Affiliate of Triarch Capital buys 12601 W Okeechobee Rd, Hialeah Gardens, FL

1-31-23 A Hialeah Gardens industrial outdoor storage site fetched $1.2 million per acre, marking a price drop from similar properties a year ago — and a harbinger that the market is softening.

Triarch Capital Group bought the property at 12601 West Okeechobee Road from Princeton, New Jersey-based Essential Properties Realty Trust, according to broker Jose Sasson. Triarch paid $7.2 million for the 6.1-acre site.

Sasson and Roberto Susi, both of Axiom Capital Advisors, represented the buyer in the off-market deal.

The site has nearly 28,000 square feet of buildings that were completed in 1983, property records show. EquipmentShare, which rents and sells construction supplies, fully leases the property, Sasson said.

The sale price marks a significant increase in the property’s value since it last traded for $2.4 million in 2021. Yet, Sasson said the latest deal shows that the market’s overheating is abating. In early 2022, industrial outdoor storage real estate traded from $2.5 million to $3 million per acre, he said.

“Things have dropped in price … because the market as a whole has softened,” Sasson said. “The rise in interest rates has impacted pretty much all asset classes.”

In April of last year, CenterPoint Properties dropped $47.5 million — or $3.9 million an acre — for the 12-acre outdoor truck storage at 17707 Northwest Miami Court in Miami Gardens. That same month, Seagis Property Group paid $14.8 million — or $2.3 million an acre — for the 6.3-acre trailer parking lot at 13399 Northwest 113th Avenue Road in Medley.

Signs that South Florida’s industrial market is softening appeared late last year. In the fourth quarter, the tri-county region’s vacancy creeped up to 4 percent from 3.4 percent, year-over-year, according to Newmark.

Miami-Dade County industrial tenant demand in the fourth quarter plummeted to 37,000 square feet from 1.7 million square feet in the same period of 2021. Although vacancies rose to 3.1 percent from 2.6 percent, landlords remained confident. They pushed up asking rents to $13.37 a square foot in the fourth quarter, compared to $9.96 a square foot during the fourth quarter of 2021.

Triarch Capital, based in Aventura, has a portfolio spanning 4.5 million square feet of mostly retail and grocery-anchored shopping centers, though it also invests in offices and industrial, according to its website. Daniel Halberstein, Mario Grosfeld and Jorge Linkewer founded the firm in 1996. Mario’s son, Stefan Grosfeld, is a principal.

The Grosfelds and Linkewer also are with Axiom Capital, according to the brokerage’s website.

In 2021, Triarch dropped $10.4 million for a pair of distribution warehouses at 950-952 and 940 Eller Drive in Dania Beach, as well as the adjacent half-acre lot.

Hialeah Gardens, which neighbors the much bigger city of Hialeah, has experienced some industrial sales activity. Last summer, EverWest Real Estate bought the newly built warehouse at 10900 Northwest 146th Street in Hialeah Gardens for $43.2 million.

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Harbert Management Corporation paid $65.8M for Lauderdale Lakes Industrial Flex Park

January 13, 2023 - Harbert Management Corporation paid $65.8 million for a Broward County industrial park.

An affiliate of the Birmingham, Ala.-based investment management firm acquired Lauderdale Lakes Industrial Flex Park, a collection of 11 small-bay warehouses spanning nearly 360,000 square feet completed in 1973, records and Vizzda show. The deal breaks down to $183 per square foot.

Harbert, led by CEO Raymond Harbert, obtained a $39 million mortgage from Memphis, Tenn.-based Pinnacle Bank, records show. The 17-acre site is at 3435-3699 Northwest 19th Street and 1814-1896 Northwest 38th Avenue in Lauderdale Lakes.

Jose Sasson with Axiom Capital Advisors represented the buyer in the off-market deal, and Jordan Beck with Berger Commercial Realty represented the sellers, two entities managed by Steven Cooperman in North Lauderdale. In 2000, Cooperman’s entities paid $5.8 million for the industrial park, records show.

Sasson said he reached out to the buyer. “I knew these guys were looking for small bay industrial assets when I came across this one,” he said. “It is very rare to find a 300,000-plus-square-foot portfolio of contiguous small bay warehouses in South Florida.”

Offering spaces of 5,000 square feet or less, Lauderdale Lakes Industrial Flex Park is 94 percent occupied with more than 140 tenants, Sasson said. Aventura-based Last Mile Holdings is providing leasing, marketing/branding, and strategic oversight of the warehouses, Sasson added.

