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South Florida Business Journal
Local airports have among most-delayed flights in the U.S., study says
South Florida airports had some of the least on-time flights in the Sunshine State – and the nation.<\p> At Miami International Airport, only 6,807 of 10,533 flights – 64% – arrived on time, followed by Fort Lauderdale-Hollywood International Airport, where only 5,947 of 9,235 flights – 61% – arrived as scheduled. <\p>
Apartment project near major highway planned with only 3-bedroom units
A developer has proposed an 11-story tower in the Goulds neighborhood of Miami-Dade County with only three-bedroom units.<\p> Topvest Capital LLC, managed by Nehemiah Davis in Miami, filed a pre-application with county officials concerning the 0.3-acre site at 11980 S.W. 216th St. Located two blocks west of U.S. 1, the property currently has a single-family home that was built in 1955.<\p>
County could lease Wynwood site to developer for apartments
Miami-Dade County could lease the site of a county office in Wynwood to a developer to build a mixed-use project.<\p> The county’s Housing, Recreation, Culture & Community Development Committee will consider the ground lease with De Hostos True Norte Holdings LLC, an affiliate of Greenwich, Connecticut-based Richman Group, for the 0.97-acre site at 2902 and 2948 N.W. Second Ave., and 220 N.W. 30th Street. The property currently has an office utilize by the county’s Community Action and Human Services Department for social services.<\p>
'Care Bears' maker files for bankruptcy with over $50M in debt
Basic Fun Holdco LLC, a toy design and marketing company that developed iconic brands such as Lincoln Logs, Tonka and Care Bears, aims to reorganize its business through bankruptcy.<\p> The Boca Raton-based company filed its Chapter 11 petition with the U.S. Bankruptcy Court for the District of Delaware on June 28, listing debts between $50 million and $100 million. <\p>
NYU Langone acquires Palm Beach County medical practice
NYU Langone Health, the health care system of New York University, acquired Florida Cardiology Group in Atlantis.<\p> Financial terms of the deal weren’t disclosed, but Dr. Benjamin Saketkhou and Dr. Hedayatollah Zaghi will remain with the medical practice, along with key members of their team. The practice, at 110 JFK Drive, Suite 110, will be renamed NYU Langone Cardiology Associates – Atlantis/Lake Worth.<\p>
FIU beats UF for top spot in state performance-based funding scoring
Florida International University was designated a Preeminent State Research University on June 28 by the Florida Board of Governors, earning a top-tier status for the state’s public universities. <\p> The news comes as FIU led all state colleges in the BOG’s performance-based funding metrics.<\p>
Multibillionaire-led PE firm pays $1.8B for public company
Thoma Bravo's Miami deal team inked its latest private takeover of a publicly traded company valued at $1.8 billion.<\p> The private equity giant announced July 2 it completed the acquisition of digital critical event and security management business Everbridge in an all-cash deal.<\p>
Among small businesses, there's a huge divide on finances
The smallest businesses are the ones most likely to be struggling, as larger small businesses report better conditions.<\p> The latest data from the Federal Reserve’s Small Business Credit Survey — released earlier this year but since followed up with a more detailed breakdown by size and demographics — shows how, even within the realm of small businesses, there is wide variation.<\p>
Grocery-anchored retail center in this suburb sold for $20M
The Plaza at Royal Palm, a Coral Springs shopping center anchored by Key Food Supermarkets, sold for $20.45 million.<\p> The Plaza at Royal Palm LLC, managed by Beverlee M. Raymond in Palm Beach, sold the 131,976-square-foot retail plaza at 10299 Royal Palm Blvd. to BFO 10299 Royal Palm Blvd LLC, a Boca Raton-based company that listed Monica Christian as its registered agent. The price equated to $155 per square foot.<\p>
Dallas firm buys 488 apartments in beach city for $112M
Dallas-based the Milestone Group acquired the Axis Delray Beach apartments for $111.64 million.<\p> Co-BB Delray Owner LLC, an affiliate of Wellington-based Bainbridge Cos., sold the 488 apartments at 1495 Spring Harbor Drive to MREI Delray Borrower LLC, part of the Milestone Group. Berkley Point Capital, doing business as Newmark, provided a $92.24 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved in the deal.<\p>
Longtime event hall near highway to be replaced by warehouse park
