Florida

CBRE Brokers Sale of Publix-Anchored Shopping Center in Gainesville, Florida

by John Nelson July 28, 2022

GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.

July 28, 2022

Development Florida Loans Multifamily Southeast

Newmark Arranges $64.5M Construction Loan for Advantis Station Apartments in Fort Lauderdale

by John Nelson July 27, 2022

FORT LAUDERDALE, FLA. — Newmark has arranged a $64.5 million loan for the development of Advantis Station, a 252-unit midrise apartment community situated within Fort Lauderdale’s Flagler Village. The borrower is a joint venture between Midtown Capital Partners and Prospect Real Estate Group. Dustin Stolly, Jordan Roeschlaub, Daniel Matz, Nick Scribani, Daniel Fromm, Dan Morin and Tim Polglase of Newmark arranged the loan through Forum Real Estate Group and Bank OZK. Advantis Station will be situated on a 1.3-acre site at the intersection of NE 3rd Ave. and NE 6th Street, which is near a Brightline station and Peter Feldman Park. The property will feature studio, one-, two-, three- and four-bedroom units, as well as over 300 parking spaces and ground-floor retail space. The construction timeline was not disclosed.

July 27, 2022

Acquisitions Florida Multifamily Southeast

Waypoint Residential Sells Two Apartment Communities on Florida’s Space Coast Totaling 576 Units

by John Nelson July 27, 2022

DAYTONA BEACH AND WEST MELBOURNE, FLA. — Waypoint Residential has sold two garden-style multifamily communities located along Florida’s Space Coast. Houston-based Venterra Realty purchased the properties — the 276-unit Tomoka Pointe in Daytona Beach and the 300-unit Luminary at 95 in West Melbourne — for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction. Both properties were constructed in 2019 and had a blended occupancy of 95 percent at the time of sale. Waypoint Residential acquired both assets in 2020.

July 27, 2022

Acquisitions Florida Retail Southeast

Limestone, Orion Buy Millenia Plaza Retail Center in Orlando for $74.1M

by John Nelson July 26, 2022

ORLANDO, FLA. — Miami-based Limestone Asset Management and Orion Real Estate Group have purchased Millenia Plaza, a 411,503-square-foot shopping center located at 4403-4467 Millenia Plaza Way in Orlando. The seller, North American Development Group (doing business as Millenia Plaza LLC), sold the property for $74.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Ocean Bank provided an undisclosed amount of acquisition financing in the transaction. Millenia Plaza’s tenant roster includes The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.

July 26, 2022

Acquisitions Florida Industrial Southeast

JLL Arranges $45M Sale of 600 Whittaker Distribution Center in Jacksonville

by John Nelson July 25, 2022

JACKSONVILLE, FLA. — JLL has arranged the sale of 600 Whittaker, a 469,830-square-foot distribution center located within Imeson Industrial Park in Jacksonville. AEW Capital Management purchased the property from LRC Properties and Machine Investment Group. The sales price was not disclosed, but Jacksonville Business Journal reports the property traded for $45 million. Luis Castillo, Cody Brais and Luke Pope of JLL represented the sellers in the transaction. The sellers purchased the property last year for $29.6 million. 600 Whittaker was fully leased at the time of sale to Constellation Brands, a beer, wine and spirits distributor based in New York that signed the full-building lease in the first quarter.

July 25, 2022

Acquisitions Florida Multifamily Southeast

Harbor Group International Acquires Miro Brickell Apartments in Miami for $184.5M

by John Nelson July 22, 2022

MIAMI — Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two-bedroom floor plans with balconies, stainless steel appliances, energy-efficient washers and dryers and modern finishes. Community amenities include outdoor electric grills, a resort-style pool with poolside cabanas, fitness center with a yoga studio, outdoor boxing gym, onsite management and maintenance, movie theater, bike storage and a dog wash station. The acquisition of Miro Brickell marks the seventh property currently under HGI’s ownership in Miami-Dade County, bringing the investor’s local portfolio to more than 1,500 units.

July 22, 2022

Development Florida Leasing Activity Office Southeast

Law Firm Sidley Austin Signs 60,000 SF Office Lease at 830 Brickell in Miami

by John Nelson July 21, 2022

MIAMI — International law firm Sidley Austin LLP has signed a 60,000-square-foot office lease at 830 Brickell, a 55-story office tower nearing completion in Miami’s Brickell district. The building, developed in partnership by OKO Group and Cain International, is the first standalone office tower to be built in Brickell in over a decade. The office building is nearly 70 percent leased ahead of its late-2022 completion to tenants including Microsoft, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap and WeWork, among others. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlords in the lease deal. Jeff Gordon and Barbara Black of JLL represented Sidley Austin.

July 21, 2022

Acquisitions Florida Retail Southeast

SRS Arranges $13.9M Sale of Publix-Anchored Shopping Center in Arcadia, Florida

by John Nelson July 21, 2022

ARCADIA, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $13.9 million sale of Arcadia Crossing, a Publix-anchored shopping center about 40 miles east of Sarasota in Arcadia. Kevin Yaryan of SRS’ Orlando office worked with Kyle Stonis and Pierce Mayson of the firm’s Atlanta office to represent the buyer in the transaction. The seller was self-represented. Both parties requested anonymity. The 67,608-square-foot property is situated on 8.2 acres at the intersection of SE Highway 70 and Hog Bay Avenue. In addition to Publix, the center’s tenant roster includes Publix Liquors and Harbor Freight, among others.

July 21, 2022

Development Florida Industrial Southeast

Stonemont Financial Breaks Ground on 427,000 SF Industrial Park in Palmetto, Florida

by John Nelson July 20, 2022

PALMETTO, FLA. — Stonemont Financial Group has broken ground on Palmetto Industrial Park, a 427,000-square-foot industrial facility located in the Sarasota suburb of Palmetto. Situated near I-75 and I-275 in Manatee County, the property will feature three rear-load facilities, each spanning more than 100,000 square feet. The speculative buildings will feature 32-foot clear heights and the campus will feature 354 car parking spaces and 127 trailer parking spaces. General contractor Landmark Construction Services plans to deliver Palmetto Industrial Park in the second quarter of 2023.

July 20, 2022

Acquisitions Florida Multifamily Southeast

Middleburg, Stockbridge Acquire Indigo Champions Ridge Apartments in Central Florida for $100.5M

by John Nelson July 19, 2022

DAVENPORT, FLA. — Vienna, Va.-based Middleburg Communities and private equity partner Stockbridge have acquired Indigo Champions Ridge, a 300-unit luxury apartment community located at 1005 Champions Ridge Drive in Davenport, which is about midway between Orlando and Tampa. Brett Moss, Tyler Swidler, Cole Whitaker and Matt Mitchell of Berkadia’s Orlando and Tampa offices represented the Georgia-based sellers, Red Clay Development Partners and Atlantic Residential, in the $100.5 million transaction. Middleburg will take over management, operations and leasing responsibilities at Indigo Champions Ridge, which was completed earlier this year and features resort-style amenities, a modern clubhouse and high-end finishes. Adam Bieber of Bellwether Enterprise structured the joint venture between Middleburg and Stockbridge, as well as an undisclosed amount of acquisition financing through Synovus Bank.

July 19, 2022

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