This Week’s South Florida Deal Sheet: Plans Revealed For 4-Block Miami Medical Campus
Plans for a 7-acre mixed-use project anchored by medical office space were announced by Miami-based real estate investment firm Black Salmon and The Allen Morris Co., a development firm with offices in Miami, Coral Gables, Orlando and Atlanta.
The project, called Highland Park and located at 800 Northwest 14th St., will include 500K SF of medical offices, 1,000 residences and a 150-key hotel. The development will increase the footprint of the Miami Medical District by approximately 10%, according to a release.
The project was designed by three Miami-based firms, with master planning from Arquitectonica, landscape architecture from Naturalficial and residences designed by Oppenheim Architecture.
Black Salmon spent around $60M to assemble roughly 50 properties spanning four blocks for the development, co-CEO Camilo Lopez told The Real Deal.
SALES
The Greenery Mall, also known as Dadeland Square, sold for $58M, according to a release. The buyer was Dadeland Greenery LP, an entity sponsored by the Arkansas-based brokerage and development firm Orion Capital Partners. The deal includes the assumption of a $39M mortgage from the seller, an entity controlled by Miami-based Cofe Properties.
The 8.38-acre property includes 130K SF of street-level retail attached to an eight-story, 85K SF office building with 743 parking spaces. Retail tenants at the property at 7700 North Kendall Drive include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Starbucks and Jamba Juice.
The project offers “long-term redevelopment opportunities,” Joseph Sanz, co-manager of Dadeland Greenery and Orion, said in a statement.
Orion Real Estate Group will manage the property and lease the retail space, while Fairchild Partners will continue to lease the office building.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores from the Miami office of JLL represented the seller, and Avison Young brokers John Crotty and Michael Fay provided consulting services to both parties in the sale.
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Lincoln Avenue Communities purchased two South Florida affordable housing properties from Aventura-based Landmark Cos. in separate transitions totaling $54M, according to a release.
Los Angeles-based Lincoln Avenue Communities paid $15M for a 106-unit community called Sunrise Commons at 26600 Southwest 146th Court in Homestead. Apartments at the property, built in 2009, are restricted for residents at two levels of income: those making less than 33% or those making less than 60% of the area median income. Miami-Dade’s AMI for a single person was $72K as of May. The property’s initial 15-year compliance period for affordability expires in 2024, with an extended compliance period ending in 2059.
Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, also paid $39M for the 259-apartment complex called Malibu Gardens in Naranja. The property at 13800 Southwest 268th St. was built in 1995 and rehabilitated in 2014. Units are reserved for households earning between 40% and 60% of AMI. The property will generate $1M in outstanding Low-Income Housing Tax Credits through 2025, and its 15-year compliance period ends in 2028.
The transactions were arranged by a Walker & Dunlop affordable investment sales team led by Aaron Hargrove and Eric Taylor.
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Pebb Capital, which has offices in Boca Raton and New York, sold its ground lease for Ocean Walk, a 10.5-acre oceanfront property at 2401 North Ocean Ave. The property includes 66K SF of retail space and 492 parking spaces, according to a release.
Related Group, BH Group and Pebb Enterprises paid $19.2M for the leasehold interest at the property on Singer Island in Riviera Beach, a spokesperson for Pebb Capital confirmed. The purchase by the South Florida-based companies was approved by the Riviera Beach City Council on Sept. 13.
Pebb Capital acquired the leasehold interest in 2017 for $7.6M and repositioned the property, bringing the property to full occupancy from 53% at the time of acquisition. It was represented in the sale by a JLL retail capital markets team of Danny Finkle, Jorge Portela, Eric Williams and Kim Flores.
LEASES
United Healthcare signed a 19K SF lease at 1000 Waterford Way in the Waterford Business District near Miami International Airport, according to a release. Occupancy at the building rose to 81% following lobby renovations and the addition of a café.
Blanca Commercial Real Estate represented the landlord, Chicago-based Nuveen, in the transaction. United Healthcare was represented by JLL brokers Adam Bernstein, Aubrie Monahan and Jeffrey Ingham.
Blanca has brokered more than 140K SF of lease transactions at Waterford Business District this year, according to the release. The Blanca leasing team for Nuveen’s 1.6M SF footprint at the 250-acre development included Juan Ruiz, Andres del Corral, Jack Davidson, Jessy Aguila and Tere Blanca.
FINANCING
Mill Creek Residential, an investment and development firm with offices in Boca Raton and Dallas, secured an $83M construction loan to add a second apartment building to the Cornerstone at Downtown Coral Springs in western Broward County, according to Commercial Observer.
The loan from Cincinnati-based Fifth Third Bank will finance the construction of an eight-story, 361-unit building with 24K SF of ground-floor retail and 768 parking spaces. The property is slated for completion in the summer of 2025.
Mill Creek paid $13M for the nearly 3-acre site at 3310 North University Drive in June. It recently completed a 351-apartment property with 15K SF of retail on an adjacent site.
CONSTRUCTION AND DEVELOPMENT
Shawmut Design and Construction and Clearline Real Estate announced plans for a 427-apartment building at 1550 Northeast Miami Place in Miami’s Arts and Entertainment District. Half of the residences at the 24-story property will be micro-units, according to a release, with units ranging from 399 SF to 920 SF. The project, called Excel Miami, will feature a sixth-floor amenity deck that includes a coworking space, pool, fitness room and library.
It was designed by Arquitectonica and is slated to break ground in the coming months. The development firm Clearline is based in New York, and Shawmut, a construction management firm, has 11 offices around the country, including locations in Miami and West Palm Beach.
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New York-based development firm Lefferts celebrated the topping off of a 22-story condo project called 72 Park on Sept. 13, according to a release. The project at 580 72nd St. in Miami Beach will have 206 units ranging from 470 SF to 1,177 SF with pricing starting above $700K. The building is the first new luxury tower on Miami Beach to permit short-term rentals, according to the release.
The property includes 64K SF of amenities and 10K SF of ground-floor retail with tenants including Roberta’s, a restaurant from Michelin-starred chef Carlo Mirachi and restaurateur Brandon Hoy.
THIS AND THAT
Northmarq, a full-service commercial real estate capital markets firm, opened the doors to its office at 1111 Brickell Ave. in Miami, according to a release. The location, which was first announced in December, will focus on originating, underwriting and closing debt and equity financing for commercial and multifamily properties in Miami and southwestern Florida. Staff at the location include Senior Vice President Jaspaul Kapoor and Vice Presidents Drew Neems, Garrett Stasand and David Henney.