The South Florida industrial market isn’t showing signs of slowing down as the new year unfolds. This month, Berkowitz Development Group paid $6.7 million for 19 acres in Homestead where the Coconut Grove-based builder is planning its first industrial project in the city. Berkowitz plans to develop a nearly 400,000-square-foot self-storage and distribution center on the development site west of the Homestead-Miami Speedway.

Ares Management paid $111 million for a development site at Countyline Corporate Park in Hialeah. The Los Angeles-based industrial real estate firm is planning a three-building complex on 52 acres on the northwest corner of Northwest 154th Street and West 40th Avenue.

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Northbridge Partners pays $27M Fedex Leased Building in Hampton, VA

January 5 2023 Northbridge Partners buys 61 Floyd Thompson Blvd, Hampton, VA, for $27,000,000. The building is 198,480 SF and sits on 22.07 Acres of Land. This property is leased to Fedex long term. Roberto Susi & Jose Sasson of Axiom Capital Advisors brokered the off market deal representing Buyer and Seller.

Jadian Capital buys Value Add IOS in Atlanta, GA

10-28-22 Jadian Capital purchased an 11 acre property located at 4871 GA-85, Atlanta, GA as a value add IOS investment. Jose Sasson of Axiom Capital Advisors represented the Buyer in the transaction. The building size totaled 105,000 SF.

Bridge Industrial pays $26.3M - Palmetto Lakes Park

October 6 2022 - Already among the biggest South Florida industrial real estate players, Bridge Industrial further extended its empire with the purchase of a pair of Miami Gardens buildings.

Bridge, headed by Steve Poulos, bought the fully leased properties at 16175 Northwest 49th Avenue and 16250 Northwest 48th Avenue that sit on 6 acres at the Palmetto Lakes Industrial Park for $26.3 million, according to a company release. The seller is an affiliate of the Murad family’s home appliances company Kalorik.

This was partly a sale-leaseback deal as Kalorik now leases the 49th Avenue building where it’s been operating. Brian Trading, a family-owned textile distribution and export company, leases the 48th Avenue building.

Jose Sasson of Axiom Capital Advisors represented the buyer, and Robert Comunale of Industrial Group Realty represented the seller.

Bridge plans a multi-million dollar revamp of the 124,000 square feet of real estate and increase the number of parking stalls from 200 to 275. As such, the purchase is part of Bridge’s strategy to acquire properties that could use a facelift and increase rents following upgrades.

Also part of this value-add strategy was Bridge’s purchase of the three-building Pompano Beach Commerce Park on the southwest corner of North Powerline Road and Northwest 16th Street for $46.3 million in January.

Despite the recent acquisitions, Bridge is well-known as a ground-up developer. The Chicago-based firm has completed or is working on 10 million square feet of industrial real estate across South Florida, which is spearheaded by southeast regional partner Kevin Carroll.

So far this year, Bridge has embarked on at least four projects. It is building the 170,000-square-foot Bridge Point Port Everglades in Dania Beach on the site of the former Park ‘N Fly near Fort Lauderdale-Hollywood International Airport.

Bridge also plans a 2.6 million-square-foot speculative logistics campus spanning 175 acres in Doral, and the 409,000-square-foot Bridge Point Gratigny just south of the Miami-Opa locka Executive Airport.

Also in Miami Gardens, Bridge is developing the second two-building phase of the Bridge Point Commerce Center, after completing the first three buildings.

Miami Gardens has caught other developers’ eyes, as Blackstone subsidiary Link Logistics plans an industrial complex and movie studios across 116 acres on Calder’s former horse racing track. Link Logistics paid $291 million for the site in June.

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Everwest Buys Flightway 15 for $43.15M

6-21-22 -- A recently completed warehouse in Hialeah Gardens was sold to a Colorado-based company for $43.15 million. Flightway Fifteen LLC, an affiliate of Coral Gables-based industrial developer Flightway Group, sold the 164,298-square-foot small-bay warehouse at 10900 N.W. 146th St. to Denver-based EverWest Real Estate Investors, according to Axiom Capital Advisors’ Jose Sasson, who teamed with Roberto Susi to represent the buyer in the deal. Ralph Merritt of Commercial Property Group worked with the seller.

The price equated to $263 a square foot. The 8.5-acre site is located near the intersection of Florida’s Turnpike and U.S. 27, so it has good access to both Miami-Dade and Broward counties. Sasson said the warehouse, which has 21 small-bay doors, has yet to secure tenants, but EverWest is coming in to lease it up.

