Orlando firm borrows $106.5M for Courvoisier on Brickell Key

Courvoisier Centre in Brickell Key
Orlando-based Parkway Properties has mortgaged the Courvoisier Centre in Brickell Key, county records show.
A Parkway affiliate closed on a $106.5 million loan for the properties at 501 Brickell Key Drive and 601 Brickell Key Drive. That includes two office buildings and a parking garage that make up the Courvoisier Centre. Keybank National Association is the lender.
David O’Reilly, Parkway’s chief financial officer, told The Real Deal that the mortgage is the first for the Courvoisier Centre. He said it will be used for recapitalization and that the property has been substantially improved in recent years.
The complex includes one eight-story, 133,755-square-foot office building, built in 1986, and one 13-story, 252,086-square-foot office building, built in 1990. The garage is five stories tall and spans 283,925 square feet, according to Miami-Dade County property records.
According to Parkway’s website, available spaces for rent range from 1,162 square feet to 8,804 square feet. Transwestern is the leasing agent. The office buildings feature water views, corner offices, balconies, banking facilities, a gourmet grocery store, an on-site dry cleaner and retail stores. Parkway acquired the complex in 2014 for $145.8 million, records show. Tishman Speyer was the seller.
Swire Properties is a major developer and property owner on the man-made island. The Hong Kong-based firm, which is developing Brickell City Centre over the bridge, has plans for more on Brickell Key. Swire wants to develop the last vacant parcel into as many as 668 residential units.

Source: The Real Deal Miami

Telemundo unveils plans for new $250M headquarters

Rendering of the NBC Universal Telemundo headquarters
Telemundo unveiled plans on Tuesday for its new global headquarters, a complex within the Prologis Beacon Lakes industrial park in northwest Miami-Dade County. 
NBCUniversal and Comcast will invest more than $250 million in the 560,000-square-foot development. Telemundo will consolidate about 1,300 jobs currently housed at buildings throughout the county into the two-building, 560,000-square-foot campus. Brian Smith, Mike Davis and Audley Bosch of Cushman & Wakefield represented Telemundo in the build-to-suit lease, according to a press release.
The project broke ground Tuesday morning.
Last week, Prologis sold 37 acres of undeveloped land within Beacon Lakes to SunTrust, which will be Telemundo’s landlord. SunTrust Equity Funding also closed on a $185 million loan for the property, west of the Florida Turnpike along Northwest 25th Street.
Terms of the lease were not disclosed, but in the press release Cushman & Wakefield said it was “likely the most valuable lease in Florida history.”
Telemundo site map (click to enlarge)
The development will house the division’s offices, broadcast and production operations, including the Telemundo Network, Telemundo Studios and Telemundo International, as well as the cable network NBC UNIVERSO and its digital media operations. Telemundo’s new digs will include an advanced production facility, network operations center, set design operations, post-production facilities and more than 100,000 square feet of executive offices. Shows such as the Nuevo Dia morning show, Al Rojo Vivo, and Novela productions will be produced there, Cushman & Wakefield said. The facility is slated to open in 2018.
In a press release, Cesar Conde, chairman of NBCUniversal Telemundo Enterprises and NBCUniversal International Group, said the investment underscores the company’s commitment to the Hispanic market in the United States. “Our new global headquarters will fold all of our division’s offices and production studio spaces into one state-of-the-art facility that will help us do business in a more collaborative way,” Conde said.
Telemundo, which was purchased by NBCUniversal in 2010, currently has studios at 7355 Northwest 41st Street. Records show that SunTrust paid just more than $22 million for the portion of Beacon Lakes. The industrial park spans 478 acres and home to Ryder Logistics, Panalpina and Amazon. – Katherine Kallergis

Source: The Real Deal Miami

Related, Dezer score $115M construction loan for Hyde Midtown

From left: Jorge Perez of the Related Group, renderings of Hyde Midtown and developer Gil Dezer
The Related Group and Dezer Development just sealed a $114.7 million financing deal for their upcoming Hyde Midtown condo project in Miami.
The loan covers Hyde Midtown’s development site at 3401 Northeast 1st Avenue right in the heart of Midtown Miami. It was issued by an affiliate of Mack Real Estate Credit Strategies, a New York lending firm that’s tied to the Mack Real Estate Group.
Related and Dezer broke ground on Hyde in September and expect to wrap up work on the 60-story tower in the second quarter of 2018. It’s slated to bring 60 hotel rooms and 410 condos to the neighborhood.
A fourth quarter report from brokerage ISG World said sales at Hyde stood at 65 percent by the end of 2015. The project launched sales in 2014.
Hyde Midtown’s amenities will include a pool deck, spa and fitness facilities, plus event and meeting spaces. Units at the building range in price from the mid $300,000s to $2 million.

Source: The Real Deal Miami

Thor unloads Design District properties: $128.3M

Thor’s Joseph Sitt, North Miami Avenue properties and Ben Bernstein
Less than three years after it began assembling a war chest of properties in Miami’s Design District, Thor Equities has just sold eight sites to Redsky Capital and JZ Capital Partners for $128.285 million.
The nearly two-block purchase adds to Brooklyn-based Redsky Capital and London-based JZ Capital Partners’ growing portfolio in the district, where the joint venture partners have invested more than $233 million in recent months.
New York-based Thor, led by Joseph Sitt, had paid a total of $46.8 million for the properties it just sold, all of which the firm purchased in 2013 and 2014, Miami-Dade property records show.
The properties include:

3995 North Miami Avenue, purchased for $5.4 million in May 2014;
10 Northeast 40th Street;
28 Northeast 40th Street;
40 Northeast 40th Street;
50 Northeast 40th Street (all four part of a $20 million bulk purchase in May 2014);
53 Northeast 39th Street, purchased for $5.65 million in March 2013;
3925 North Miami Avenue;
15 Northeast 39th Street, together with 3925 North Miami Avenue, purchased for $15.75 million in April 2014

In January, Thor doubled its investment when it sold four other properties to Redsky and JZ for $60 million: 55 Northeast 39th Street, 56 Northeast 40th Street, and 75-81 Northeast 39th Street in Miami. 
In the past year, Redsky and JZ have been on a buying spree in Miami’s Design District, also paying $23.95 million for 45 Northeast 39th Street in September, and $24 million for the retail property at 21 Northeast 39th Street, in July.
In March, Redsky and JZ paid $28 million for the site of the former Oak Tavern, at 35 Northeast 40th Street, and the same month, the firms paid $29.25 million for the property at 1 Northeast 40th Street.
Thor still owns property in the Design District, after having bought the site of a United States Post Office at 45 Northeast 39th Street, in November from RedSky and JZ for $43 million.
By the end of next year, the Design District is expected to have more than 120 luxury-brand stores, a boutique hotel, 15 to 20 restaurants, luxury residential condos and lofts, galleries, furniture showrooms, as well as large-scale public art, design and graphic art installations. Dacra President and CEO Craig Robins has led the area’s transformation. In 2015, blockbuster transactions in the Design District included the $65 million sale of Atlas Plaza, home to Michael’s Genuine Food & Drink, Rolex and Longchamp, among other tenants. Russell Atlas sold those properties, on 39th and 40th streets, to David Edelstein’s TriStar Capital in September.

Source: The Real Deal Miami