Florida

Franklin Street Brokers $8.8M Sale of Bealls-Leased Retail Building in Port Charlotte, Florida

by John Nelson May 9, 2022

PORT CHARLOTTE, FLA. — Franklin Street has brokered the $8.8 million sale of a single-tenant retail property within Port Charlotte Town Center, a shopping center in Port Charlotte anchored by Target and Publix. The 91,498-square-foot store is leased to Bealls and is one of the retailer’s top 10 performing stores in the country, according to Franklin Street. Bryan Belk, John Tennant, Chris Adams and Sam Roe of Franklin Street’s Atlanta office represented the seller, an affiliate of RCG Ventures, in the transaction. Texas-based Ford & Sons Real Estate Investors is the buyer.

May 9, 2022

Acquisitions Florida Multifamily Southeast

Rosewood Realty Sells Multifamily Property in Metro Tampa for $71M

by John Nelson May 6, 2022

LAND O’ LAKES, FLA. — New York City-based brokerage firm Rosewood Realty Group has arranged the $71 million sale of The Lakes at Collier Commons, a 252-unit multifamily property in Land O’ Lakes. Rosewood Realty represented the buyer, Triwest Development, a multifamily investment company based in El Segundo, Calif. Rosewood Realty also represented the seller, Primerica Group One, a Tampa-based real estate development firm. Located approximately 20 miles north of downtown Tampa, Lakes at Collier Commons was built in 2004 and consists of 10 buildings spanning more than 200,000 square feet. The average unit size is over 1,100 square feet. The development features a pool, fitness center, business center, spa, playground, clubhouse, volleyball court and a pond.

May 6, 2022

Development Florida Leasing Activity Retail Southeast

Elev8 Fun to Replace Former Sears at Simon’s Treasure Coast Square Mall in Jensen Beach, Florida

by John Nelson May 5, 2022

JENSEN BEACH, FLA. — Simon Property Group has signed Elev8 Fun to a 115,000-square-foot lease to backfill a former Sears department store at Treasure Coast Square Mall in Jensen Beach, a suburb of Port St. Lucie. The entertainment venue will feature go-carts, arcade games, laser tag, 12 bowling lanes and axe throwing, as well as party rooms, meeting space and a restaurant with a full bar. This location will be the third Florida venue for Elev8 Fun, which has identified 15 potential locations at malls and shopping centers around the state for its expansion. PrimeTime Amusements, a gaming machine supplier based in Fort Lauderdale, is a partner in the new Elev8 Fun location at Treasure Coast Square Mall.

May 5, 2022

Development Florida Mixed-Use Southeast

Shoma Group to Develop $220M Mixed-Use Project in Miami

by John Nelson May 4, 2022

MIAMI — Locally based developer Shoma Group has purchased a 2.5-acre site located at 3650 Bird Road in Miami for $34 million. The buyer plans to build Shoma One, a $220 million mixed-use development, at the site. Configured in two 18-story towers, the development will feature 391 apartments with residences ranging in size from 375-square-foot micro studios to 1,400-square-foot, two-bedroom units. There will also be seven two-story residences ranging from 1,344 to 1,400 square feet, as well as a food hall. Amenities will include a bowling alley, lounge, daycare, yoga and spin studios, fitness center, bike room with repair station, dog park, coworking café and a spa with steam room, sauna and massage rooms. The property will also have a rooftop pool and pavilion with an outdoor grill, water features and lounge areas equipped with large projection screens for viewing parties. Shoma will link the property’s outdoor space to The Underline, a newly created linear park in Miami spanning 10 miles. Shoma plans to break ground on Shoma One in January 2023, and construction will take 18 to 24 months to complete. The site currently houses a car dealership named Deel Volvo. Michael Fay, John Crotty, David Duckworth and Brian …

May 4, 2022

Acquisitions Florida Retail Southeast

Continental Realty Purchases Kroger-Anchored Shopping Center in Fayetteville, Georgia for $24.4M

by John Nelson May 4, 2022

FAYETTEVILLE, GA. — Continental Realty Corp. (CRC) has purchased Banks Crossing, a 255,101-square-foot shopping center in Fayetteville, a southern suburb of Atlanta. Baltimore-based CRC acquired the center, which is anchored by Kroger, for $24.4 million via its private equity fund. Newmark represented the seller, Nightingale Properties, in the transaction. Located at 100-240 Banks Crossing N., Banks Crossing is the third shopping center in CRC’s Georgia portfolio and was 91 percent leased at the time of sale to tenants such as JC Penney, Sally Beauty, Guitar Center and Planet Fitness. The shopping center was built in 1987 and renovated in 2013.

