The mega complex features a 316-key Hilton Miami Bayfront Hotel with endless amenity and entertainment areas, 163 Sky Residences with exclusive owners-only amenities, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, and 64,000 square feet of ‘Class A’ office space.
“This sale continues the trend of the purchase of land or buildings on Federal Highway and Sunrise Boulevard for redevelopment spreading north from downtown and The Flagler Village area,” commented Hyatt.
Senior Managing Director Sal Bonsignore and Executive Managing Director Rod Loschiavo of Colliers South Florida, represented the seller in the transaction with First Industrial Realty Trust.
The new leases total nearly 14,000 square feet.
The medical office building is leased long-term to the University of Miami (UM) Hospital.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
Bridge will transform the site into Bridge Point Port Everglades, a modern new 170,892-square-foot logistics facility that will cater to today’s logistics users. Bridge plans to deliver the building in early 2024.
The buyers intend to convert the property to art gallery and creative space.
An Ares Management Real Estate fund acquired the assets.
CBRE Executive Vice President John Criddle, First Vice President Joe Freitas, Senior Associate Max Pawk and Transaction Manager Allie Lancashire have been tapped to lease the buildings.