SoftBank brings on Marcelo Claure to help turn around WeWork, Hallandale Beach project scores $100M loan: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

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SoftBank is bringing on Sprint’s former CEO to help turn around WeWork. SoftBank head Masayoshi Son has asked Marcelo Claure of Miami to take a more hands-on role at the company after the recent ouster of co-founder and CEO Adam Neumann. His exact role has not been specified, but he would focus on opportunities to cut costs and increase revenues. Senior WeWork executives Sebastian Gunningham and Artie Minson have been appointed co-CEOs of the company.  [Bloomberg]

Developer Ari Pearl closed on a $100 million loan to develop the first phase of a major mixed-use project in Hallandale Beach. Pearl’s PPG Development and Michael Herman’s Premium Capital secured the financing from the Related Cos.’ Related Fund Management. The financing will be used to build the 250-unit branded luxury apartment component of SLS Resort Residence & Marina Hallandale Beach. [TRD]

The Naples-based Collier family is replacing the former ABC Carpet & Home store in Delray Beach with an upscale storage and maintenance club for car collectors. Family-owned Collier Land Holdings Limited has started building a facility called Collier Car Club inside the former ABC Carpet & Home store on Congress Avenue – well known for its exterior mural, a faux architectural finish visible from I-95. The store closed last year. [TRD]

Forever 21 has filed for bankruptcy. It has landed $75 million in new capital from TPG Sixth Street Partners and $275 million in financing from lenders with JPMorgan Chase as the agent. The store had been one of the largest mall tenants still standing, so the filing could spell trouble for major mall owners like Simon Property Group and Brookfield Property Partners. It plans to close up to 350 stores overall but will keep operating its website and hundreds of stores in the United States. [Bloomberg, NYT]

A total of 125 condos sold for $49 million in Miami-Dade County last week. That’s on par with the 126 units that sold for a combined $45 million the previous week. Condos last week sold for an average price of about $395,000 or $283 per square foot. [TRD

Blackstone is doubling down on its e-commerce bet with another multibillion dollar industrial portfolio deal. The company is buying Colony Capital’s national warehouse portfolio for $5.9 billion, according to the Wall Street Journal. The portfolio Colony sold to Blackstone spans 60 million square feet across 465 warehouses in 26 markets. Areas of strong concentration include northern New Jersey, California, Florida, Dallas and Atlanta. [TRD

The Galbut family and developer Matis Cohen are proposing a 22-story tower in North Beach. The project, called 72nd and Park, will be reviewed by the Miami Beach Design Review Board on Wednesday. Arquitectonica is designing the project, with 283 multifamily units, about 12,500 square feet of retail and restaurant space, amenities and parking. It would have 125 micro units, smaller than 550 square feet. [SFBJ]

Broward’s “taxi king” and real estate investor Jesse Gaddis died at 87. Gaddis created the Yellow Cab company in Broward in the early 1960s, and later invested in real estate development and lending, among other industries, according to the Sun Sentinel. He was among the first investors in the Flagler Village neighborhood of downtown Fort Lauderdale. Gaddis died on Friday of cancer. [Sun Sentinel]

(Illustration by Andrew Colin Beck)

(Illustration by Andrew Colin Beck)

How mobile homes became a billion-dollar, recession-proof industry. The immobility of most mobile and manufactured homes has caught the attention of private equity firms in a big way. With most low-income renters unable to quickly up and move their properties, institutional real estate investors increasingly see that as a surefire bet — especially in a major downturn. [TRD]

Compiled by Katherine Kallergis

Tzadik sells North Beach apartments, will be renovated

North Beach apartments and Tzadik founder Adam Hendry
A portfolio of seven apartment buildings in North Beach traded for $5.5 million, and the new owner has plans to renovate the properties.
Listing agent Michael Davalos
County records show an affiliate of Tzadik Management sold the 28-unit assemblage, which is between 84th and 85th Streets west of Crespi Boulevard in Miami Beach. A partnership of two New York companies controlled by Jay Deutchman, a Bronx-based property owner, bought the two-story buildings. The deal closed on Thursday.
Fortune International Realty’s Michael Davalos marketed the properties. The buyer, a 1031 exchange, will gut-renovate the units, which are all three bedrooms, upgrading the bathrooms, kitchens, floors and converting them to central air conditioning, Davalos told The Real Deal. The deal breaks down to about $196,000 per unit, or $202 per square foot.
“This is a property that has a lot of potential for future growth. It’s rare to find this kind of assemblage in Miami Beach – add to that its close proximity to the ocean and you have a nice set-up,” Davalos said in a press release.
Property records show the buildings, constructed in 1948, last sold for a combined $2.1 million in 2011. Their addresses are: 640-650 85th Street, and 725, 735, 755, 775, 785 84th Street in Miami Beach. “We were able to take advantage of this opportunity to revitalize what at the time was a distressed and rundown property,” Alex Arguelles, chief acquisitions officer for Tzadik, said in the release.
The neighborhood of North Beach stretches from 63rd Street to 87th Street and westward to Biscayne Bay. The area is largely underdeveloped when compared with South Beach and the Mid-Beach area, but commercial activity has been heating up over the past year. Just last week, the ground floor retail at the Burleigh House condominium, which fronts Collins Avenue, sold for $6.8 million.
Tzadik sold a development site nearby in January. The Miami-based firm, which specializes in property management, development and capital markets, sold that construction site on 85th Street and Harding Avenue for $5 million. Tzadik has managed more than $300 million of apartment complexes and luxury condo developments, according to the release.

Source: The Real Deal Miami

PHOTOS: On the scene at Iris on the Bay’s grand opening

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The Spear Group and Braddock Financial held a ribbon cutting for Iris on the Bay, a new gated townhome community in North Beach.
The developers bought the 2-acre property in 2012 and recently opened the first phase of the 43 four-story townhome waterfront project. A majority of new owners are domestic buyers who were looking to upgrade to bigger homes, according to a press release. Sales for the second phase are underway and will break ground this spring.
Amenities at Iris on the Bay include terraces, private elevators an two-car garages. Beilinson & Gomez designed the development with interiors by Michael Wolk Design Associates and TUI Lifestyle, according to the release. Units range from 2,150 square feet to more than 2,500 square feet.
In March, the Miami Beach Design Review Board approved a waterfront condominium project that will fill in the last vacant parcel of land along Miami Beach’s Indian Creek Drive in North Beach. The developers are planning a 30-unit luxury condominium with views into Biscayne Bay, private boat docks and a baywalk with public access along a pristine stretch of Biscayne Bay.  – Katherine Kallergis
 

Source: The Real Deal Miami