In a significant move for its operations in Miami, Amazon is expanding its office space at Wynwood Plaza.
The tech giant has increased its lease from 50,000 square feet to nearly 76,000 square feet, setting a new record for the largest lease signed in the Wynwood neighborhood, as announced by The Real Deal.
Amazon’s new office will be part of the Wynwood Plaza, located at 95 NW 29th Street, which features a 12-story office tower alongside 509 rental apartments, retail areas, and restaurants within a one million-square-foot development.
Developers L&L Holding Co., Oak Row Equities, Shorenstein Investment Advisers, and Claure Group broke ground on the project in 2023, with an expected completion date later this year.
As part of ongoing developments in Wynwood, leasing for the Wynwood Plaza Residences commenced in early November, providing further options for residential living in the area.
In other leasing news, Swire Properties announced nine new retail tenants at the Brickell City Centre, covering a total of 29,000 square feet.
This mixed-use project, situated at 701 S. Miami Avenue, is expected to welcome brands including Vancouver-based clothing store Aritzia, cosmetics giant Dior Beauty, and activewear labels Alo Yoga and Vuori, with openings scheduled for 2025 and 2026.
Swire Properties debuted the $1 billion Brickell City Centre in 2016, featuring two condominium towers, two office buildings, and the East Miami hotel as part of its 500,000-square-foot retail offering.
In the industrial sector, Bridge Industrial has secured its first tenant at the newly constructed Bridge Point Port Everglades.
Fort Lauderdale’s Rehoboth Terminal is signing a long-term lease for nearly 45,000 square feet at the 172,000-square-foot facility, which is designed for logistics and cargo support.
Located at 2200 NE Seventh Avenue in Dania Beach, Bridge Point Everglades features impressive specifications, including 32-foot clear ceilings and 34 dock-high doors.
Representatives from JLL, including Sky Groden, Ken Morris, and Jeremy Cain, facilitated this deal for Bridge Industrial.
On the financing front, Galaxy Industrial has secured $50 million in refinancing from Ocean Bank for its portfolio of 689,000 square feet across Miami.
This includes 20 warehouses constructed between 1982 and 1995, currently operating at approximately 97% occupancy, with ceiling heights ranging from 20 to 32 feet.
The refinancing deal includes a five-year fixed-rate mortgage with potential extensions and has been arranged through Berkadia, with contributions from Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez, Shannon Wilson, and Luke Maganas.
In Hallandale Beach, PPG and BH3 Management are embarking on a rebranding project for their 26-story apartment tower, aiming to transform it into the first independent residential building under the Mondrian hotel brand.
Initially completed in 2022 and located at 101 Diplomat Parkway, the building now plans to operate as Mondrian Hallandale Beach Residences, featuring 250 units that will range in size from 860 to 3,239 square feet, alongside 30,000 square feet of amenities.
Meanwhile, ANF has successfully completed its South Pointe apartments project in Miami Lakes, comprising 179 units, with additional features including 370 parking spaces and 17,000 square feet of ground-floor retail space.
Located at 8205 Commerce Way, this project consists of three four-story buildings, with one- and two-bedroom units averaging between 725 and 1,050 square feet.
Rental prices for these units range from $1,270 to $3,801, as listed on Apartments.com.
In the sales sector, Simon Property Group has acquired a former Sears location at the Town Center at Boca Raton for $23 million.
This 180,000-square-foot property, which has remained vacant since Sears closed its store in 2018, was sold by Seritage Growth Properties.
Seritage, a real estate investment trust, was established to redevelop and sell off shuttered Sears properties.
Additionally, Miami-Dade County has purchased 7 acres of industrial land for $54 million from an affiliate of Neology Life Development Group.
This acquisition, located at 2301 NW 33rd Avenue, is part of the county’s $9 billion modernization and capital improvement program related to the Miami International Airport.
Neology had originally bought the site in 2022 for $32 million, with plans for more than 1,000 apartment units in proximity to the airport.
In another notable transaction, Griffis Residential has acquired a West Palm Beach apartment complex for $87 million.
The property, which includes 223 units and was developed by Woodfield Development, was completed in 2023.
Griffis acquired this property at 345 Banyan Blvd. with financing from a Fannie Mae loan of $57.7 million, due in July 2035.
The 15-story building, now known as Griffis West Palm, offers a variety of studio to three-bedroom unit options ranging from 535 to 1,579 square feet, with rental rates between $2,495 and $7,295 per month as per Apartments.com.
Finally, an entity related to Midtown Miami developer Jon Samuel has purchased an industrial property in Palm Springs for $24 million.
The approximately 15-acre site at 1200 S. Congress Avenue includes a 50,000-square-foot two-story industrial building as well as retail space.
Samuel financed this transaction with a $17 million loan from Seacoast National Bank, having previously purchased the site in 2020 for $22 million.
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