Here are South Florida’s largest office and retail sales in April

$159M sale of office space at Virgin MiamiCentral was the biggest sale to close in April

May.May 20, 2019 01:30 PM


MiamiCentral office space – Shorenstein | $159.4M
The parent company of VirginTrains USA, Florida East Coast Industries, sold the office portion of its MiamiCentral station for $159.4 million.

Coral Gables-based FECI sold the ground floor retail, two office buildings and the parking space at 600 Northwest First Avenue to San Francisco-based Shorenstein, property records show.

Wells Fargo provided a $126 million mortgage to Shorenstein to finance the acquisition.

The buildings, 2 MiamiCentral and 3 MiamiCentral, are leased to tenants that include Viacom, the Confederation of North Central America and Caribbean Association Football (CONCACAF), Carlton Fields and Atlantic | Pacific Companies.

The Quay

The Quay

The Quay – Mast Capital | $43M
Mast Capital paid $43 million for The Quay, a waterfront mixed-use shopping center in Fort Lauderdale, marking the Miami developer’s first big investment in Fort Lauderdale.

The company purchased the 73,000-square-foot shopping center at 1515 Southeast 17th Street for $589 per square foot, according to a press release.

The property is currently 100 percent leased, with tenants including Boatyard restaurant, United States Postal Services and Chipotle. The 7-acre site also includes a marina and a two-story office building. The property is close to Pier Sixty-Six Hotel & Marina, Port Everglades and the Greater Fort Lauderdale/Broward County Convention Center.

Sedan's anchored shopping center

Sedan’s anchored shopping center

Pembroke Pines shopping center – Longpoint Realty Partners | $37.5M
Longpoint Realty Partners paid $37.53 million for a Sedano’s-anchored shopping center in Pembroke Pines, as it boosts its retail investments in South Florida.

Sterling Organization, a West Palm Beach-based private equity real estate investment firm, sold the 158,463-square-foot Pembroke Place at 10101 Pines Boulevard for $237 per square foot.

The shopping center is 99 percent leased to tenants that include Crunch Fitness and Vargas University, according to a release.

318 Lincoln Road

318 Lincoln Road

318 Lincoln Road – Aby Rosen | $20.5M
A company tied to Aby Rosen’s RFR Holding paid $20.5 million for a building on Lincoln Road in Miami Beach, property records show.

Luis E. Barreto, acting as a trustee under the Louise Z. Osius Irrevocable Inter Vivos Trust, sold 318 to 344 Lincoln Road to 318 Lincoln LLC, a Delaware company that is controlled by New York-based RFR. The buyer financed the deal with a $17 million loan from Argentic Real Estate Investment LLC.

RFR is an investment, development and management company founded by Rosen and Michael Fuchs. In South Florida, the firm also owns 800 Lincoln Road and 140 Northeast 40th Street in Miami, and was a co-developer of W South Beach.

18335 Northwest 27 Avenue, Miami Gardens

18335 Northwest 27 Avenue, Miami Gardens

Miami Gardens Shopping Center – Efraim Brody | $9.5M

MGP Partners sold a Miami Gardens retail shopping center for $9.5 million.

Efraim Brody of Miami bought the 95,570-square-foot property at 18335 Northwest 27th Avenue for $99 per square foot, records show. The property sits next to the North Dade Regional Library.

MGP Partners bought the property for $11.5 million in 2007, which means the investment group sold at it a significant loss.

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