“The location is phenomenal,” Sasson said. “The small-bay industrial asset class is probably the best asset class to be in at the moment. The e-commerce boom has helped. And all of these tenants would rather pay industrial rents for a 5,000- or 7,000-square-foot bay than for a retail storefront with double or triple the rent.” EverWest has been active in the South Florida industrial market this year, purchasing a Pembroke Pines warehouse in January.

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Elion Partners buys Pompano Beach warehouse for $15.25M

June 9, 2022 - Elion Partners expanded its industrial portfolio with the purchase of a Pompano Beach warehouse for $15.25 million.

Applegate Development USA, managed by Richard Applegate in Pompano Beach, sold the 63,000-square-foot warehouse at 1121 N.W. 31st Ave. to EV 1121 LLC, in care of North Miami Beach-based Elion Partners. Miami-based City National Bank of Florida provided an $8.78 million mortgage to the buyer. Jordan Beck of Berger Commercial Realty represented the seller, while Jose Sasson and Robert Susi of Axiom Capital Advisors represented the buyer.

The property last sold for $3.33 million in 2009, so it had a huge gain in value. There has been strong demand for industrial space in Broward County and beyond as the industrial market shatters records.

The warehouse was built on the 3.5-acre site just east of Florida’s Turnpike in 1989.

According to a recent online listing, the warehouse as 22-foot clear height and 17,075 square feet available for lease, with an asking rate of $13.25 a square foot.

According to the first quarter report from Colliers International, the industrial vacancy rate in Broward County declined to 4.2%, compared to 6.6% in the year-ago quarter. The average asking rent increased to $12.19 a square foot, from $11.45 a square foot.

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Alterra Property Groups buys an IOS property in West Palm Beach, FL

5-31-22 Alterra property Group buys 3450 Dr Martin Luther King Jr Blvd, West Palm Beach, FL for $6,550,000. The building is 21,320 SF and sits on 3.37 Acres of Land. This was a Sale Leaseback with DWA Metals. Jose Sasson & Roberto Susi of Axiom Capital Advisors brokered the off market deal.

Alliance HP buy Warehouse in Deerfield Beach, FL

5-26-22 Alliance HP purchased the property at 1400 NW 3rd St & 1498 NW 3rd St, Deerfield Beach from David Miller for $8,200,000. The warehouse is 27,571 SF and sits on 3.16 Acres. Jose Sasson & Roberto Susi represented the buyer in this transaction.

Cudlob Capital purchases 4790 NW 157th St, Miami, FL

5-20-22 Cudlob Capital purchased the properties at 4790-4720 NW 157th St, Miami, FL for $6,775,000. The property is 31,919 SF and sits on 2.65 Acres. Jose Sasson & Roberto Susi of Axiom Capital Advisors represented the Buyer in this transaction. The Seller was represented by Peter Berg & Alan Kaye.

EverWest pays $14M for Fort Lauderdale industrial property

Denver-based EverWest Real Estate Investors bought a fully leased Fort Lauderdale industrial property for $14.1 million.

EverWest purchased the warehouse at 635 Northwest Fourth Avenue and a 0.3-acre lot directly south of the building from Dixie Investments IV, according to the buyer’s broker.

Jose Sasson and Roberto Susi of Axiom Capital Advisors represented EverWest. Yishai Sinai of Biscayne Advisors represented the seller.

Charles Frasier, manager of Dixie Investments IV, bought the 62,568-square-foot warehouse for $954,300 in 1993 and the next-door lot for $6,000 in 1997, transferring ownership of both properties to his Dixie Investments in 2005, according to records. The building was constructed in 1986.

The small-bay building is divided into spaces up to 10,000 square feet, Sasson said. It includes 24-foot clear heights and 10 dock-high doors. It’s unclear whether the buyer plans to develop the vacant lot, which currently is used by one of the tenants, Sasson said.

Tenants include boat accessories supplier Cruising’ Tikis and lighting contractor RLS Lighting.

Small-bay industrial properties are in demand, as they offer storage for retailers who have opted out of brick-and-mortar storefronts, Sasson said. Renting industrial space for e-commerce distribution is much more affordable than renting a storefront.

Small-bay buildings are “a very good hedge against inflation due to the rent growth that we have seen and continue to expect to see,” Sasson said. EverWest, led by CEO Rick Stone, was founded in 2013. Last year it became an affiliate of alternative asset manager Sagard, which has offices in Montréal and New York, according to both companies’ websites.

