Florida

SRS Brokers $2.3M Sale of New Wendy’s-Occupied Property in Metro Tampa

by Julia Sanders February 28, 2022

LAND O LAKES, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a newly developed, single-tenant retail property in Land O Lakes. William Wamble and Patrick Nutt of SRS represented the seller, an entity doing business as RS Roach LLC. The buyer was a private investor based in Wyoming. Built in 2022 and situated on 1.1 acres, the 2,500-square-foot ground-lease property has a 15-year tenant lease in place with Wendy’s. Located at 7775 Land O Lakes Blvd., the freestanding property is directly across the street from Connerton, a mixed-use project situated on 1,800 acres that is currently under development.

February 28, 2022

Florida Loans Self-Storage Southeast

Talonvest Capital Arranges $21.4M Loan for Self-Storage Facility in Miami

by John Nelson February 25, 2022

MIAMI — Talonvest Capital has arranged a $21.4 million loan for a new self-storage facility in Miami. Situated near Interstate 95 and Miami’s Wynwood district, the seven-story property spans 106,940 square feet and comprises 1,100 climate-controlled units. An unnamed private investment firm based in New York provided the loan to the borrower, SpareSpace Storage, a locally based owner-operator. The firm will use the three-year loan to refinance construction debt and also finance the phased buildout of the facility. David DiRienzo, John Chase, Jim Davies, Ivan Viramontes, and Thalia Tovar of Talonvest Capital originated the loan, which features interest-only payments for the life of the loan with two 12-month extension options.

February 25, 2022

Acquisitions Florida Retail Southeast

CBRE Brokers $19.2M Sale of Publix-Anchored Center in Metro Jacksonville

by John Nelson February 25, 2022

ST. JOHNS, FLA. — CBRE has brokered the $19.2 million sale of Shoppes at Beachwalk, a newly built, Publix-anchored shopping center located on County Road 210 in St. Johns, a suburb of Jacksonville. The developer, Pebb Enterprises, delivered the 58,887-square-foot shopping center last year. Publix Super Markets purchased Shoppes at Beachwalk, which was fully occupied at the time of sale. Casey Rosen and Dennis Carson of CBRE’s National Retail Partners team represented the seller in the transaction.

February 25, 2022

Acquisitions Florida Industrial Southeast

JLL Arranges Sale of 235,200 SF Industrial Building in Jacksonville

by Julia Sanders February 23, 2022

JACKSONVILLE, FLA. — JLL Capital Markets has arranged the sale of Crossroads Building 300, a 235,200-square-foot industrial building in Jacksonville. Britton Burdette, Luis Castillo, Mitchell Townsend, Cody Brais and Luke Pope of JLL represented the private, undisclosed seller. Principal Real Estate Investors acquired the asset for an undisclosed price. Completed this year, Crossroads Building 300 features 32-foot clear heights, deep truck courts, a rear-load configuration, 56 dock-high doors, 43 trailer stalls, ESFR fire protection, LED lighting and ample parking. The property is fully leased to two tenants, CarParts.com and Drummond Press Inc. Located at 6610 Pritchard Road, the property is situated within the master-planned Crossroads Distribution Center with immediate access to Interstate 295. Additionally, Crossroads Building 300 is close to Interstates 10 and 95.

February 23, 2022

Development Florida Industrial Southeast

Stonemont to Develop Two Industrial Projects in Tampa Area Totaling 1.3 MSF

by Julia Sanders February 22, 2022

TAMPA, FLA. — Stonemont Financial Group has plans to develop two industrial projects in the Tampa area comprising two warehouses in Tampa and four warehouses in Lakeland. The two projects will total 1.3 million square feet. JLL is overseeing leasing. Frampton Construction is the general contractor for both projects. In Tampa, Stonemont will break ground this spring on Sunlake Business Center, which will encompass two speculative rear-load facilities located along State Road 54. Building 1 will total 190,000 square feet and will feature 32-foot clear heights and 309 parking spots. Building 2 will be a 171,000-square-foot building with 32-foot clear heights and 231 parking stalls. The two facilities are designed to accommodate a range of user types and sizes. In Lakeland, Stonemont is also underway on Lakeland Commerce Center at County Line, an industrial park that will include a 148,100-square-foot building; 150,600-square-foot rear-load facility; 258,000-square-foot rear-load facility; and a 348,740-square-foot cross-dock facility situated on the Interstate 4 corridor just over 30 miles outside of Tampa. The development will include clear heights ranging from 32 to 36 feet, a total of 254 dock doors, 840 parking spaces and 450 trailer parking stalls available onsite.

