JV acquires 38 acres in South Florida for $200m mixed-use project
Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital, have acquired a 38-acre parcel at Glades Road and 95th Avenue South in Boca Raton, Fla.
Uptown Boca Raton, a $200 million pedestrian-friendly, mixed-use development, will be built on the site and include 150,591 square feet of upscale retail and 456 class A luxury apartments. Lucky's Market and Silverspot Cinema will anchor Uptown Boca Raton, which also will include Chick-fil-A, BankUnited and a variety of other shopping and dining options.
The project will break ground this month, with retailers projected to open in summer 2019 and the multifamily portion opening in early 2020.
Investor and retailer appetite for the South Florida commercial real estate market continues to be very positive, according to MMG Equity Partners. Strong demand from domestic and international investors for well-positioned South Florida grocery-anchored shopping centers, a limited supply of new space and historically low interest rates are continuing to keep cap rates at historically low levels.
During first quarter 2018, Miami-Dade County’s retail vacancy rate moved up to 3.8 percent from 3.5 percent in fourth quarter 2017, with the asking rate rising to an average of $39.59 per square foot, up from $38.30 per square foot in fourth quarter 2017. Concurrently, the absorption rate was 232,303 square feet in first quarter 2018.
Key transaction highlights during first quarter 2018 include Jamestown acquiring 140,000 square feet of property in Doral, Fla., for $71.6 million and Crown Acquisitions purchasing 7,500 square feet of property in Miami Beach for $25.6 million.
