PENSACOLA, FLA. — Marcus & Millichap Capital Corp. has secured $46.4 million in financing for a single-tenant, build-to-suit property in Pensacola. Sunny Sajnani of Marcus & Millichap Capital Corp. arranged the loan, which is structured as a 15-month construction loan followed by a 25-year, self-amortizing loan. The borrower was not disclosed. The Florida Department of Law Enforcement has pre-leased the two-story building. The 77,834-square-foot property is scheduled for completion by early 2023. The facility will be used for training employees, conducting investigations, storing evidence and completing forensic lab work. Located at 5045 Commerce Park Circle, the property is situated close to the Marcus Pointe Golf Club, Five Flags Speedway and Fast Eddies Fun Center.
TALLAHASSEE, FLA. — Avison Young has arranged the $13.6 million sale of City Centre, a seven-story, 168,677-square-foot trophy office building in Tallahassee. David Duckworth, John Crotty, Michael Fay and Brian de la Fé of Avison Young represented the buyer, the Simpson Organization. 888 Realty Investors was the seller. City Centre is 95 percent occupied by a mix of government-related and private-sector tenants. The previous owners completed more than $6 million in capital improvements, including on the property’s exterior and common areas over recent years. The asset includes a four-story parking structure. Located on 2.1 acres at 227 N. Bronough St., the property is situated less than a mile from Florida State University and 1.6 miles from Florida A&M University. The property is also located 6.5 miles from the Tallahassee International Airport.
MIAMI — Sprouts Farmers Market has released plans to open a 24,014-square-foot location at Grove Center, a mixed-use, transit-oriented development underway in Miami’s Coconut Grove neighborhood. Sprouts’ new location will be the Phoenix-based grocer’s third store in Miami-Dade County. Slated for delivery in 2023, the Grove Center will include a 23-story residential tower with 402 multifamily, workforce and co-living units; a new 1,250-space public parking garage; and a total of approximately 170,000 square feet of retail space. The project developer is a joint venture between Miami-based Terra and Coconut Grove-based Grass River Property. The project has been designed by Miami’s Touzet Studio, a Miami-based design firm led by Carlos and Jackie Touzet in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture. Situated at the intersection of US-1 and 27th Avenue, the project will connect to the adjacent Coconut Grove Metrorail station, Miami-Dade’s bus system, the City of Miami’s trolley network and The Underline, a 13-mile linear park running from South Miami-Dade to downtown Miami.
HIALEAH, FLA. — Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features will include 36-foot clear heights, 124 trailer stalls and 407 parking spaces. Construction is expected to start towards the end of the year and take about 18 months to complete. Located at 4220 West 91st Place, the project is located about 17 miles from Miami Beach and 10 miles from the Miami International Airport. Easton Group and LBA Logistics are also partnering on a 266,760-square-foot warehouse development in nearby Hialeah Gardens, which is slated for completion by the second quarter of this year. Easton Group is scheduled to deliver 393,910 square feet of industrial space in Miami-Dade County over the next six months.
TAMPA, FLA. — Athens, Ga.-based Landmark Properties has plans to develop The Metropolitan at Tampa, a 760-bed student housing community within a half-mile of University of South Florida (USF). Construction is slated to begin in June with the property opening to students in August 2024. The Metropolitan at Tampa will offer studio, one-, two-, three- and four-bedroom floorplans. In total, the four-story residential community will include 276 units and 1,779 net square feet of ground-floor retail space. The property was formerly a Quality Inn hotel. Located at 2701 E. Fowler Ave., The Metropolitan’s features will include fully furnished units, a complete appliance package and high-speed internet and cable. Community amenities will include a rooftop pool deck, ground floor courtyards, fitness center, 620-space covered parking deck and study and gaming lounges.
HIALEAH, FLA. — Terreno Realty Corp. has acquired an industrial property in Hialeah for $73.2 million. The seller was not disclosed. Located at 4281-4341 West 108th St. on nearly 20 acres, the industrial property includes two recently developed rear-load distribution buildings totaling approximately 407,000 square feet. The property features 124 dock-high and four grade-level loading positions, 32-foot clear heights and parking for 359 cars. Additionally, the property is expected to obtain LEED certification. The property is fully preleased to two undisclosed tenants with leases expected to start in May and September. The property is situated immediately adjacent to Terreno Realty’s five existing buildings on West 108th Street and adjacent to Florida’s Turnpike and Interstate 75.
MIAMI BEACH, FLA. — Locally based partners Integra Investments and Activate Hospitality have sold Sixty Sixty Resort, an 82-room hotel located in Miami Beach, for $23.5 million. Gregory Rumpel of JLL Capital Markets brokered the deal. Bloom Hotels is the buyer. Sixty Sixty is a 16-floor building that was built as a condo-hotel in 1992. In 2020, the previous owners planned renovations for the property, including the addition of a ground-floor restaurant and café. Situated at 6060 Indian Creek Drive, Sixty Sixty offers direct ocean access and panoramic views of downtown Miami and Miami Beach. The property’s features include a 2,000-square-foot dock, pool and two rooftop terraces. The building affords patrons access to a plethora of dining, retail and entertainment options, including the renowned Bal Harbour shops and Lincoln Road.
CHARLOTTE, N.C. — Charlotte-based Crescent Communities has broken ground on three industrial properties totaling 1.7 million square feet. The company plans to build eight buildings across three markets known as AXIAL Crosspoint in Greenville, S.C.; AXIAL Bonds Farm in Concord, N.C.; and AXIAL 301 Manatee in Bradenton, Fla. The firm bought the project land for an undisclosed price, and the seller of the land was not disclosed. Along with the three land transactions, Crescent Communities announced a new brand name for its industrial platform, AXIAL Industrial. The brand will first be executed through the AXIAL Bonds Farm, AXIAL Crosspoint and AXIAL 301 Manatee projects, which are all set to begin construction soon this year and are slated for completion in 2023. “With the debut of AXIAL Industrial, we will provide our clients with a one-stop platform featuring a thoughtful and diligent process for each industrial development, from land acquisition to product development for each specific location and every stage in between,” says Bryan Blythe, managing director of AXIAL Industrial at Crescent Communities’ Commercial business unit. AXIAL Bonds Farm will feature three rear-load buildings totaling 809,720 square feet. The property will also offer various-sized buildings with ample employee parking. The property …
PLANTATION, FLA. — Marcus & Millichap has brokered the $12.7 million sale of Plantation Corporate Center, a 59,070-square-foot office property located in Plantation. Alex Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller, Germany-based Rüger Holding. Zylberglait and Crocchiola of Marcus & Millichap also represented the buyer, Coral Springs, Fla.-based MMB Commercial Properties Co. Inc. Plantation Corporate Center was built in 1985 and renovated in 2019. The property was 88 percent leased at the time of sale. Located at 2 S. University Drive on 3.2 acres, the property is situated on a signalized corner of West Broward Boulevard and South University Drive. The property is also located directly across from Westfield Broward Mall.
JACKSONVILLE, FLA. — Ready Capital has closed on a $17 million acquisition loan for a 160-unit unnamed multifamily property in Jacksonville. Upon acquisition, the unnamed sponsor will implement a capital improvement plan. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.