The Real Deal Miami

South Florida’s biggest office sales in January

Top three deals were for dev sites where office space is planned
By Keith Larsen |
Research by Haru Coryne
March 01, 2019 02:35PM

From top left clockwise: Planned Collection Residences site, FAT City, Wynwood Green, and the Kendall Professional Building

Collection Residences site – Baptist Health South Florida | $37M

Baptist Health South Florida’s purchase of the site of the planned Collection Residences in Coral Gables marked the biggest sale of January.

Baptist Health bought the 2.8-acre property, home to office and retail space, that was at the center of a contentious lawsuit between developers Masoud Shojaee and Ugo Colombo for $37 million.

Shojaee, a homebuilder, and Colombo, a developer and owner of the Collection luxury car dealership, had previously planned to jointly develop the Collection Residences on the property at 250 Bird Road. They planned to build 128 condos along with retail space on the site until their partnership ended nearly three years ago and litigation pursued.

Avison Young’s Michael Fay, John Crotty, David Duckworth and Brian de la Fé brokered the deal.

FATCity – BH3 | $23M

A co-developer of Privé at Island Estates paid $23.1 million for FATCity in downtown Fort Lauderdale, a site where it can build 1.35 million square feet of mixed-use development.

Traina Companies sold the 2.8-acre city block at 300 North Andrews Avenue to BH3, an Aventura-based real estate firm, according to property records. BH3 financed the deal with a $14.4 million loan from Maxim Credit Group.

Traina, led by father-and-son principals Joseph Traina Sr. and Joseph Traina Jr., will stay on as co-developers, according to a release.

Wynwood Green – Lennar Corp. | $17M

Lennar Corp. paid $17 million for a site in Wynwood that’s currently home to the popular Wynwood Yard and the O Cinema movie theater.

A subsidiary of the giant homebuilder purchased 1.26 acres at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, property records show. David Lombardi, principal of Lombardi Properties and one of Wynwood’s pioneering land owners, sold the site.

Lennar is planning to build an 11-story, 189-unit apartment building as part of a development called Wynwood Green. Wynwood Green will also include nearly 17,000 square feet of commercial space and 324 parking spots. The properties surround a site owned by The Related Group and Tony Cho, records show.

205 Datura Street – Morning Calm Management | $14M

PNC Bank sold an office building in West Palm Beach for $14.2 million to Boca Raton-based Morning Calm Management.

MCM 205 Datura, which is tied to Morning Calm Management, bought the nearly 71,000-square foot-building at 205 Datura Street for about $200 per square foot, records show.

The office building most recently served as the regional headquarters for PNC Bank before the bank moved its offices to Palm Beach Gardens. It also has a 10-story parking garage.

Kendall Professional Building – Baptist Health | $7.3M

The Kendall Professional Building sold a medical office building at 9150 Southwest 87th Court to Baptist Health.

Baptist, which has its main hospital campus one block away, bought the 23,798-square foot Class B office property for $306 per square foot, records show. It was built in 1973 and largely houses medical offices.