May 4, 2022 - EverWest invests in various property types. Its other South Florida properties include a 24,730-square-foot retail building at 3034 Grand Avenue in Miami’s Coconut Grove and a 190,000-square-foot industrial property at 5770 Miami Lakes Drive in Miami Lakes.

In January, EverWest paid $58 million for a Pembroke Pines warehouse at 20351 Sheridan Street.

The South Florida industrial market has prospered amid high demand, partly created by e-commerce growth, and a lack of developable land. This has allowed landlords to push up rents and has stirred investment appetite.

Broward County’s industrial asking rent climbed to $11.41 per square foot in the first quarter, up from $10.03 in the first quarter of last year, according to Colliers. The vacancy rate dropped to 4.2 percent from 6.6 percent.

In another recent Fort Lauderdale deal, Morningstar Properties in April bought the self-storage facilities at 421 Northwest First Avenue and 125 Northwest Fourth Street in the Flagler Village neighborhood for almost $30 million.

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Alterra Property Group pays $14M for Pompano Beach warehouse

May 18 2022 - A Philadelphia-based commercial real estate firm picked up a Broward County warehouse for $14.3 million.

An affiliate of Alterra Property Group, led by co-founder and Managing Partner Leo Addimando, acquired the 21,306-square-foot industrial building at 1645 Northwest 33rd Street in Pompano Beach, according to records.

The seller is an entity managed by Bernard Paul-Hus, CEO of Fort Lauderdale-based electric and utility contractor Hypower, records show. In 2006, Paul-Hus’ entity paid $2.7 million for the land, and completed the warehouse five years later. Hypower also leases the warehouse.

Founded in 2005, Alterra has executed more than 150 real estate deals across 20 states, totaling more than $2 billion in volume, according to the firm’s website. Alterra focuses on mixed-use, multifamily and industrial properties. The firm entered the South Florida market in November when Alterra purchased two industrial sites in Medley for a combined $25.4 million, according to published reports.

South Florida’s industrial market is not showing any signs of a slowdown, except for a lack of inventory, according to a recent JLL report. In Broward, net absorption reached a record 850,000 square feet in the first quarter, compared to 556,371 square feet during the same period last year. The vacancy rate tumbled to 4.2 percent, compared to 7.9 percent in the first quarter of last year, JLL found. As a result, the average asking rent rose to $11.19 a square foot in the most recent quarter compared to $8.58 a square foot during the same period of 2021.

The northeast Broward submarket, which includes Pompano Beach, had a 4.6 percent vacancy rate in the most recent quarter, compared to 8.7 percent in the first quarter of last year, while the average asking rent rose to $10.59 a square foot, compared to $8.78 a square foot during the same period last year.

In February, Newtown Square, Pennsylvania-based Equus Capital paid a record $239.2 million for Pompano Business Park, representing 1.03 million square feet of warehouses in Pompano Beach. The transaction was part of a $903 million deal for a 5.4-million-square-foot industrial portfolio from Prologis.

Seagis Buys Medley Industrial Trucking Site

April 19, 2022 - Seagis Property Group bought a trailer parking lot in Medley for $14.8 million, marking growing investment appetite for outdoor industrial properties. The Conshohocken, Pennsylvania-based logistics firm bought the property at 13399 Northwest 113th Avenue Road from RCR Investment Group, according to a Seagis news release.

RCR Investment is managed by Roberto Fernandez and Mario Abad, state corporate records show. Jose Sasson of Axiom Capital Advisors represented the buyer.

The 6.3-acre site includes a recently renovated 14,056-square-foot warehouse with 12 drive-in doors. It is fully leased for the next three years to RCR Investment subsidiary Gables Transport, a national freight service and truck repair company, according to the release.

South Florida warehouses, distribution and manufacturing facilities have been in high demand, and now investors are increasingly seeking open storage facilities, as well. The growth of e-commerce and robust construction activity have created demand for storage for heavy equipment and trucks, including delivery vehicles, brokers say. In December, Seagis bought the 2.8-acre parking lot at 8100 Northwest 25th Street in Doral for $9.4 million, records show. In April, Oak Brook, Illinois-based CenterPoint Properties paid $47.5 million for an outdoor truck storage facility in Miami Gardens.

Seagis has been heavily betting on the South Florida industrial market, as the company owns 114 logistics properties totaling more than 6 million square feet, according to the release.

