REBusinessOnline

Metro Storage Acquires 641-Unit Facility in Orlando

ORLANDO, FLA. — Metro Storage LLC has acquired a two-story, 641-unit self-storage facility in Orlando. The building spans 62,607 square feet. It was delivered in February 2018 at 7500 W. Colonial Drive. The property offers interior climate-controlled units, exterior drive-up storage units, outdoor RV and boat/car parking, covered loading and unloading access, wide asphalt driveways, security cameras, and access keypad controls. Metro Storage now owns two facilities in Orlando and 24 in …

BAC Florida Bank to Relocate Headquarters to Mixed-Use Tower in South Florida

CORAL GABLES, FLA. — BAC Florida Bank has signed a long-term lease to occupy 63,000 square feet and anchor The Plaza at Coral Gables beginning in 2022. The Plaza at Coral Gables is under construction and is expected to open in 2021. At full buildout, the property will comprise two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and retail space; and residential townhomes and apartments. Patrick Duffy …

Collaboration is Key for 1031 Buyers to Avoid Missteps, Tax Obligations for Single-Tenant Net-Leased Retail Assets

Single-tenant, net-leased properties (STNL) are among the most sought-after investments in the market, and over 40 percent of all STNL properties acquired are purchased by investors in a 1031 exchange. Finding the right properties can be challenging and competitive, and factoring in the time restrictions of a 1031 exchange further complicates the issue, particularly when deals can be derailed for a myriad of reasons. Many of these pitfalls can be avoided or limited by leveraging a team of …

Suffolk Breaks Ground on Seniors Housing Community in South Florida

ROYAL PALM BEACH, FLA. — Suffolk has broken ground on Inspired Living at Royal Palm Beach, a 106,562-square-foot facility that features 72 assisted living units and 32 memory care beds. The South Florida property will offer 58 studio units, 14 one-bedroom units and a 32-bed memory care center. Home Communities and Reichmann International are the co-developers, and Studio+ designed the freestanding facility. Suffolk expects construction to be complete by summer

Tower Launches Full-Service Cannabis Real Estate Division in Florida

MIAMI — Tower Commercial Real Estate has launched a full-service cannabis real estate brokerage division in Florida. Tower has closed $50 million worth of cannabis-related retail and industrial transactions in the past 18 moths and has another $15 million of cannabis-related sales expected to close by the end of the year in the state. Senior managing director Scott Allen and senior director Rob Foster of Tower will lead the division. As of May 2, Florida had 213,000 people enrolled in its …

Orlando the Top City in North America for Tech Talent Growth, Says CBRE

ORLANDO, FLA. — Orlando has topped CBRE’s list of tech talent momentum markets in the firm's annual Scoring Tech Talent Report, which measures growth and acceleration in 50 cities across the United States and Canada. Over the two-year period from 2017-2018, the tech talent labor force in Orlando grew 14.1 percent compared with the previous two-year period. According to the study, San Diego and Chicago were the second and third fastest growing cities with 10.2 percent and 8 percent …

Madison Realty Capital Provides $225M Construction Loan for Residential High-Rise in Boca Raton

BOCA RATON, FLA. — Madison Realty Capital has provided a $225 million loan for The Residences at Mandarin Oriental, a planned 12-story, 580,00-square-foot condominium tower in Boca Raton. The borrower, owner and developer Penn-Florida Cos., is developing the project within Via Mizner, a $1 billion, 2 million-square-foot mixed-use project. Penn-Florida broke ground on The Residences several months ago, along with the connected 164-room Mandarin Oriental Hotel. The hotel and condos are joined …

Cushman & Wakefield Arranges $49M Sale of Whole Foods-Anchored Shopping Center in Southwest Florida

FORT MYERS, FLA. — Cushman & Wakefield has arranged the $49 million sale of Daniels Marketplace, a 106,739-square-foot shopping center in Fort Myers. The site, situated at 6891 Daniels Parkway, was fully leased at the time of the sale to tenants including Whole Foods Market, a salon, dentist, Pilates gym, dry cleaner, pet hospital and several fast-casual restaurants such as Mellow Mushroom and Panera Bread. There are also future development opportunities at the property. Fain Hicks, Mark …

InvenTrust Purchases Costco-Anchored Shopping Center in South Florida for $97M

ROYAL PALM BEACH, FLA. — InvesTrust Properties Corp. has purchased Southern Palm Crossing, a Costco-anchored, 346,200-square-foot shopping center in Royal Palm Beach, for $97 million. Other tenants include Marshalls, HomeGoods and 24 Hour Fitness. The center is situated at 11001 Southern Blvd., 12 miles west of downtown West Palm Beach. The seller was not

A-Rod Corp. Acquires 12,700 SF of Office Space in Miami’s Coconut Grove, Will Relocate Headquarters

MIAMI — A-Rod Corp., led by former Major League Baseball player Alex Rodriguez, has acquired 12,700 square feet of office space within a two-tower condo called Grove at Grand Bay in Miami’s Coconut Grove neighborhood. The corporation will consolidate its offices to create a new headquarters at 2675 S. Bayshore Drive. In addition to the full floor of office space, the acquisition includes ground-floor space that will be used for events, conferences and related activities. A-Rod Corp.’s …

Conferences