Related Group and BH Group teamed up again for another purchase of a potential development site, acquiring an empty Broward County office building for $13 million.
The joint venture bought a former AT&T building at 8601 West Sunrise Boulevard in Plantation, according to records and Vizzda. Related Chairman Jorge Pérez and Jaret Turkell, a broker who handled the transaction, also confirmed the deal.
The buying entity secured a $10 million mortgage from a Related affiliate, records and Vizzda show.
The four-story structure spanning roughly 130,000 square feet was completed in 1986, records show. The building sits on a nearly 14-acre site. The seller recently sought city approval for a mixed-use project, which is pending.
A Berkadia team led by Jaret Turkell and Omar Morales marketed the property on behalf of the seller, an affiliate of Miami-based Fifteen Group Capital, led by principals Mark and Ian Sanders. In 2018, Fifteen Group paid $12 million for the building, records show.
Berkadia listed the property in the fourth quarter of last year without an asking price, Turkell said, adding that, “It has the potential to be a phenomenal residential-oriented development site.” He declined further comment.
The seller submitted a site plan application with the city of Plantation to redevelop the property into a complex with four buildings and a garage, according to an offering. The project would entail 375 apartments (with 20 set aside for affordable housing) in three buildings, and 103,000 square feet of office and 5,000 square feet of retail in the fourth building. The buildings would be between four and six stories.
The joint venture is working with city officials to tweak the proposed site plan, and the project may end up with 400-plus units, Pérez told The Real Deal. “It will definitely include retail, workforce housing and market-rate apartments,” he said. “We are trying to make it the most desirable mixed-use project for what the city wants.”
Coconut Grove-based Related and Aventura-based BH, led by Isaac Toledano, are partners in several other recently announced South Florida condominium and multifamily projects. Last month, the joint venture submitted a proposed site plan to the city of Aventura for a 26-story tower with 308 apartments, 12,000 square feet of retail and a garage at 2999 Northeast 191st Street.
Called Icon Aventura, the project is adjacent to an existing office building, Aventura View, that Related and BH plan to renovate. In July, the two firms paid $51 million for the Aventura property.
The joint venture is also planning to build a condominium and condo-hotel on land adjacent to the Diplomat Beach Resort in Hollywood.