High demand and dwindling developable land have pushed up industrial occupancy and rents in South Florida. In Miami-Dade County, the industrial vacancy rate dropped to 2.9 percent in the first quarter of this year, from 4.2 percent in the first quarter of 2021, according to a Colliers report. The average warehouse rent hit $11.21 per square foot, up from $9.95 during the same time period of last year.

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RealTerm buys Miami-Dade distribution center for $47M

RealTerm Logistics made a triple play of big acquisitions in South Florida within a month after purchasing a Miami-Dade County distribution facility for $47.25 million.

Vectra Realty LLC, managed by Jay Rosen and Thomas Gambino Jr. in North Bergen, New Jersey, sold the 277,425-square-foot warehouse at 7101 N.W. 32nd Ave. in the Gladeview neighborhood to RLIF East 6 LLC, managed by executives at Annapolis, Maryland-based Realterm Logistics. The price worked out to $170 a square foot.

Roberto Susi of Miami-based Axiom Capital Advisors brokered the deal.

“As South Florida population continues to grow, industrial assets of this caliber have become more desirable to institutional investors as well as logistics tenants," Susi said.

The warehouse last traded for $5.1 million in 2001, so its value increased nearly nine times over. That’s a reflection of a surge in demand for industrial space in Miami-Dade County as more e-commerce and distribution companies move here, driving up rents.

The warehouse was built on the 12.3-acre site in 1974.

“South Florida is the fourth fastest growing region in the U.S. with a total population of 6.2 million people making it a premier location for final mile facilities,” Arnie Capute, associate VP of east region acquisitions at Realterm. “In addition to being located in a dense market, 7101 N.W. 32nd Avenue is the only building of its size in the submarket that offers this unique combination of loading and parking, making it highly desirable to a host of users.”

In recent weeks, RealTerm Logistics has paid $127.5 million for an industrial portfolio in Riviera Beach and $14.75 million for a warehouse just west of Miami International Airport.

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Cofe Properties pays $42M for Sunrise warehouses

An affiliate of Miami-based commercial real estate firm Cofe Properties paid a combined $42.25 million in two deals for a portfolio of small-bay warehouses in Sunrise, according to Miami-Dade County records.

All of the properties were sold by land trusts with Leonard Edelman in Palm Beach Gardens as trustee. Jose Sasson of Miami-based Axiom Capital Advisors was the sole broker on the transactions. It's the first sale for all of the buildings.

Sasson said small-bay industrial is one of the hottest sectors of real estate now because there’s high occupancy. They primarily serve mom-and-pop tenants such as plumbers, carpenters and automotive businesses. There is strong demand for space from those industries, he said.

In the bigger deal, Cofe Sunrise LLC, an affiliate of Cofe Properties, paid $31.25 million for the warehouses at 5401-5405 N.W. 102nd Ave., 10551-16061 N.W. 53rd St., and 10791-10795 N.W. 53rd St. They total 176,838 square feet and were built between 1988 and 1991. The price equated to $177 a square feet.

In addition, Cofe Sunrise LLC paid $11 million for the 48,493-square-foot warehouse at 10700-10798 N.W. 53rd St. It was constructed in 2000. The price worked out to $227 a square foot.

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Miami-based Ocean Bank financed both deals with a $35.91 million loan.

Alterra Property Group pays $25.4M for two Medley properties

Affiliates of Philadelphia-based commercial real estate firm Alterra Property Group paid $25.4 million in two deals for neighboring properties in Medley, according to county records.

Both sites are primarily used for truck parking and outdoor storage and the buyer will keep them for these uses, said Roberto Susi of Axiom Capital Advisors, whose firm represented the buyer in the deals. Nelson Varona of Your Commercial Realty Group represented the sellers.

With the rapid growth in demand for e-commerce services and fast delivery, logistics companies need more space to park their trucks near their warehouses. Often, warehouses in Miami-Dade County don’t have enough parking for large trucks and fleets.

In the bigger deal, Universal Concrete & Ready Mix Corp., managed by Juan Carlos Alvarez in Hialeah Gardens, sold the 7.3-acre site at 11800 N.W. South River Drive for $16.5 million to 11800 Medley Partners LLC, an affiliate of Alterra Property Group. It has a 13,254-square-foot industrial building that was constructed in 1972. The property last traded for $5.08 million in 2014, so it more than tripled in value.

