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.
Read More
Avison Young Secures Office Lease At Boca Raton’s North 40 To Relocate Meisner Electric Headquarters
Avison Young has secured a new long-term lease for 15,172 sq.ft. at North 40 in the Park at Broken Sound in Boca Raton, a two-building office complex. Meisner Electric, Inc. the tenant will relocate its corporate headquarters from Delray Beach to the space at 901 Yamato Road to accommodate future growth. During the lease transaction Avison Young Principals Keith O’Donnell and Gary A. Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, a joint venture between Mainstreet Capital Partners, Inc., and Partners Group. Meisner Electric also has offices in Miramar and Sarasota with a strategy to expand in other Florida markets in the future.
“North 40 offers the opportunity for us to upgrade our corporate headquarter facilities to an ideally-located, high-quality space,” said Todd Gurne, President and COO of Meisner Electric. “After 43 years in Delray Beach, and now relocating to Boca Raton, we look forward to our continued growth as part of Palm Beach County’s business community.”
Boca Raton is one of the largest and more desirable office markets in Florida’s Palm Beach Country. According to Avison Young research, leasing activity was up countywide by a little less than 40% at the close of the third quarter following a tough second quarter with the country on a pandemic lockdown. COVID friendly office space is also now in high demand.
“Along with its convenient location, North 40 is known for its efficient floor plate design, large air-conditioned atrium lobby allowing for social distancing, and on-site conference center, which were particularly attractive to Meisner Electric,” said Gary A. Gottlieb. “The tenant sought to consolidate its current multi-building corporate offices into one space that could accommodate future growth, and North 40 delivered.”
Avison Young is a private company that provides value as a global real estate advisor. They provide healthy and productive workplaces for employees in cities that are prosperous.
Melo Group Tops Off Construction At Downtown 5th
Construction has officially topped off on Melo Group’s East Tower of Downtown 5th, the largest multifamily development built in Downtown Miami’s Central Business District. The project is composed of two towers, with the West Tower expected to top-off later this month. The construction has been underway with rapid speed in the middle of a pandemic as the foundation pour was only 9 months ago.
Read More
AvalonBay Communities Acquires South Miami Winn-Dixie Site For $18.95 Million
AvalonBay Communities, led by CEO Timothy Naughton, has acquired a South Miami Winn-Dixie site located at 5850 SW 73rd Street for $18.95 million. The seller was a joint venture between entities tied to the Bacardi family and Alta Development, led by Henry Pino, who had acquired the property in 2007 for $14.5 million.
Read More
Metro Edgewater Gearing Up To Break Ground In Edgewater's Paraiso District
Colombian developer Carlos Ortiz is gearing up to break ground on his planned rental apartment building, Metro Edgewater, which will be located in Edgewater’s Paraiso District. The project recently received FAA approval and is expect to break ground in January 2021 pending the issuance of building permits.
Read More
Eden Appoints RKW Residential To Manage Lazul In North Miami Beach
RKW Residential has expanded their South Florida portfolio by taking over management and leasing of Lazul, EDEN Multifamily’s luxury apartment community. Lazul, originally developed by EDEN Multifamily, houses 349 apartments and is located in the heart of North Miami Beach. The 8-story building ranges in apartment size, offering studios, one-to-three bedrooms and even two-story townhomes.
Read More
Bell Partners Acquires Boca Raton Multifamily Communities For $94.25 Million
The Greensboro, NC-based Bell Partners has acquired two apartment communities in Boca Raton, The Lumin at Boca Raton and Cade Boca Raton, for $94.25 million. The Lumin at Boca Raton and Cade Boca Raton are located within the Park at Broken Sound, at 5500 Broken Sound Blvd. and 950 NW Broken South Parkway respectively.
Read More
Elevate Partners Locks Down $92 Million In Financing For The Newly Completed Four West Las Olas Apartment Tower
Elevate Partners, led by Scott Bodenweber and Tom Vogel, have locked down $92 million in 3-year bridge financing with optional extension for Four West Las Olas. The loan was provided by the New York-based Benefit Street Partners Realty Trust, who provided $76 million of senior debt, and the West Palm Beach-based Electra Capital who provided $16 million in mezzanine financing.
Read More
Coral Rock Development Group Closes On $53.5 Million In Construction Financing For Pura Vida Hialeah
Miami-based Coral Rock Development Group has announced that they have closed on a $53.5 million participating construction, mini perm loan for the residential portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. Principal Real Estate Investors served as the lender.
Read More
Miami Heat Star Udonis Haslem And Magellan Housing Score Approval To Build Wynwood Works On City Owned Land
A partnership between Haslem Housing Ventures, led by Miami Heat star Udonis Haslem, and the Coral Gables-based Magellan Housing, have received approval from Miami’s Omni Community Redevelopment Agency (CRA) to build Wynwood Works, a 12-story mixed-use apartment project in Wynwood. Wynwood Works will be built on city owned land at 2035 North Miami Avenue.
Read More