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Cavache Properties, LLC., and Adache Group Architects announced that Old Town Square, a 10-story 281-unit mixed-use apartment tower, is set to open at 200 NE 1st Ave., within the Historic Old Town District in Pompano Beach. The project consists of studio, one- and two-bedroom apartments and townhomes. Pre-leasing has now begun with move-ins set for the end of January. www.otsapartments.com
The Shops at Pembroke Gardens has added a new retail tenant, LoveSac. The home furnishings brand, known for its innovative and sustainable products, has opened a 2,134-square-foot store at 527 SW 145th Terrace. Shops at Pembroke Gardens is operating at 100% and includes national brands such as Banana Republic, Elie Tahari, Victoria Secret, and Lululemon. https://pembrokegardens.com/
Marcus & Millichap (NYSE: MMI) brokered a $14 million sale of two El Car Washes in South Florida. De La Rosa and Eduardo Toledo, from Marcus & Millichap’s Miami office, represented El Car Wash and procured the buyer, a personal trust. The car washes are at 2851 W. Okeechobee in Hialeah and 7366 Boynton Beach Blvd., in Boynton Beach; each spanning 3,288 square feet. They are two of the Miami-based brand's 40 locations in Florida. www.MarcusMillichap.com.
Coastland Construction broke ground Jan. 18 on its latest project, The Addison in Palmetto Bay. Located at 18185 SW 98 Avenue, this new rental community is set to be completed in September/October 2024. The Addison features 83 units across 13 two- and three-story buildings. The Addison offers a range of two-bedroom with den, three- and four-bedroom residences and two-car garages. Coastland Construction is an affiliate of Miami-based Coastland Residential. www.coastlandresidential.com.
HKS Real Estate Advisors secured a $21 million loan to refinance the land and pre-development for Merrick Parc, a multifamily development near The Shops at Merrick Park in Coral Gables. HKS Real Estate Advisors proudly represented the developers, MG Developer and Baron Property Group, throughout the transaction. Ayush Kapahi, founding partner and principal at HKS, brokered the deal in conjunction with Dmitry Levkov and Jeffrey Donnelly at Colliers. Merrick Parc features two 12-story rental buildings fully entitled for 316 residential units. hks.com.
Northern Tool + Equipment has relocated to a new Pompano Beach store at 1301 W. Copans Rd. and is open to customers. The move increases Northern Tool's space tby 11,000 square feet and adds more than 2,000 additional products for customers to explore. The Minnesota-based retailer has more than 135 stores in the U.S. NorthernTool.com
SRS Real Estate Partners completed the $4.57 million sale of a newly developed property occupied by Chipotle in Margate. Situated on just under one-acre of land, the 2,462-square-foot building is an outparcel to Lakewood Shopping Center and is located at 5671 w. Atlantic Blvd. SRS Capital Markets Executive Vice President & Market Leader Patrick Nutt and Senior Vice President William Wamble, who are based in Fort Lauderdale and Tampa, represented the seller, a Florida-based partnership. The buyer was a New York-based private investor. srsre.com.
West Palm Beach based Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT), closed of the sale of the 180-room Hilton Garden Inn Denver Tech Center for approximately $18 million. Proceeds from the sale of the hotel will be used for corporate investments and to repay debt. The company owns 38 hotels with 5,735 rooms/suites in 16 states and the District of Columbia. chathamlodgingtrust.com.
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