shopping center in Boynton Beach, sold for $16.5 million.

The 95,499-square-foot retail plaza at 1005 W. Gateway Blvd. was sold by 2600 Quantum LLC, managed by Fiorenzo Bresolin in West Palm Beach. The buyer was Quantum Fulton LLC, managed by Lewis Barbanel, the head of commercial real estate firm Barberry Rose Management in Woodmere, New York. Ameris Bank provided a $14.5 million mortgage to the buyer.

The price equated to $173 per square foot.

Quantum Village was built on the 10.9-acre site in 2007. This is the first time it has sold.

An office building on Banker’s Row in wealthy Palm Beach sold for $37.82 million, a significant gain in value.

The residential market in Palm Beach has been on fire over the past year, with wealthy residents moving to the area driving up home prices. This deal is among many that show how the trend has impacted the town’s office market, which is relatively small compared to South Florida's other business hubs.

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