Source: The Real Deal
Developers 54 Madison Partners and Nolan Reynolds International sold the project a year after completing it
Hines bought a mixed-use multifamily development in Coral Gables for $430 million, marking one of the biggest South Florida commercial deals this year.
Houston-based Hines, on behalf of the Hines Global Income Trust, bought the 1.2 million-square-foot Gables Station at 237 South Dixie Highway, according to a news release that did not include the price.
Sources confirmed to The Real Deal that the price was $430 million.
Developers 54 Madison Partners and Nolan Reynolds International, through an affiliate, sold the Life Time-branded development.
Michael Harrison and Juan Jacobus of Hines led the deal. Cushman & Wakefield represented the seller.
The 14-story complex has 495 apartments, an 80,000-square-foot athletic club and 25,000 square feet of co-working space. Gables Station also includes a Trader Joe’s, specialty foods market Graziano’s and Alpareno Group’s chef Niven Patel’s Italian restaurant Erba. The apartments are 95 percent leased, according to the release.
Life Time will continue to manage the athletic club, shared workspaces and amenities, the release says. Willowick Residential, Hines’ multifamily property management firm, will assume property management of Gables Station.
New York-based 54 Madison and Coral Gables-based Nolan Reynolds completed the $500 million development a year ago.
54 Madison is led by CEO Henry Silverman, and Nolan Reynolds is led by Chairman Charles Nolan Jr. and CEO Brent Reynolds, according to the firms’ websites.
In 2016, an affiliate of Nolan Reynolds bought the 4.3-acre site from Jeff Berkowitz for roughly $60 million, records show.
Hines Global Income Trust, which is a public — but not listed — real estate investment trust sponsored by Hines, has a $3.8 billion commercial real estate portfolio, the majority of which is residential and industrial properties, according to the release.
Hines CEO Jeffrey Hines also is CEO of HGIT, and Hines’ chief investment officer for the Americas, Alfonso Munk, is president, according to Hines’ website.
This is South Florida’s second priciest single-asset multifamily deal, according to the release.
In March, Harbor Group International bought the pair of ParkLine Miami apartment towers at Brightline’s downtown Miami station for more than $400 million, with one source telling TRD the price was $450 million. The deal marked the biggest for a South Florida single-asset multifamily property in since at least 2018.
Hines is also planning to build a seven-story, 180,000-square-foot office building on the west side of North Andrews Avenue, between Fifth and Sixth streets, in Fort Lauderdale’s FATVillage neighborhood. Hines bought the development site for $57.4 million in October.
In West Palm Beach, Hines and Frisbie Group plan the pair of 28-story South Flagler House luxury condominium towers on the northeast corner of South Flagler Drive and Diana Place. They paid $41.5 million for the waterfront development site in July.