03 Jun Florida Real Estate Roundup: BTI Partners
Law360 — Alta Development paid $14.6 million for a 1.26-acre development site in Miami’s Health District near the Miami River, offering a record $265 per square foot for the area as the demand for multifamily housing in the city’s urban core stays strong.
The South Florida-based real estate joint venture development firm outbid other parties interested in the site, which is zoned to allow 189 units, according to its broker.
Colliers South Florida senior director Virgilio Fernandez and managing director Mitash Kripalani represented Alta. They also represented one of the sellers, Peter Fedele. Babba Yesharim of Beachfront Realty represented Colleen and Jerry Enis, the other sellers.
“The site was a good fit for Alta Development and is one of the last developable sites of that size for market-rate rentals in the Health District,” Fernandez said in a statement. “The Health District has been booming in recent years with high demand for rentals that has pushed up rents. This site allows for multiple configurations, including design opportunities and parking accommodations to meet market demand.”
Alta’s other projects include Casa Bella Residences Miami, and it previously developed Le Parc at Brickell, Baltus House and One Paraiso, among others.
Colliers also helped close the $16 million sale of a jet engine testing facility in Palm Beach County. The brokerage represented Apogee Investment Partners LLC, which sold the property to its current tenant, engine field services provider CTS Engines.
Fort Lauderdale-based CTS had already invested more than $12.7 million in building of the testing facility, which covers 44.42 acres at 18855 Bee Line Highway and features a state-of-the-art, high-thrust turbine engine testing stand and related equipment that can handle the airline industry’s most significant turbine engines, Colliers said.
“The most challenging aspect of the sale was finding a niche buyer whose criteria aligned with this unique product being sold,” Colliers director Bastian Laggerbauer said in a statement. “Ultimately, the tenant, CTS Engines, decided to purchase the asset due to its essential use required for the continued success of the company.”
Laggerbauer represented Apogee along with Colliers executive managing director Mark M. Rubin, financial analyst Jake Stauber, and executive managing director Steven Wasserman and managing director Erin Byers from the company’s industrial services group.
Construction giant Skanska AB has begun construction on a $19.5 million campus replacement project for Tampa’s Dorothy Thomas Exceptional Center, a Hillsborough County public school that serves students in need of emotional and behavior support.
The project, which was designed by Fleischmann-Garcia Architecture, will replace the school’s 12 existing classrooms with a 40,000-square-foot project featuring state-of-the-art facilities for nearly 60 students in grades K-12. Completion is expected by August 2023.
The construction poses logistical challenges, since the new facility is to be built while the campus remains active, Skanska noted. The construction team first relocated the existing classrooms to the other side of the campus and said it will closely monitor noise levels because some students may be sensitive to loud sounds.
BTI Partners LLC launched sales on the second tower of Marina Pointe at Westshore Marina District. The high-rise will feature 157 luxury condos with views over Tampa Bay and the St. Petersburg skyline. Residences will include a variety of one- to four-bedroom units ranging in size from 1,200 to 2,000 square feet, with prices from the high $700,000s to more than $4 million.
“Our strong sales in Tower One, and the subsequent launch of Tower Two sales, speaks to the continued demand for luxury bayfront residences in Tampa,” BTI Partners CEO Noah Breakstone said in a statement. “Marina Pointe is the embodiment of Tampa’s waterfront lifestyle, and that’s what is attracting buyers to Westshore Marina District.”
Tower One is scheduled for completion later this year. Amenities at Marina Pointe include a private marina on a 13-acre deep-water basin, with 150 slips able to accommodate vessels as much as 90 feet long. Residents also have access to a 24-hour concierge, fitness center, amenity decks with resort-style pools overlooking the marina and Tampa Bay, a residents club, and a virtual golf simulator.
Westshore Marina District, including Marina Pointe, was conceived by Fort Lauderdale-based BTI Partners, a real estate developer and land investment firm, to be South Tampa’s premier walkable community. The district, which is close to several shops and restaurants, also features residential projects built by third-party developers, including WCI by Lennar, The Related Group and Bainbridge.
PEBB Enterprises and Tortoise Properties announced the lease and buildout of 40,000 square feet of office space to National Dentex Labs at the Jupiter Innovation Center.
Located at 1701 Military Trail in Jupiter, the Jupiter Innovation Center is the town’s largest for-lease office building, at 186,238 square feet on 16 acres, according to the landlords. The lease with NDX brings the building to 98% occupancy.
NDX’s new headquarters can accommodate more than 100 employees, including certified dental technicians, and it also will serve as a central hub for the company’s more than 60 full-service dental labs across the country. The onsite lab will feature high-tech equipment to produce dental prosthetics, such as custom-made crowns and implant restorations, and an NDX Education Center with operating facilities that can host continuing education events for dental professionals.
Verdex Construction handed the buildout of the dental lab and renovations to office space, a break room, a gym and bathroom facilities. Kravit Architectural Associates provided the design.
Jeff Kelly of CBRE represented the landlords in the lease negotiations. Derek Baker of Colliers International South Florida represented NDX.