In the other deal, Aee Land Development, managed by Alejandro Acosta in Medley, sold the 4-acre site at 11500 N.W. 118th Way for $8.9 million to 11500 Medley Partners LLC, also an affiliate of Alterra Property Group. It has a 4,176-square-foot industrial building built in 1974. The property previously sold for $3.2 million in 2018, so it also had a strong gain in value.

Alterra Property Group specializes in residential/mixed-use development and industrial outdoor storage.

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Brookfield pays $8M for office building in Boca’s Park at Broken Sound

Brookfield Properties paid $8.3 million for a fully leased office building at the Park at Broken Sound in Boca Raton.

Records show that the New York-based real estate investment behemoth bought the 38,195-square-foot building at 6300 Park of Commerce Boulevard. The seller is FirstService Residential, a property manager that counts residential and commercial associations as its clients, according to its website.

This was a sale-leaseback deal, meaning FirstService Residential sold and then rented the building under a short-term lease, according to one of the deal brokers.

Roberto Susi and Jose Sasson of Axiom Capital Advisors represented the buyer. Robert Listokin of Colliers represented the seller.

The property was built in 1995 on 5 acres, property records show.

Park at Broken Sound originally was developed in the 1970s as an office park, called Arvida Park of Commerce, according to its website.

It was rebranded in 2015, and now includes retail and entertainment as well as residential development on 700 acres. The aim was to create a live-work-community, where residents can walk to work.

Since then, several multifamily projects have been developed at the park. In 2020, Bell Partners bought two finished complexes, at 5500 Broken Sound Boulevard and 950 Northwest Broken Sound Parkway, for a combined $94 million, and merged them under a new name, Bell at Broken Sound.

Related Group got city approval in 2019 to build a 297-unit apartment complex at the Park at Broken Sound.

The Park at Broken Sound spans roughly from Clint Moore Road south to Yamato Road, and from Military Trail east to I-95, although the boundaries are not exact, according to its website.

Brookfield Properties, led by Jan Sucharda, is the real estate development and management arm of Toronto-based, publicly traded Brookfield Asset Management. Brookfield Properties has over 50 million square feet under development and 375 million square feet under management globally, according to its website.

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Alliance HSP buys 11316 N 46th Street, Tampa, FL

Alliance HSP purchased the building at 11316 N 46th Street, Tampa, FL for $32,000,000. The Buyer was represented by Roberto Susi of Axiom Capital Advisors in the off market transaction.

Lennar Buys 16 Acres in Coral Springs

Lennar Homes acquired a development site in Coral Springs for $8.5 million.

Coral Springs Development, managed by Jeffrey L. Greenberg in Boca Raton, sold the 15.7-acre site on the north side of Wiles Road at the intersection of Northwest 120th Avenue to Lennar Homes, a subsidiary of Miami-based Lennar Corp. (NYSE: LEN). Known as Sunset Trail, the site was approved for 147 townhouses.

Robert Susi of Axiom Capital Advisors brokered the deal.

The vacant land was originally under contract to Miami-based 13th Floor Homes, which initially filed the development application. According to a document filed in county records, 13th Floor assigned the purchase contract to Lennar Homes, however, 13th Floor has the right to receive a portion of the proceeds from each home sold in Sunset Trail.

The land last traded for $1.17 million in 2004.

Homes are selling quickly in South Florida and there aren’t many sites left for development, so there is strong demand for new inventory. Townhouses are generally more affordable than single-family homes, which is helping them sell relatively quickly.

West Colonial Shopping Center in Orlando Sold

TCB-WCO purchased West Colonial Oaks, a multi-anchored neighborhood center totaling 160,792 square feet in Orlando, FL for $17 Million. This acquisition represents an opportunity for the purchaser to own a highly occupied shopping center with national anchor tenants, strong in-place income and the potential to value-add through lease up at market rate(s). The property is anchored by Office Depot, Family Dollar, Olive Garden and Ollie’s Bargain Discount Store and it is also a beneficiary of a Home Depot shadow anchor. In addition to the diverse tenant mix, strong in place income and high occupancy, WCO is located within a high growth neighborhood with strong demographic trends.

“Given the excellent location with high traffic counts along Colonial Drive, a major east/west corridor leading to Downtown Orlando, the purchaser should have no issue getting the vacant bays leased-up” states Jose Sasson of Axiom Capital Advisors.

Jose Sasson of Axiom Capital Advisors represented the seller in the off-market transaction and Michael Smith of Sands Investment Group represented the buyer.