February 22, 2022

Acquisitions Florida Office Southeast

Joint Venture Acquires Two Office Buildings in Downtown West Palm Beach

by Julia Sanders February 22, 2022

WEST PALM BEACH, FLA. — A joint venture between Wexford Real Estate Investors, Related Cos. and Key International has acquired two office buildings in downtown West Palm Beach. The seller and sales price were not disclosed. The two buildings are each 60,000 square feet and have a half-acre auxiliary parking lot. Located at 400 and 450 S. Australian Ave., the office properties are located close to Interstate 95 and the proposed University of Florida graduate campus that is currently being planned. The two office buildings are also situated within one mile of The Square, the open-air shopping, dining and entertainment complex.

February 22, 2022

Florida Hospitality Loans Southeast

TrueRate Services Arranges $42M Refinancing of Reunion Resort in Metro Orlando

by Julia Sanders February 21, 2022

KISSIMMEE, FLA. — TrueRate Services has arranged a $42 million loan on behalf of Kingswood International for the refinancing of The Reunion Resort in Kissimmee, about 22.6 miles from Orlando. Dan Gorczycki and Peter Stobierski of TrueRate Services secured the capital from an undisclosed New York-based finance company. The $42 million financing included a $34 million loan from Hillcrest Finance and an $8 million mezzanine loan from Trawler Capital. Both loans had three-year terms with two one-year options. Located at 7593 Gathering Drive, The Reunion Resort spans over 2,000 acres off Interstate 4. Resort amenities include three golf courses, tennis courts and academy, a spa and fitness center, 25,000 square feet of conference facilities, seven restaurants, 11 swimming pools and a five-acre water park. The Reunion Resort owns 25 villas, but an additional 271 villas and 87 homes participate in the resort’s rental management program. Since purchasing the property in early 2019 from LRA Orlando LLC, the previous owner invested $9 million in renovations. The loan proceeds will be used to pay off the existing acquisition loan, relocate golf holes and expand the water park.

February 21, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $9.2M Sale of Grocery-Anchored Shopping Center in Lakeland, Florida

by Julia Sanders February 21, 2022

LAKELAND, FLA. — Marcus & Millichap has brokered the $9.2 million sale of Eastside Village, a 76,264-square-foot retail property located in Lakeland. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, Miami-based CF Properties, in the transaction. The undisclosed buyer was a Miami-based private investor. Eastside Village is fully leased to tenants including anchor Harvey’s Supermarket, Subway and Dollar Tree. Located at 2630 US Highway 92 E on 6.8 acres, the property is situated 10.8 miles from Lakeland Linder International Airport and 36.3 miles from Tampa.

February 21, 2022

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 42,442 SF Office Building in Fort Lauderdale

by John Nelson February 18, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the $7 million sale of a 42,442-square-foot office building in Fort Lauderdale known as the 5100 Building. The buyer, medical office user Hall Consolidated Group LLC, plans to eventually occupy the property. Benjamin Silver with CBRE represented the seller, an entity known as 5100 Realty LLC, in the transaction. The seller is an affiliate of Cambridge Security, the property’s anchor tenant that plans to eventually vacate the office building. Originally built in 1972, the four-story office building received several capital improvements last year, including a new roof, exterior waterproofing, lobby upgrades and the replacement of several air conditioning units. The buyer plans to make further improvements Located at 5100 N. Federal Highway, the property is situated close to the area’s largest medical provider, Holy Cross Hospital, a 557-bed healthcare facility. The property also has nearby access to Interstates 95, 441 and Florida Turnpike from East Commercial Boulevard.

February 18, 2022

Acquisitions Florida Multifamily Southeast

Thompson Thrift Sells 328-Unit Multifamily Community in Metro Orlando

by Julia Sanders February 17, 2022

DAVENPORT, FLA. — Thompson Thrift Residential, an affiliate of Indianapolis-based Thompson Thrift, has sold Thrive, a 328-unit multifamily community in Davenport. Minneapolis-based Timberland Partners purchased the property for an undisclosed amount. Scott Ramey, Brad Downing and Paul Grant of Newmark represented Thompson Thrift in the transaction. Thrive offers one-, two- and three-bedroom floorplans in 12 two-story and two four-story buildings. Unit features include a fireplace, stainless steel appliances, island kitchen, vinyl flooring and double vanities. Community amenities include an outdoor kitchen, swimming pool with cabanas, fitness center, yoga room, a dog park and pet spa. Completed in 2021, the property was 93 percent occupied at the time of sale. Located at 141 Thrive Road, Thrive is situated 11.8 miles from the Walt Disney World Resort and 37 miles from downtown Orlando. The property is also 27.5 miles from Orlando International Airport.

February 17, 2022

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