Year in Review – Haber Law’s Notable Transactions from 2018
Despite the cooling of the South Florida real estate market and rising interest rates from lenders, 2018 was still a busy year for the Haber Law real estate team. Here is a look at some of our notable transactions:
In a deal that closed in July 2018, Haber Law represented an affiliate of Time Century (a New York based investment company) in the purchase of the Metro Mall property, a prominent development site in the heart of Downtown Miami’s jewelry district. This asset includes a 225,000 square foot building that is located on a 33,750 square foot corner lot—as reported by The Real Deal – South Florida. There were many hurdles to overcome in this transaction. The asset is actually a combination of a fee interest and a ground lease, and it was previously held by multiple owners as tenants in common. Haber Law also represented Time Century in financing the transaction with a loan from City National Bank.
On the residential side, Haber Law represented a long-time client in the acquisition of a significant condominium unit in South Beach’s South of Fifth Neighborhood. This transaction was special because the condo unit is located directly next to the buyer’s existing unit. Haber Law assisted the client in combining the two neighboring condo units, as well as refinancing the prior mortgage to allow for the renovation and upgrade of the new combined unit.
Additionally, Haber Law represented an affiliate of the Mandich Group in the acquisition, financing, and leasing of a 63,712 square foot cold storage/warehouse facility in Orlando. City National Bank provided a loan in connection with the acquisition. This was the team’s third acquisition transaction, representing almost a quarter million square feet of property acquisitions.
Consumer interest in fresh foods and grocery delivery services continues to grow in Florida and in the broader economy. While simultaneously working on the purchase and sale of the asset and the financing with City National Bank, the Haber Law team negotiated and completed the lease with a new national tenant, Taylor Farms, to occupy the entire property before the Buyer was required to “go-hard” on the transaction. The new tenant, Taylor Farms (based in California), a national producer of fresh-cut fruits and vegetables, was looking to expand their business operations in Florida.
Needless to say, we’ve had a busy year as these are just some of the many transactions that that we successfully closed. Need representation during the acquisition, financing and/or leasing process of your real estate transaction? Give us a call.