Compson Associates has revamped plans for its downtown Boca Raton development, Aletto at Sanborn Square, scrapping the residential to focus on office and retail.
The local developer has the 1.3-acre site at 123 E. Palmetto Park Road under contract. According to its the latest plans, it would build three structures: a 10-story, 120,642-square-foot tower with 104,358 square feet of offices and 19,176 square feet of commercial/restaurant space; a six-story, 34,095-square-foot building with 29,815 square feet of offices, and 4,280 square feet of commercial/restaurant space; and a seven-story parking garage with 550 spaces.
Mill Creek has Hollywood site under contract
Mill Creek Residential wants to redevelop an industrial site in Hollywood into apartments.
The developer has the 3.1-acre site at 400 S. Dixie Highway under contract. Modera Hollywood would total 350,065 square feet, with two eight-story buildings, plus three- and five-story buildings. It would have 395 apartments, two pools, a clubhouse and 530 parking spaces.
Opa-locka approves industrial park
Gramercy Property Trust received approval to redevelop the Opa Locka Hialeah Flea Market into a $90 million industrial center.
Opa-locka officials signed off on plans for 741,837 square feet of industrial space in six buildings on the 43-acre site at 12691 N.W. 42nd Ave. About 10% of the space is slated for offices or retail showrooms. There would be 765 parking spaces.
Mixed-use tower planned
Coral Gables-based 18050 W Investments LLC filed plans for a 20-story tower near North Miami Beach.
The company hopes to develop the 0.9-acre site at 18050 W. Dixie Highway with 125 apartments, 90,960 square feet of office space, 5,580 square feet of commercial space and 298 parking spaces. The developer would reserve 10% of the apartments as workforce housing.
Hernandez Development proposes self-storage
Hernandez Development secured approval for a self-storage facility in Opa-locka.
The builder has the 2.2-acre site at 14301 N.W. 27th Ave. under contract from Les Jackson Inc. The four-story self-storage facility would total 146,800 square feet.
Broward office tower sells for $43M
A 24-story office tower in downtown Fort Lauderdale sold for $43 million, and the buyers are looking to land new tenants.
Stockbridge 110 East Broward LLC, an affiliate of Stockbridge Capital, sold the 343,500-square-foot office at 110 E. Broward Blvd. The buyer was a partnership of Boca Raton-based Pebb Capital, Fort Lauderdale-based Intalex Capital and Delray Beach-based CDS International Holdings, led by wealthy businessman Carl DeSantis. Coral Gables-based Amerant Bank financed the deal.
The price equated to $125 a square foot. CBRE’s Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelly brokered the deal. CDS also worked with Greenwall Capital Management and law firm Kapp Morrison.
Stockbridge acquired the building out of foreclosure in 2018 for $41.06 million, so it sold for a modest gain. The prior owner completed multimillion-dollar renovations to the common areas and lobby in 2021.
The tower was built on the 1.6-acre site in 1982.
“This deal is a significant success for our portfolio, working nearly a year to finalize it as capital markets shifted,” said Todd Rosenberg, managing partner of Pebb Capital. “South Florida has remained a bright spot in domestic office activity, with strong fundamentals to continue this trajectory of business and population growth.”
The new owners hired Travis Herring and Katherine Ridgway of Cushman & Wakefield to lease the building. They have secured about 76,000 square feet of new tenants and are “actively negotiating” an additional 125,000 square feet of new leases. The building is just over 50% occupied, they said.
By the Numbers
$23 million
Price that B Group Capital Management paid for the former INS building site in Miami
21.1%
Drop in South Florida single-family home sales in April, according to Florida Realtors
47%
Decline in South Florida commercial real estate sales of at least $1 million in first quarter, according to Vizzda
34.3%
Drop in South Florida condo/townhouse sales in April