Wednesday, October 9, 2013

HFF closes land sale and secures JV equity for development site in Miami, FL

Dadeland Mall, south Miami, FL



MIAMI, FL – HFF announced today that it has closed the sale of and arranged joint venture equity for the development of a 3.1-acre site directly across from Dadeland Mall, “one of the most successful regional malls in the country”.

Manny de Zarraga
                HFF marketed the property on behalf of the seller, Dayco, and procured the buyer, The Morgan Group, Inc.   The land was taken down by Morgan and a client of Invesco Real Estate.

 HFF worked in conjunction with Morgan to secure development equity via a joint venture with Invesco.  HFF also previously arranged a refinancing of the site in the fourth quarter of 2012.

                The site is strategically located at the heart of the Dadeland Golden Triangle near the nexus of U.S. 1, Kendall Drive, the Palmetto Expressway and Metrorail providing ready access to all of Miami-Dade County. 

The development potential for the site, including residential housing to be developed by Morgan, is driven by the close proximity of major employment generators including Baptist Hospital System and the University of Miami.  Dadeland Mall’s recent 102,000-square-foot expansion highlights the strength of this location.  

                 The HFF team for the multiple capital markets transactions was comprised of executive managing director Manny de Zárraga, managing director Matt Kafka,  directors Chris Drew and Jaret Turkell, and senior real estate analysts Maurice Habif and Jorge Portela. 

Chris Drew
                HFF’s capital markets team secued more than $2.9 billion in sales of multi-housing and land assets nationally and in Florida during the first half of 2013.

                Dayco is a Miami-based real estate development firm that has completed a broad array of successful projects since its founding in 1971, including more than 2,000 residential rental units throughout Florida, one of the first modern luxury high-rise condominiums in Sunny Isles Beach, an office condominium project in the Dadeland area, and four successful developments within the City of Coral Gables.

Jaret Turkell
 The Morgan Group, Inc. is a leader in high-end multifamily development, construction, and property management.  

In 1988, Morgan began to focus primarily on infill Class A multifamily development and property management in major job growth markets throughout the U.S.  Over the last 25 years, Morgan has developed over 50 projects consisting of over 15,000 units with a total cost exceeding $1.7 billion.

Established in 1983, Invesco Real Estate manages $53.2 billion of real estate investments, including $30.4 billion in direct real estate investments and $22.8 billion in real estate securities (as of June 30, 2013). 

Biscayne Bay, Miami, FL
  With more than 350 employees in 18 offices worldwide, the group focuses on top-down market and property fundamentals combined with bottom-up local market intelligence.  

Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com


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