Arlo Wynwood has become the first hotel in Wynwood to break ground. The project is expected to cost $29.6 million and construction will be overseen by Plaza Construction. When complete the hotel will feature 217 pod-style hotel rooms and rise 9-stories with 141,758 square feet of total development.
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CA Ventures Acquires Student Housing Complex In Boca Raton For $80 Million
The Chicago-based CA Ventures has acquired The University Park student housing complex in Boca Raton for $80 million, roughly $503,000 per unit. The deal was financed with a $52.35 million Fannie Mae mortgage by Grandbridge Real Estate Capital.
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Related Companies To Acquire The Phillips Point Office Complex In West Palm Beach
The New York-based Related Companies, led by Stephen Ross, is under contract to acquire the Phillips Point office complex in West Palm Beach for roughly $282 million. The seller, AEW Capital Management, acquired the property for $245 million in 2015. Related Companies will oversee asset management and leasing.
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Construction On Brightline Rail Connecting Miami To Orlando Passes Halfway Point
Construction on Brightline’s new rail line connecting Miami to Orlando has passed the halfway point. Construction broke ground in April 2019 and is both on schedule and within budget to date. Brightline anticipates that they will be launching service from Miami to Orlando in Q4 2022.
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Magellan Development Group Sells The LEED Certified Midtown Five Multifamily For $154.35 Million
The Chicago-based Magellan Development Group has sold the Midtown Five multifamily asset that they developed in Midtown Miami for $154.35 million, roughly $358,875 per unit. The buyer was an entity tied to the New York-based Sterling Equities.
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Worth Avenue Tiffany & Co. Building Sells For $26.4 Million
A joint venture led by an entity tied to Fortress Investment Group has sold 259 Worth Avenue in Palm Beach, anchored by luxury jeweler Tiffany & Co., for $26.4 million to Motcomb Estates, a London-based real estate investment firm.
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Blackstone Group Signs Long-Term Lease At MiamiCentral For South Florida Expansion
Blackstone Group has signed a long-term lease at 2 MiamiCentral in Downtown Miami as the investment group moves forward with their South Florida expansion which was announced in October 2020. Blackstone will occupy 41,000 square feet over two floors in the recently completed 2 MiamiCentral where the group plans to have over 200 employees who will be focused on tech.
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The Shops At Sunset Place In South Miami Sells For $65.5 Million To Alex Vadia's Midtown Equities
Midtown Equities, led by Alex Vadia, has acquired The Shops At Sunset Place for $65.5 million from FRIT Shops at Sunset Place, a joint venture between Federal Realty Investment Trust (NYSE: FRT), Grass River Property and The Comras Company.
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Kushner Companies Gearing Up To Break Ground On First Miami Projects
Kushner Companies is gearing up to break ground on their first two Miami projects located in Wynwood and Edgewater. The Wynwood project, known as Wynwood 27, will break ground first in Q1 2021 at 127 NW 27th St. and 129 NW 26th St. Wynwood 27 will feature 152-units, 50,000 SF of office space and 34,000 SF of retail space.
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JP Morgan Chase Bank Office Building In Weston Sells For $8.9 Million
The JP Morgan Chase Bank office building in Weston, FL, has sold for $8.9 million. The 26,782-rentable-square-foot office building, anchored by JP Morgan Chase Bank, is located at 1040 Weston Road in the high-barrier-to-entry submarket that generates significant buyer interest. HRE/SEFIRA Weston Office, LLC, was the seller, and Shaked 21, LLC, was the buyer in the transaction which was overseen by Avison Young’s Florida Capital Markets Group.
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