OCOEE, FLA. — JLL has arranged a $45.1 million construction loan for Commerce 429, an eight-building industrial park located on a 40-acre site at 1290 Ocoee Apopka Road in the Orlando suburb of Ocoee. The borrower, locally based industrial developer McCraney Property Co., plans to develop Commerce 429 in two phases, the first of which will comprise six rear-load buildings with sizes ranging from 27,000 to 131,000 square feet. Phase II will feature two rear-load buildings spanning approximately 76,000 square feet and 95,000 square feet. Melissa Rose, Michael DiCosimo and Mateo Bolivar of JLL arranged the four-year loan through an undisclosed lender on behalf of McCraney.
TAMPA, FLA. — Berkadia has arranged $92 million in debt and preferred equity financing for the construction of Tampa Heights Apartments, a new 321-unit, mixed-income multifamily project in the Tampa Heights neighborhood. U.S. Bank provided the senior debt, and Marble Capital provided the preferred equity. The borrowers, Tampa-based Loci Capital and Pennsylvania-based Maifly Development, plan to begin construction in February and complete the project in late 2024. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia arranged the financing. Humphreys & Partners Architects is serving as the architect for the project. As part of its negotiations with the City of Tampa, Tampa Heights Apartments will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income (AMI). Located on a 2.5-acre site at the northeast corner of North Florida and East 7th avenues, Tampa Heights Apartments will feature one-, two- and three-bedroom units that range from 512 square feet to 1,393 square feet in size. Community amenities will include multiple outdoor lounging and park areas, a resort-style rooftop pool with cabanas, firepits and grilling stations, fitness center, coffee bar, meeting rooms, bike storage, dog park and secure package storage.
DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.
DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.
FORT LAUDERDALE, FLA. — The Related Group has finalized a joint venture agreement with Tate Capital and Rok Enterprises Inc. to co-develop Bahia Mar, a long-awaited, waterfront mixed-use complex in Fort Lauderdale. Designed by Arquitectonica, the development will include a luxury hotel and resort with 60 for-sale condominiums; 350 apartments across four high-rises; a yacht marina with 245 slips; 87,000 square feet of commercial space, including offices, shops and restaurants; a half-mile pedestrian boardwalk; green space; and 160,000 square feet of space across 7.3 acres to accommodate the Fort Lauderdale International Boat Show (FLIBS). Bahia Mar will serve as the permanent hosting site for FLIBS, which is the world’s largest boat and yacht show. The construction timeline was not disclosed.
LAKE MARY, FLA. — Legacy Realty Group Advisors has negotiated the $46 million sale of Griffin Farm at Midtown, a 125,000-square-foot, grocery-anchored shopping center in Lake Mary, a suburb of Orlando. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity, but Orlando Business Journal reports the seller was Unicorp. Griffin Farm at Midtown is anchored by Winn-Dixie and also houses a 24-Hour Fitness location. The shopping center is part of a new mixed-use development that also features 263 luxury apartments and 138 David Weekly Homes.
TAMPA, FLA. — Bromley Cos. and Highwoods Properties have broken ground on Midtown East, an 18-floor office tower located within the duo’s Midtown Tampa mixed-use development. Comprising 430,000 square feet, the project is designed by architectural firm Rule Joy Trammell + Rubio and Brasfield & Gorrie is serving as general contractor. Scheduled for completion in 2025, the tower will be the anchor building within Midtown Tampa. The development’s existing office space is currently over 98 percent leased. Bromley and Highwoods will jointly own 134,000 square feet of the finished building, with the remaining space serving as the headquarters for Tampa Electric and Peoples Gas.
FORT WALTON BEACH, FLA. — U-Haul has completed the development of a new, 800-unit self-storage facility in Fort Walton Beach dubbed U-Haul Moving & Storage of the Emerald Coast. Located at 200 Irwin Ave., the facility comprises 138,000 square feet. U-Haul acquired the property, which was originally constructed in 1971 and formerly housed a J.M. Fields department store and Kmart, in 2019. The acquisition and adaptive reuse of the site aligns with U-Haul’s corporate sustainability initiatives, and the company worked with the Audubon Society to maintain a bird-friendly rooftop for the threatened Least Turn and Black Skimmer species.
PUNTA GORDA, FLA. — Dakota Premium Hardwoods, a hardwood lumber and cabinet product supplier based in Waco, Texas, has signed a 75,000-square-foot industrial lease at 9450 Piper Road in Punta Gorda. The tenant will occupy space within Florida Gulf Coast Logistics Center, a 378,000-square-foot speculative facility being developed within Enterprise Charlotte Airport Park. Dan Miller of Colliers represented the landlord, Equus Capital Partners Ltd., in the lease transaction. Rian Smith of CBRE represented the tenant. Dakota Premium Hardwoods expects to move into its new warehouse and distribution space in September, according to Colliers.
NAPLES, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the $81 million sale of The Arlington at Naples, a 298-unit continuing care retirement community located within the Lely Resort master-planned community in Naples. Situated on 39 acres, the community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units. The Arlington opened in 2015. Prior to the sale, the property was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer and Jay Jordan, initiated a marketing process that highlighted the ability for a buyer to restore the property’s financial stability. Life Care Services (LCS) acquired the asset through a court-directed process to deliver the property free and clear of its bond debt. At the time of closing, independent living occupancy was approximately 75 percent, while the health center (assisted living, memory care and skilled nursing) was approximately 69 percent occupied. Average entrance fees at the community were in excess of $950,000, according to Grandbridge.