Florida

TAMPA, FLA. — Strategic Property Partners LLC has unveiled the next phase of Water Street Tampa, the company’s $3 billion mixed-use neighborhood underway in downtown Tampa. The next phase includes three separate buildings: a residential condominium building, a build-to-suit office complex and a hospitality/entertainment destination just north of Amalie Arena, home of the NHL’s Tampa Bay Lightning. The condo tower and office buildings will be situated on an extension of Water Street Tampa that is currently under construction on East Cumberland Avenue. The third property will feature a select-service hotel, parking garage and entertainment uses, including food-and-beverage options and a live music venue. Designed by Gensler Architects with Nichols Architects acting as architect of record, the condo tower will be the tallest building within Water Street Tampa, joining other multifamily properties Asher, Cora and Heron. Designed by Kohn Pedersen Fox, the office complex will feature ground-floor retail space and will join Thousand & One as the second office component. The road and utility infrastructure work for these additions has already begun and is expected to be completed by spring 2025. Last year, Jeff Vinik, owner of the Tampa Bay Lightning, sold his stake in Strategic Property Partners to his co-developer, …

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CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a strip retail center located at 2420 Gulf to Bay Blvd. in Clearwater, a suburb of Tampa. Situated within a mile from Clearwater Mall, the 6,750-square-foot property is fully leased to three tenants on long-term leases: Jersey Mike’s Subs, My Eye Dr. and MD Now Urgent Care. An unnamed South Florida-based private investor purchased the property at a 6.2 percent cap rate. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed developer based in Florida, in the transaction.

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MIAMI — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital experience that exceeds their expectations,” says Tom Curtis, president of Burger King North America. “We are working in close partnership with our franchisees to transform our restaurant footprint across the country and reclaim our flame as a leader in the QSR [quick-service restaurant] industry.” The newly announced initiative, dubbed Royal Reset 2.0, is a continuation of its existing Royal Reset program announced in 2022 that included a $250 million investment in overhauling the physical real estate, tech and kitchen equipment at thousands of Burger King locations. The first Royal Reset plan was part of a $400 million campaign, called Fuel the Flame, that also included $150 million in digital and …

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FORT MYERS, FLA. — Marcus & Millichap has arranged the $13.2 million sale of a medical office property located at 13813 Metro Parkway in Fort Myers. Constructed in 2006, the building totals 38,404 square feet. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller, a private limited liability partnership, in the transaction. The buyer was also not disclosed.

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WEST PALM BEACH, FLA. — Tortoise Properties, a locally based development firm, has delivered Tortoise One, a luxury multifamily development in downtown West Palm Beach. The property comprises two eight-story buildings with 264 apartments, nearly 21,000 square feet of amenities and 3,325 square feet of ground-level retail space. Tortoise One’s floor plans range from studios to two-bedroom units ranging from 548 to 1,053 square feet in size. Monthly rental rates range from $2,506 to $4,629, according to Apartments.com. Tortoise Properties recently received its final temporary certificate of occupancy (TCO) for the project. The project team includes property manager Crown Residential, architect MSA Architects, interior designer Builders Design and general contract Verdex. In summer 2022, Acore Capital provided an $88.5 million construction loan for the project.

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TAMPA, FLA. — A joint venture between PCCP LLC and Stonemont Financial Group plans to break ground next month on a 100,620-square-foot speculative industrial facility in Tampa. Called TIA Executive Center, the project will be located at 6101 Johns Road, which is within two miles of Tampa International Airport and immediately north of Executive Industrial Park. The property will offer 32-foot clear heights, spec office suites and will be divisible down to around 33,000 square feet to accommodate smaller users. PCCP and Stonemont Financial plan to deliver TIA Executive Center in first-quarter 2025. The project team includes general contractor Frampton Construction, architect Harley Commercial Architecture and civil engineer Kimley-Horn. JLL will handle leasing on behalf of the co-developers.

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SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has obtained $86 million in construction financing for Tuscany Village, a 420-unit multifamily development located at 4201 W. First St. in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. The co-developers plan to break ground on the 21-acre project in the coming weeks and deliver the property in phases by 2026.

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CORAL SPRINGS, FLA. — CF Warehouse LLC, an affiliate of The Eisenberg Group based in Coral Springs, Fla., has acquired a 73,000-square-foot industrial building located at 6072 Cinderlane Parkway in Orlando. Derek Riggelman of Lee & Associates represented the undisclosed seller in the $9.8 million transaction. The buyer handled the deal in-house. According to LoopNet Inc., the facility was built in 1991.

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ORLANDO, FLA. — The City of Orlando has given final approval for the development of the sports and entertainment district situated on 8.5 acres adjacent to the Kia Center (formerly Amway Center), home arena of the NBA’s Orlando Magic. The co-developers, SED Development LLC, JMA Ventures LLC and Machete Group, recently named the project Westcourt. The developers plan to break ground on the 900,000-square-foot mixed-use development later this year. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The development will include a 260-room hotel, 270 residential units, 3,500-seat live entertainment venue, Class A offices, restaurants, shops, 1,140-space parking garage and a 1.5-acre outdoor green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

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ATLANTA — Cushman & Wakefield has arranged a new 164,221-square-foot office lease with locally based health system Piedmont Healthcare in Atlanta. The tenant will occupy space at 271 17th St., a 25-story office building within the Atlantic Station mixed-use campus in the city’s West Midtown district. Aileen Almassy and John Zintak of Cushman & Wakefield represented the landlord, Lionstone Investments, in the lease negotiations. Bo Keatley, David Rubenstein, John Flack and Michael Broome of Savills represented Piedmont Healthcare.

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