Related sells Tampa apartments for record $132M, Miami apartment tower evacuated after fire: Daily digest

A daily roundup of South Florida real estate news, deals and more for Nov. 11, 2019

TRD MIAMI /
Nov.November 11, 2019 06:00 PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6 p.m.

 
Icon Harbour Island

Icon Harbour Island

The Related Group sold an apartment community on Harbour Island for $131.5 million, the largest multifamily deal in the Tampa Bay area. Icon Harbour Island, a 340-unit, 21-story high-rise, sold for $387,000 per unit, according to Newmark Knight Frank, which brokered the deal. Olympus Property is the buyer. The building was completed a year ago, Related said.

 

The Flagler on the River apartment complex was evacuated after a fire broke out. The fire began in a barbecue grill and spread to the balcony of one of the units at the Melo Group-owned apartment building. The fire department got the fire under control and no one was hurt, according to CBS Miami. [CBS Miami]

 

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach. Goldman Sachs, Morgan Stanley and JP Morgan provided the fixed-rate loan for the nearly 1,600-key hotel at 4441 Collins Avenue, according to a press release from Newmark Knight Frank. [TRD]

 

Bradford Marine unveiled plans for its multi-phase renovation project of Fort Lauderdale Yacht Harbor. The project will include a facelift, new landscaping, new paving, parking, signage and new fitness center for yacht crews.

 

After the dramatic ouster of former CEO Adam Neumann, WeWork may have found a new leader. The company is in talks with T-Mobile US Inc. Chief Executive John Legere to take over the position, according to the Wall Street Journal. The We Company is reportedly looking for someone who can right the ship after the firm’s failed IPO attempt led to Neumann’s resignation and SoftBank’s bailout of the company. [TRD]

 

This vitamin company just got a financial shot in the arm. Rexall Sundown sold its warehouse in Pompano Beach for $8.7 million after the company laid off 250 employees earlier this year at three of its South Florida locations. [TRD]

 

The merger between JLL and HFF is still working through some issues. Several of JLL’s top agents have left the firm, and the newly created massive brokerage is still trying to settle on a clear direction. [TRD]

 

The SEC questioned WeWork’s financial metrics before the startup canceled its IPO. The agency sent WeWork a list of 13 unresolved issues on Sept. 11, according to correspondence seen by the Wall Street Journal. The agency was particularly concerned about how the company used a profitability metric called “contribution margin” to frame its losses. [WSJ]

 

The pool at Dania BeachThe pool at The Place at Dania Beach flooded again, forcing residents to evacuate from the downtown Dania apartment building. The pool, on the eighth floor rooftop of the building, leaked several thousands of gallons of water onto the floors below, less than two months after it first flooded. AHS Residential sold the 144-unit building at 180 East Dania Beach Boulevard last year to a California trust for $38 million. The city launched a criminal investigation to look into the leak.
[Miami Herald]

 

A Jupiter real estate firm will bring in a local developer to build out required research space at a new development that has been empty for over a year. Seven Kings Holding LLC plans to bring a developer in to convert the space into wet labs, clean rooms and other research space for research, biotech and life science tenants, according to the Palm Beach Post. The city would not grant the $75 million senior and rehab complex its certificate of occupancy until it fulfilled the research requirement. [Palm Beach Post]

 
Steven E. McCraney, President & CEO McCraney Property Company with the land

Steven E. McCraney, President & CEO McCraney Property Company with the land

McCraney Property Company and Mitchell Property Realty bought an 8.74-acre vacant site for $7.5 million in Boca Raton to build a new industrial project. McCraney and Mitchell purchased the land for $858,123 per acre from Biotest AG. It is located off of Park of Commerce Way near I-95. [TRD]

 

Compiled by Katherine Kallergis


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