The transactions include two retail and office buildings in South Miami.
The newly proposed mixed-use lifestyle project spans 31 acres.
Avison Young’s John K. Crotty, CCIM, Michael T. Fay, David Duckworth, Brian C. de la Fé, and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Hersha Hospitality Trust.
The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.
On behalf of the landlord, TA Realty, Avison Young Principal Donna Abood, who is also Managing Director of the firm’s Miami office, Vice President Joe Abood, and Associate Peyton Dowd facilitated the transactions.
“I am looking forward to a rewarding new year in commercial real estate,” said 2021 NAIOP South Florida Chapter President Ryan Nee. “As president, I will work to facilitate new alliances among members that will support personal, professional and economic development throughout the tri-county. While the pandemic limited face-to-face engagement in 2020, we are eagerly committed to offering new ways for our members to engage and thrive in 2021.”
The Town Square project involves the $118 million renovation of the historic Boynton Beach High School into an Arts and Cultural center, a Children’s Schoolhouse Museum, a fire station, police station, residential, retail, hospitality, public amenities, parking garages, a library, and a new City Hall to create positive community and economic impact.
The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.
In addition to the new corporate headquarters in Boca Raton, the company has offices in Miramar and Sarasota and has plans for future expansion in other Florida markets. CLICK ON THE HEADLINE FOR MORE
The pair of office buildings totals 96,674 square feet. CLICK ON THE HEADLINE FOR MORE
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