While Broward County might not have the same glitz and glamour of its southern cousin Miami-Dade, the county had plenty of big-ticket commercial deals last year that racked up millions.
The Real Deal analyzed data from the CoStar group, an information company, to compile a list of Broward’s biggest commercial buyers during 2015.
#1 Prologis – $407.5 millionPrologis, one of the country’s biggest industrial real estate firms, racked up more pricey property purchases in Broward than any other company.The company sank a total of $407.5 million into 23 properties spread throughout the county, mostly concentrated in Hollywood and Fort Lauderdale.What helped push Prologis to the top this year was its $820 million acquisition of a 21-property portfolio from Morris Realty Associates. Three of those properties were located in Broward, totaling about $69.4 million.
#2 Starwood Capital Group – $281.9 millionSecond on the list was investment firm Starwood Capital Group, headquartered in the wealthy enclave of Greenwich, Connecticut.The firm put $281.9 million down on 13 properties in Broward, most of which were office buildings located in Fort Lauderdale business parks.Not to be outdone, Starwood also closed on a massive commercial sale last year. The investment firm was one of three buyers that paid $1.1 billion for Duke Realty’s portfolio of 62 properties in the Southeastern United States.Among those properties were eight office buildings in Fort Lauderdale and one in Pompano Beach, which made up the bulk of Starwood’s investment total for Broward County last year. Together, they totaled almost $180 million worth of properties.
#3 Norges Bank – $272.3 millionClose behind Starwood was the Norwegian central bank, which had a serious hankering for South Florida real estate last year.Norges Bank assembled $272.3 million worth of Broward County commercial properties during 2015, landing it in third place for the year’s list of biggest buyers.Those purchases were spread out over 13 properties between Fort Lauderdale, Hollywood, Pompano Beach, Hallandale and Dania Beach.All 13 were purchased in a joint-venture with Prologis — our No. 1 contender — as part of the $5.9 billion acquisition of KTR Capital Partners’ portfolio of 322 distribution properties throughout the U.S.Norges Bank is one of many foreign sovereign wealth funds picking up big chunks of U.S. real estate.
#4 TIAA-CREF – $238.8 millionTIAA-CREF is a Fortune 100 company that provides pensions for teachers and other professionals. It’s also one of the country’s largest real estate investment companies, and holds the No. 4 spot on the list of Broward’s biggest commercial buyers.The company spent $238.8 million on Broward County properties last year. The interesting part? That was split between just two purchases.In the first deal, the financial giant picked up Orlando-based Zom’s Casa Palma apartment complex in unincorporated Broward for nearly $90 million.Next, TIAA-CREF paid the Related Group an incredible $149 million for its Manor at Flagler Village apartment project in Fort Lauderdale.
#5 Global Logistics Properties – $187.7 millionLast but certainly not least is Chicago-based Global Logistics Properties, a multinational real estate firm that specializes in — you guessed it — logistics properties.Last year, GLP put down an impressive $187.7 million for 11 Broward County properties, all but one of which was located in Fort Lauderdale.The commercial giant continued this list’s trend of massive portfolio deals with its purchase an Industrial Income Trust assemblage in a deal valued at $4.55 billion.In Broward, that portfolio’s biggest piece was Sunrise Distribution Center in Fort Lauderdale. It alone fetched $43.8 million.
Aloft South Beach — developed by Jason Halpern’s New York-based JMH Development, Madden Real Estate Ventures and Starwood Hotels & Resorts, announced Tuesday that it will open on May 28.
The hotel, at 2360 Collins Avenue, will have 235 rooms and will feature a Stephen Starr restaurant, Continental Miami.
“We’re excited about it. Obviously it’s an excellent location,” Halpern told The Real Deal. “We think that we’re building a unique product because we have been working with a powerful flag and brand, Starwood Hotels.”
Built on the site of the historic 1954 Ankara Motel, the project has aimed to preserve its Art Deco architecture, incorporating classic brick walls in the “historic wing,” refurbished Ankara Motel signage and the original pool shape. The hotel’s lobby will feature a series of black-and-white images of 1970s beach scenes and near the entrance, a large-scale aerial view photograph of models in vintage swimsuits.
Halpern, together with partner RCG, whose principal is Michael Boxer, bought the Aloft site in June 2005 for $12.85 million, with plans for a residential project. “When the recession hit we allowed the project to sit, and we went back and got approvals for what you now see, and started construction 15 months ago,” Halpern said.
Aloft South Beach is the first South Florida project for JMH, which is developing Three Hundred Collins, a 19-residence luxury condominium in the South of Fifth neighborhood of Miami Beach.
The five-story property, at 300 Collins Avenue, is being designed by Thomas Juul-Hansen, marking his first project in Miami. In New York, the famed designer-architect has designed the interiors of One57, and is currently the architect on 11 Beach Street in Tribeca, as well as 505 West 19th Street.
Sales for Three Hundred Collins launched in March, and eight units are reserved even before a sales office has opened, Halpern said. ONE Sotheby’s International Realty is the exclusive sales and marketing firm.
Plans call for units on floors two through five, with a lobby and amenity area on the first floor, and parking behind the building. One- to- four-bedroom units, including four two-story “duplex” condos and three penthouses, are priced from $1.2 million to $9 million. Construction is expected to begin in September, Halpern said.
After founding JMH Development in 2000, Halpern primarily focused on development projects in New York, before he turned his attention to South Florida. He was among the pioneers in Williamsburg, developing 184 Kent Avenue, a 337-unit rental building that was completed in 2010.
Already, a third South Florida project is in the works. JMH purchased 2901 Indian Creek Boulevard for $1.2 million in July 2013, and is planning a 30,000-square-foot residential development, Halpern said. The project will go before the Miami Beach Historic Preservation Board on May 12.