Morgan Properties, which owns more than 100,000 units across the country, has entered South Florida with a purchase in West Palm Beach.
The King of Prussia, Pennsylvania-based investor purchased a 300-unit apartment complex from Bar Invest Group for nearly $70M, according to property records provided by Vizzda.
Miami-based Bar Invest Group purchased the Visions at Willow Pond for $56M in 2020.
Morgan, led by founder and CEO Mitchell Morgan, purchased the site at 4860 Sand Stone Lane with a $50M Freddie Mac loan that matures in 2030, originated by Newmark.
The gated, 247K SF apartment complex, built in 1986 and 1987, is made up of 17 residential buildings, each either two or three stories tall, one clubhouse and one warehouse.
The one- and two-bedroom units range between 520 SF and 1,060 SF. Monthly rent is between $1,595 and $3,450 per month, according to Apartments.com.
SALES
An entity tracing to Tenet Healthcare, which has a 50-year ground lease at the Victor Farris Building, purchased the 153K SF medical office in West Palm Beach for $62M, according to property records provided by Vizzda.
The seller, Healthcare Realty Trust, sold the nine-story building at 1411 N. Flagler Drive.
Tenet Healthcare signed on as a tenant in 2010 on a lease that was set to expire in 2060. The building, built in 1988, is connected to a neighboring, 333-bed Tenet hospital of internal medicine and OB-GYN care called Good Samaritan Medical Center, according to LoopNet.
An entity tracing to Abingdon Square Partners sold a 32K SF office and retail assemblage in Wynwood to developer Moishe Mana, according to records provided by Vizzda.
The two buildings, built in 1954 at 2200 and 2230 NW Second Ave., sold for $25.5M.
Building 2200 is a two-story office with ground-floor retail. The 2230 building is a nearly 5K SF restaurant space. The restaurant space was occupied by Café Smood until August 2024, when it announced its closure on Instagram.
The properties last sold in 2013 for $5M, the South Florida Business Journal reported.
Seven warehouses in Miami-Dade County sold for $27M, according to a release.
The sellers, Prudence Investments, Prudence Development and Sabre Corp. Pension, sold the 110K SF of industrial space at 6700 NW 72nd Ave. and 7205 NW 68th St. to Cofe Properties LLC.
This is the first time the warehouses, named Milam Dairy Commerce Center I and II, have sold since they were built in the 1970s and '80s.
A Keyes Co. team of Tony Ulloa and Marcos Macias represented the seller. Hype Real Estate Group’s Raul Pino, Pablo Vignolo and Brendan Schneier represented Cofe Properties.
An entity tracing to Asana Partners purchased the Red Bird Center retail strip for $62M from The Brandon Co., according to property records provided by Vizzda.
The shopping center was built in 1955 and 1977 on almost 6 acres at 5761 Bird Road. The 95K SF neighborhood shopping center is leased to tenants including Milam's Markets, Walgreens, Orio Fules and Ace Hardware.
A JLL team of Danny Finkle, Jorge Portela and Kim Flores brokered the deal on behalf of the seller.
LEASES
Rivani, led by Robert Rivani, landed Monarch Athletic Club as a tenant in The Rivani Miami Beach office building, according to a release.
The physician-led wellness club will open its first location outside of Los Angeles with 8K SF at 1691 Michigan Ave. — a 119K SF office building built in 2003 that Rivani began renovating last year to turn it into what he dubbed “Class-X.”
Monarch provides personal training, physical therapy, IV therapy and more through a membership plan. The club is joining other incoming tenants like Playboy, which plans to relocate its headquarters to the building next year.
FINANCING
Jamestown landed $57M in financing from Synovus for grocery-anchored retail centers in Miami Gardens and Tamarac, according to a release.
The debt backs the 100K SF, Publix-anchored Country Club Plaza at 18496 NW 67th Ave. in Miami Gardens and the 135K SF Cypress Commons, formerly Tamarac Town Square, which is also anchored by Publix. That property, at 8129 to 8315 N. Pine Island Road, is 86% leased, according to the release.
A JLL team of Matt Casey, Paul Adams, Hunter Rich and Aaliya St. Louis represented Jamestown.
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East Capital partners and ABR Capital Partners secured a $30M mortgage to refinance Palmetto Industrial Park, according to a release.
The 184K SF industrial park, built between 1981 and 1982 at 6801 to 7500 NW 77th Ave., sits on nearly 8 acres.
A JLL team of Melissa Rose, Jovi Rodriguez and Duncan Miller represented East Capital Partners and ABR Capital Partners.
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Urban Network Capital Group landed a $30M construction loan for a condo-hotel in Brickell, according to a release.
The loan is for Visions at Brickell Station, projected to open in 2027 at 1136 SW Third Ave. The eight-story, 110-unit project will operate 100% as a hotel, with condo owners only allowed to stay in their units up to 30 days a year, the South Florida Business Journal reported.
Units will range between 490 SF and 675 SF priced from $495K to $675K. More than 50% of the units are already sold. Developers broke ground on the project in May, the SFBJ reported.
CONSTRUCTION AND DEVELOPMENT
Palm Beach Atlantic University and Gilbane broke ground on a 25-story residential hall for students with plans to deliver by the start of the fall semester in 2027, according to a release.
The project will hold 990 student beds across 275 units and will feature 11 collaboration spaces, 28K SF of dining, 13K SF for group fitness studios and a golf simulator, as well as a parking garage.