Dealmaker: Cushman & Wakefield Closes $69M in Multifamily, Industrial Deals

June 13, 2017

Cushman & Wakefield, New York, closed two Florida multifamily and industrial deals totaling $69.4 million.

In Coral Gables, Fla., C&W South Florida Multifamily Team Robert Given, Zachary Sackley, Troy Ballard and Neal Victor helped Estate Investment Group, Mattoni Group and Fortune Capital Partners sell Soleste Club Prado. Grand Peaks Properties, Denver, acquired the new Class A midrise building property for $61 million, or $361 per square foot.

Soleste Club Prado occupies 1.8 acres at 950 Red Road. Units average 862 square feet with monthly rents exceeding $2,150. The first residents moved in last June and the building was 95 percent leased at the time of sale.

“Soleste Club Prado is the first midrise Class A multifamily property to transact in south Florida in nearly a year,” Given said. “This, as well as other recent Class A transactions we’ve closed or are working on, indicate that the market has stabilized after some buyer hesitation due to a mix of economic uncertainties in the fourth quarter of last year.”

Sackley said the property was “well-received” in the market due to its location equidistant to several Miami-Dade County job centers. “Its position at the corner of Red Road and SW 8th Street and its access to State Roads 826 and 836 allow connectivity to points throughout the region,” he said.

In Coral Springs, Fla., Cushman & Wakefield negotiated an $8.4 million sale and secured $5.8 million in financing for Coral Springs Business Warehouse, an 86,000-square-foot light industrial building. Dominic Montazemi, Scott O’Donnell and Greg Miller Represented Coral Springs Business Warehouse LLP in selling the northern Broward County building. Jason Hochman assisted buyer CSBW LLC with financing by sourcing $5.86 million from Starwood Mortgage Capital, Miami Beach, Fla. The 10-year loan included an initial interest-only period.

The 1976-vintage Coral Springs Business Warehouse has 14-foot clear heights and 131 drive-in doors. Owned and operated by the same ownership group since 1984, the property was 92 percent leased at closing.

“Due to the property’s diverse bay sizes, it occupies a unique position in the marketplace as it caters to both entrepreneurial small businesses and personal storage uses,” Montazemi said. “Strong demand for the storage space is provided by the population density that exists in the surrounding communities.”