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| 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”.
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| 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).
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| 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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