Lerner Acquires Motion at Dadeland in Miami, Florida
MIAMI, Oct. 15, 2021 /PRNewswire/ -- Lerner Enterprises of Rockville, Maryland has acquired Motion at Dadeland, a 25-story class A+ multifamily high-rise community comprised of 294 market-rate apartments and 8,246 SF of amenity-based retail, including a preschool slated to open Q4 2021. The building is adjacent to Dadeland North Metrorail Station in Miami, Florida. Lerner will also be the property and asset manager of Motion at Dadeland.
"We are excited to own and manage a market-leading asset and provide increased value to our residents in Florida," said Melissa Balkin, Managing Director, Lerner Residential Florida.
Founded in 1952, Lerner is a developer, owner and manager of office, multifamily, retail and hospitality assets primarily in the greater Washington, DC region but also in other markets such as New York City and Florida.
Lerner is the owner of the Washington Nationals Baseball Club, the 2019 World Series Champions. Lerner's expertise in the Florida markets began with the Nationals' 160-acre training facility at The Ballpark of the Palm Beaches in West Palm Beach.
"We are thrilled to add to our Florida portfolio with the acquisition of Motion at Dadeland. Lerner is aggressively pursuing multi-family assets across Florida, focused primarily on the tri-county regions of Palm Beach, Broward and Miami-Dade counties. Motion will be a cornerstore asset in our portfolio for many years and we are pleased to complete our first transaction with KKR as a lender," reported Michael L. Cohen, Vice President of Investments at Lerner.
Motion at Dadeland, a transit-oriented development, is located within a ½ mile of nearly 2 million square feet of office with nearly 12 million square feet across the Dadeland submarket. Motion is also across the street from Dadeland Station which is home to Target, Best Buy, Dick's Sporting Goods, Bed Bath and Beyond, Michaels and PetSmart. The property is also walking distance from Dadeland Mall, which is the home of Tesla, Apple Store, Cheesecake Factory, Chick-Fil-A, LEGO, Coach, Disney Store, Macy's Florida Flagship, JC Penney, Zara, Lacoste and Saks Fifth Avenue.
Lerner received a loan from capital managed by KKR to finance the acquisition of Motion at Dadeland.
Newmark's South Florida office led by Avery Klann exclusively represented the seller, while JLL's Rob Carey (Washington, DC office) and Ted Taylor (South Florida office) along with Newmark's Debt and Structured Finance team of Kassi Saridakis (Washington, DC office) and Matt Williams (South Florida office) advised Lerner on the transaction.
Motion at Dadeland is located at 8400 S. Dixie Highway in Miami, Florida.
Founded by Theodore N. Lerner in 1952, Lerner Enterprises is a respected leader in Washington, D.C. area real estate development, investment and management.
Headquartered in Rockville, Maryland, Lerner is one of the largest and most diversified private real estate developers in the United States, with expertise in all phases of commercial real estate including planning, development, construction, leasing, asset management and property management. Lerner has developed and managed more than 20 million square feet of commercial, retail, hospitality and residential real estate, including an award-winning office portfolio comprised of a wide range of landmark developments throughout the Washington metropolitan area. The multifamily portfolio currently comprises over 5,000 apartments with another 5,000 apartments in the development pipeline such as such Lerner Black Hill in Germantown, Maryland and 1000 South Capitol Street SE in Washington, DC. The office portfolio features such iconic properties as Washington Square, 20 M Street, Two White Flint North, The Corporate Office Park at Dulles Town Center and The Corporate Office Centre at Tysons II, among many others.
The company is also a pioneer in sustainable development, with a noteworthy LEED® Certified portfolio that includes Washington Square (LEED® Gold), 20 M Street (LEED® Gold the first LEED® Certified office building in Washington), 2000 Tower Oaks Boulevard (Lerner's corporate headquarters and the first LEED® Platinum office building in the Mid-Atlantic Region), 1775 Tysons Boulevard (the first LEED® Platinum building in the Tysons market), 1725 Tysons Boulevard (designed to achieve LEED® Platinum) and 1100 Half Street, SE in Washington, DC (designed to achieve LEED® Platinum).
Lerner remains focused on opportunistic real estate investments primarily existing residential, office and retail properties as well as buying management companies in the Washington, D.C. metropolitan area and adding to its robust private equity portfolio. Lerner is the proud owner of the Washington Nationals, the 2019 World Series Champions.
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SOURCE Lerner Enterprises