A fund managed by DRA Advisors LLC has entrusted Avison Young’s Florida Capital Markets Group to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.
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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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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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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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AMS Hospitality Led By Allen Morris Company And Stormont Hospitality Group Partners With Black Salmon To Launch $300 Million Joint Venture
AMS Hospitality, a joint venture between The Allen Morris Company and the Atlanta-based Stormont Hospitality Group, has teamed up with the Miami-based Black Salmon Capital to launch a $300 million initiative to acquire hospitality assets across the United States within the next 18 months.
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Aztec Group Arranges $12 Million In Financing For Publix-Anchored Kirkman Oaks Shopping Center
Aztec Group, Inc. has secured $12 million in non-recourse financing for Kirkman Oaks Shopping Center in Orlando, Florida, overseen by Brell Tarich and Charles Penan. Kirkman Oaks is an 98,000-square-foot neighborhood retail center anchored by Publix Supermarket and Davita Dialysis.
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Northwestern Mutual Acquires Modera Port Royale In Fort Lauderdale For $180 Million
Northwestern Mutual has acquired the Modera Port Royale apartment community in Fort Lauderdale for $180 million. Modera Port Royale is located long the Intracoastal Waterway at 3303 Port Royale Drive South as well as 2890-2900 Port Royale Blvd.
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