May 4, 2022

Acquisitions Florida Industrial Southeast

CBRE Brokers Sale of 692,000 SF Industrial Portfolio in South Florida

by John Nelson May 4, 2022

MIRAMAR, FLA. — CBRE has brokered the sale of a three-building, 692,000-square-foot industrial portfolio in the Broward County city of Miramar. Metro Chicago-based CenterPoint Properties purchased the properties for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Tom O’Loughlin of CBRE represented the undisclosed seller in the transaction. The portfolio includes a 500,000-square-foot facility at 3701 Flamingo Road, an 83,200-square-foot property at 2601 SW 145th Ave. and a 108,800-square-foot building at 2701 SW 145th Ave. The facilities feature dock doors, drive-in doors, ESFR sprinkler systems and clear heights ranging from 24 to 34 feet. The assets were fully leased at the time of sale to six tenants.

May 4, 2022

Development Florida Industrial Southeast Top Stories

Butters, BentallGreenOak Plan 2.2 MSF Gulf Landing Logistics Center in Fort Myers, Florida

by Kristin Harlow May 4, 2022

FORT MYERS, FLA. — Butters Group and BentallGreenOak have partnered to develop Gulf Landing Logistics Center, a 2.2 million-square-foot speculative industrial park in Fort Myers. The project will be situated on 284 acres. The partnership anticipates developing the Class A property in several phases, with the first phase consisting of seven buildings totaling 740,000 square feet. Construction is scheduled to begin this fall, with completion of the first buildings slated for the third quarter of 2023. “With the tremendous growth in Southwest Florida, we recognized an opportunity to produce a first-class logistics facility with the flexibility to meet the needs of many different types of users,” says Kyle Jones, director of investments at Butters. The current plan for Gulf Landing Logistics Center includes 14 buildings of various sizes and configurations. A portion of the site plan offers flex space for light industrial and office users, while the remainder of the site is geared toward bulk distribution, e-commerce and other light industrial users. Build-to-suit opportunities are available. Florida-based Butters, a vertically integrated real estate company engaged in construction, development, leasing and property management, has developed more than 22 million square feet totaling over $2 billion. BentallGreenOak is a global real estate …

May 4, 2022

Acquisitions Development Florida Mixed-Use Multifamily Retail Southeast

Electra America and BH Group Buy South Florida Mall for $100.4M, Plan Mixed-Use Redevelopment

by John Nelson May 2, 2022

CUTLER BAY, FLA. — Electra America and BH Group have formed a joint venture to purchase Southland Mall, a 808,776-square-foot shopping mall in the Miami suburb of Cutler Bay. The buyers purchased the 80-acre site for $100.4 million with plans to reposition the mall and develop new Class A apartments on the campus. The joint venture is working closely with the Town of Cutler Bay on the redevelopment project. Located at 20505 S. Dixie Highway, Southland Mall was 80 percent leased at the time of sale to more than 100 tenants, including JC Penney, Macy’s, T.J. Maxx, LA Fitness, Regal Cinemas, Old Navy, Sephora, Kay Jewelers and Applebee’s. According to the buyers, Southland Mall is the only enclosed regional mall servicing southern Miami-Dade County through the Florida Keys. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young represented Electra America and BH Group in the land deal. The seller(s) was not disclosed. Southland Mall includes a former Sears department store and auto center that were not part of the transaction.

May 2, 2022

Development Florida Industrial Southeast

Bridge Industrial Obtains $153.5M Construction Loan for Metro Miami Logistics Project

by John Nelson May 2, 2022

MIAMI GARDENS, FLA. — Bridge Industrial has obtained a $153.5 million construction loan to complete Phase II of Bridge Point Commerce Center, a 2.7 million-square-foot logistics park in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank on behalf of Bridge Industrial. The second phase, which comprises two buildings totaling 1.6 million square feet, is expected to deliver in third-quarter 2023. Each building will span 794,230 square feet and feature 36-foot clear heights. There are build-to-suit and build-to-own opportunities available at the project, according to Bridge Industrial. Located on a 186-acre site at 4310 NW 215th St., Bridge Point Commerce Center features frontage on the Florida Turnpike and is equidistant between Miami International Airport and Fort Lauderdale International Airport. Phase I spans 1.1 million square feet across three buildings and is fully leased to tenants including City Furniture and HapCor.

May 2, 2022

Florida Mixed-Use Southeast

CBRE Brokers $95M Sale of Cascades Mixed-Use Property in Downtown Tallahassee

by John Nelson May 2, 2022

TALLAHASSEE, FLA. — CBRE has brokered the $95 million sale of The Cascades, a newly built mixed-use development in downtown Tallahassee. Built in 2021, the property features 161 apartments, 44,247 square feet of office space, nearly 30,000 square feet of retail space, two plazas and a 4,914-square-foot historical building. The property also includes a 770-space parking garage and three development pads that can support 173 more apartments. Frank Carriera, Mike Regan, Joe Ayers, Cliff Taylor and Mike Harrell of CBRE represented both the buyer, Becovic Management Co., and the seller, Cincinnati-based North American Properties, which built the property in partnership with the City of Tallahassee.

May 2, 2022

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