Here are South Florida’s top commercial sales in May

Biggest deal was the $62M sale of a Homestead shopping center

TRD MIAMI /
Jun.June 25, 2019 11:30 AM
From top left, clockwise: Homestead Pavilion, 14700 Caribbean Way, The Radice III, Congress Corporate Plaza and U.S. Customs & Border Protection building

From top left, clockwise: Homestead Pavilion, 14700 Caribbean Way, The Radice III, Congress Corporate Plaza and U.S. Customs & Border Protection building

Homestead Pavilion – CREC Capital, MMG Equity Partners and Highline Real Estate Capital | $62M

A partnership between CREC Capital, MMG Equity Partners and Highline Real Estate Capital paid $62.2 million for one of the largest shopping centers in south Miami-Dade County.

The buyers bought the 302,346-square-foot Homestead Pavilion at 2400 Northeast 10th Court from RVT Homestead Pavilion, which is tied to Beachwood, Ohio-based SITE Centers Corp, records show. The price equates to $205 per square foot.

Homestead Pavilion is 100 percent leased to tenants such as Ross Dress for Less, TJ Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden, according to a release. The center was built in 2008.

Royal Caribbean Cruises building – 14700 Caribbean Way LLC | $45M

Gramercy Property Trust sold an office building home to Royal Caribbean Cruises’ office in Miramar for $45 million.

An affiliate of Gramercy, RT Miramar II LLC, sold the 134,786-square-foot office building for about $334 per square foot.

The property, an operations center for Royal Caribbean Cruises, last sold in 2009 for $26 million, or about $193 per square foot.

The new owner of the office building at 14700 Caribbean Way is 14700 Caribbean Way LLC, led by manager John Laoui in Hallandale Beach.

The Radice III – Paul Berkowitz | $24M

Real estate investor Leo Ghitis sold a seven-story Class A office building in Fort Lauderdale’s Cypress Creek market for $24.1 million.

Ghitis sold the 139,864-square-foot building known as Radice III at 1000 Corporate Drive for $172 per square foot, records show. A company managed by Greenberg Traurig lawyer Paul Berkowitz bought the property.

The Radice III is part of the Radice Corporate Center that sits right off of I-95.

Ghitis is a longtime real estate investor in South Florida who has purchased a number of industrial properties. He also owns Nayara Springs, a luxury hotel in Costa Rica, which he developed with architect Angelo Zaragovia.

Dania Beach U.S. Customs & Border Protection building – Richard Tanenbaum | $22M

One of Oklahoma’s biggest commercial real estate developers bought the U.S. Customs and Border Protection building in Dania Beach for $22 million.

A company tied to Richard Tanenbaum, the CEO of Gardner Tanenbaum Group, bought the 39,883-square-foot building at 1700 to 1800 Northeast Seventh Street for $551 per square foot, records show.

A company tied to Flint, Michigan-based West Second Street Associates sold the property.

Centennial Bank provided an $18.1 million loan to Tanenbaum to purchase the 4.3-acre property.

Congress Corporate Plaza II LLC – Congress Corporate Plaza | $21M

A company managed by Leo Ghitis sold the Congress Corporate Plaza in Boca Raton for $21.2 million.

Ghitis sold the 100,129-square-foot two building Corporate Plaza at 902 Clint Moore Road for $211 per square foot, records show.

Congress Corporate Plaza II LLC, which is managed by Greenberg Traurig lawyer Paul Berkowitz and Sergio R. Fernandez of Miami, bought the property.

The property sits on over 9 acres and the buildings were built in 1987.


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