This Week’s South Florida Deals Sheet (July 7, 2022)

Palm Beach, Florida

LEASES

Related Cos.’ the latest office tower development, currently under construction in West Palm Beach, has signed six new tenants totaling over 50K SF.

One Flagler leased undisclosed space from GTCR and Diameter Capital. Both tenants are expected to open in 2024, according to a press release.

The identities of the other tenants have not been disclosed, although The Real Deal reports outside companies belong to the financial and pharmaceutical sectors.

A Flagler debuted in November and will span 275K SF over 25 floors. Previously signed tenants include First Republic Bank and Siris Capital for a total of 10K SF.

PEOPLE

Bal Harbour-based developer Eric Sheppard allegedly wrongfully took nearly $1 million from the National Paycheck Protection Program, according to a federal indictment.

Sheppard, who owns WSG Development, is facing one count of wire fraud. According to the charging documents, the “false and fraudulent” documents involved obtaining financial assistance related to the coronavirus via loans for six entities in four states, The Real Deal Reports.

Three of these companies are in Bal Harbour.

His lawyers say Sheppard used the funds properly to pay construction workers and buy materials to build a SF60,000 store in Florida.

SALES

A subsidiary of Continua Group has acquired a 1.3 acre property for $7.6 million in North Miami with the aim of delivering a multi-family complex.

The site at 1150 Northeast 125th St. was sold by 125 St Development, which is managed by Alan Waserstein of LeaseFlorida.

The multi-family complex is expected to have 130 units. Continua hopes to rezone the development to 195 units, according to a report by the South Florida Business Journal.

Reserved area

Courtesy of CitizenM

CitizenM Hotel Brickell

CONSTRUCTION AND DEVELOPMENT

CitizenM has opened citizenM Miami Brickell, its first hotel in South Florida.

The 82K SF luxury hotel is located at 11 Southeast 10th St. The 20-story tower houses 252 rooms, various art installations by local artists, conference rooms and a rooftop swimming pool.

CitizenM’s other developments include 27 hotels scattered across 17 metropolitan areas such as London, Paris, Amsterdam, New York, Los Angeles and San Francisco. The company plans to open two more locations in Miami, according to a press release.

Reserved area

Courtesy of Resia

Development of Resia Old Cutler

FUNDING

Resia landed $60 million from PNC Bank to finance the construction of Resia Old Cutler, a 390-unit building in Miami. The development is expected to be delivered in the third quarter of 2023, according to a press release.

The apartment complex is south of 216th Street on Old Cutler Road and southwest of 107th Avenue in South Miami, parallel to the turnpike.

The multi-family development will feature three-story garden-style buildings and floor plans for two- and three-bedroom options.

Five duplex townhouses will be donated to the Miami-Dade County Homeless Trust. The units are equipped with parking, integrated laundry, modern appliances, a gym and two swimming pools.

Resia, formerly known as AHS Residential, is a real estate company focused on multi-family developments. This is the company’s 15th project in Dade County.

THIS AND THAT

Car wash operator El Car Wash has been acquired by Warburg Pincus from Wafra Inc., Audrose Partners and Fireside Investments, according to a Press release shared by the company. Details of the sale were not disclosed.

El Car Wash operates 17 locations in Miami and has 30 more projects in development throughout Florida. Its partners include Baptist Hospital, Zoo Miami and the Miami Heat.

The company has grown from four sites in 2019 to 50 sites in 2022, including sites under development. William Blair & Co. was the exclusive financial advisor on the acquisition.