The Signature Grand event hall in Davie will be sold to a pair of developers who plan to replace it with an industrial park.<\p> The 27-year-old event hall at 6900 State Road 84 has hosted countless conferences, award shows, ceremonies and family gathering over the years. It closed to bookings earlier this year. Map Legacy, managed by Arlene Pecora, owns the 101,812-square-foot Signature Grand.<\p>
Local organization awarded millions from $504M in CHIPS Act funding
The South Florida ClimateReady Tech Hub is one of 12 regional technology organizations that will receive millions in funding from the Biden Administration. <\p> The locations will share $504 million from the U.S. Department of Commerce's Tech Hubs Program, enacted as part of the CHIPS and Science Act of 2022. <\p>
Boca Raton company goes private after bankruptcy
Airspan Networks is going private after emerging from Chapter 11 bankruptcy. <\p> The Boca Raton telecommunications business announced it will receive up to $95 million in equity financing from investors under the terms of its reorganization plan, according to a news release. The firm also has access to a $20 million line of credit and its existing debt will be eliminated. <\p>
Hospital giant names new CEO of Miami facility
HCA Healthcare (NYSE: HCA) named Allyssa Tobitt as CEO of HCA Florida Mercy Hospital in Miami, bringing her down from Virginia.<\p> Tobitt takes over leadership of the 488-bed hospital for David Donaldson, who was recently named CEO of HCA’s Presbyterian/St. Luke Center and Rocky Mountain Hospital for Children in Denver. He had been CEO of Mercy Hospital since 2019, so he led the hospital through the Covid-19 pandemic.<\p>
Condo gifted by billionaire Jorge Pérez to nonprofit sold for $10M
An ocean-view penthouse on South Beach that was deeded to the Miami Foundation has sold for $10 million. <\p> In April, Related Group Chairman and CEO Jorge M. Pérez and his wife Darlene deeded the condominium at 1 Collins Ave., Unit 706, to the Miami Foundation for $100. The unit sold on June 25 for $10M, a donation that will go toward local causes focusing on arts, culture, and economic development, according to Miami Foundation CEO Rebecca Fishman Lipsey.<\p>
Office park near mall sells at big loss for $49M
Sawgrass Technology Park in Sunrise sold for $49 million, a big discount from its last trade in 2019.<\p> BOF FL Sawgrass Tech Park LLC, an affiliate of Atlanta-based Bridge Investment Group, sold the 514,332-square-foot office park at 1601 to 1699 N.W. 136th Ave. to Sawgrass Office Park LLC, led by Yoram Izhak, the CEO of North Miami-based commercial real estate firm IMC Equity Group. Israel Discount Bank of New York provided a $30.3 million loan to the buyer. The price worked out to $95 per square foot.<\p>
Italian-style mansion on Biscayne Bay sold for $33.5M (Photos)
Ernst Swietelsky, the retired founder of wholesale flower accessory business Pots Company Importer, sold a mansion on the Biscayne Bay in Miami’s Coconut Grove for $33.5 million.<\p> The 7,279-square-foot home at 3080 Munroe Drive was sold to Iremos Holdings LLC, managed by Miami law firm Markowitz, Ringle, Trusty & Hartlog. Lourdes Alatriste and Fredrik Eklund of Douglas Elliman brokered the deal. The price equated to $4,602 per square foot.<\p>
Amerant Bank to open its 1st branch in this city's 'Bankers Row'
Amerant Bank recently secured retail space for its first location in Miami Beach.<\p> The Coral Gables-based bank closed on a 2,838-square-foot retail storefront space at 427 West 41st St., a commercial corridor in Mid-Beach where a slew of big banks such as Bank of America, Chase, Wells Fargo and Citi have branches.<\p>
Church-affiliated firm buys 315 apartments for $133M
A real estate firm sponsored by the Church of Jesus Christ of Latter-day Saints (LDS) acquired the new Ellsworth apartment building in Plantation for $133 million.<\p> PR III/Stiles Midtown Broward Apartments Owner LLC, a partnership between PGIM Real Estate and Fort Lauderdale-based Stiles Corp., sold the 315 apartments at 1301 S.W. 80th Terrace to Southeast Commercial LLC, an affiliate of Salt Lake City-based Property Reserve, an investment arm of the Church of LDS. Property data firm Vizzda confirmed the parties involved in the deal.<\p>
Developer seeks funding for affordable senior housing in Broward
Miami-based Pinnacle Housing is seeking funding for an affordable apartment complex for seniors in the Cypress Creek neighborhood of Fort Lauderdale.<\p> The City Commission will consider the $640,000 low-interest loan for Pinnacle at Cypress LLLP, an affiliate of Pinnacle Housing, on July 2. The city award would be contingent upon the developer securing low-income housing tax credits from the Florida Housing Finance Corp. (FHFC) for the project, so the money would be a local match.<\p>
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