This Week’s South Florida Deals Sheet (September 9, 2022)
Real estate mogul Jeffrey Soffer acquired a North Miami-based marina on Monday for $10.1 million.
Real estate mogul Jeffrey Soffer has acquired a North Miami marina for $10.1 million. Soffer’s Fontainebleau Development has purchased PowerHouse Marina from an entity managed by David Marcus, report The Real Deal and the South Florida Business Journal.
Records show the one-acre site had previously been sold in 1995 for $912,500. The site, a two story building, is approximately 10K SF and was originally delivered in 1967. Property records also show that there is a boat repair yard on the site. Soffer, which over the past year has focused on expanding its residential portfolio, has an ongoing project with lead developer Related Group. The two giant development homes are in the construction phase for Las Carreras, a 642-unit building in Hialeah.
Lincoln Property Co. is the new owner of the Manor Broken Sound resort in Boca Raton after the company acquired the property from Related Group and Rockpoint for $194 million, The Real Deal reported. The 297-unit multi-family complex sits on 11.5 acres at 5400 Broken Sound Blvd. inside Park at Broken Sound – a 700-acre park, residential and commercial community.
Related Group and Rockpoint purchased the Manor Broken Sound site in 2019 for $20 million and recently delivered the building. This was the first major multi-family development project in Boca Raton for Related Group. The development is made up of six buildings with 261 apartments and six villas which each have six separate units. One-bedroom to three-bedroom apartments are available for rents between $2,893 and $5,587, according to the building’s listings online. The deal is about $650,000 per unit.
PEBB Enterprises and Banyan Development have sold a Boynton Beach mall for $33 million. The mall anchored in 70K SF, Sprouts has been purchased by West Parkway Realty LLC, Commercial Observer reports. Other tenants at 6405 Boynton Beach Blvd. include F45 Gym, Crown Wine & Spirits, GoodVets, Capitol Carpet & Tile stores and AT&T. PEBB and Banyan also joined forces in May to purchase a 309K SF research and office park for $37.5 million from Florida Atlantic University.
Seven companies have signed office leases at Doral Center, the two-building office complex located at 8750 Northwest 36th St. and 3750 Northwest 87th Ave. owned by Banyan Street Capital and Independencia Asset Management, reports the South Florida Business Journal.
The Florida Department of Revenue signed a deal for nearly 29K SF and was represented by CBRE. New tenants at Doral Center include Mercury Air Cargo, which leased 5,429 square feet; general contractor Waypoint Contracting, which leased 3,841 square feet; Silver Bullet Technologies, a local software logistics company, leased 3,688 square feet; Just Insurance Brokers leased nearly 3,530 square feet; architecture and design firm Ware Malcomb leased 3,221 square feet; and Sunlight Foods nabbed 1,353 SF. Banyan Street and Independencia paid $43 million two years ago for the two buildings. One Doral Center was built in 1985 and Two Doral was built in 1991.
Rental home management company Belong joins the migration train and secure office space in Brickell. The California-based company has signed a 7K SF deal at 80 SW Eighth St., company co-founder Owen Savir told TRD. While the space for this tower is being built, the management company’s 20 employees are occupying temporary space at 800 Brickell Drive. More employees are expected to transition from California to Miami in the coming weeks. Belong has approximately 300 employees across the country. Investors in the company include Andreessen Horowitz, GGV Capital and Battery Ventures.
A subsidiary of Miami developer DiFalco Group has secured $34.2 million in construction financing to develop new apartments on a 5.4-acre site south of Miami. Abanca USA, an American subsidiary of a Spanish bank, lends GP SW 248 Land LLC, headed by Christophe DiFalco. His company, which acquired the site for $4.4 million last year, was recently given the go-ahead to develop 206 apartments and six townhouses.