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Sealy & Co. acquired the eight-building portfolio for an undisclosed price.

This investment follows a $500 million stake Goldman Sachs acquired in a 46-asset last mile industrial portfolio owned by Dalfen Industrial.

Once complete, the luxury residential and retail development will feature 408 condominiums, 320 rental apartments and 150,000 SF of retail space.

The company has acquired a 24-acre land parcel and a 49,000-square-foot warehouse, with plans to break ground in 2022.

After founding Hines in 1957, Gerald Hines gained notoriety as a visionary in the industry and the firm would go on to be involved in some of the world's most recognizable architectural landmarks.

The extension adds an additional $44 million in gross rent over the lease term.

The Jupiter, FL 42-bed project represents more than $25 million in capital investment within the area.

The New Jersey-based brokerage has recently experienced an increase in retail lease transactions, as tenants seek relocation from malls to open-air spaces.