Florida

AvalonBay Acquires Whole Foods-Anchored Mixed-Use Property in Downtown Fort Lauderdale

by Julia Sanders October 27, 2021

FORT LAUDERDALE, FLA. — AvalonBay Communities has acquired CURV, a recently completed mixed-use project located at the corner of Federal Highway and Southeast 17th St. in downtown Fort Lauderdale. Built in 2020, CURV includes 243 apartments atop a 49,071-square-foot Whole Foods Market grocery store. The property includes a 668-space parking garage shared by shoppers and renters. The multifamily component of CURV offers a mix of studios, one-, two- and three-bedroom residences. Community amenities include a private tropical courtyard with a pool; package lockers with refrigerated and dry-cleaning units; a fitness center; and multiple business, work, meeting, gathering and entertainment spaces. The residential portion of the property was 97 percent occupied at the time of sale. Newmark represented the seller, affiliates of Ram Realty Partners IV LP, in the transaction. The sales price was not disclosed. In 2018, Ram acquired the 3.2-acre property, which formerly was used as a motel and restaurant. Roger Fry Architects designed CURV to meet National Green Building Standard certification.

October 27, 2021

Acquisitions Florida Multifamily Southeast

CBRE Negotiates Sale of 184-Unit Multifamily Property in Orlando

by Julia Sanders October 27, 2021

ORLANDO, FLA. — CBRE has negotiated the sale of Shoreview at Baldwin Park, a 184-unit apartment complex in Orlando. Michael Regan, Francesco Carriera, Jeff Gray and Chip Wooten of CBRE represented both the buyer, an entity doing business as FP Baldwin Park LLC, and the sellers, NorthEnd Equities and Residential Management Inc., in the transaction. The sales price was not disclosed. Located at 1001 Shoreview Drive, Shoreview at Baldwin Park is a garden-style community featuring a mix of studio, one- and two-bedroom floorplans, as well as 28 loft/townhouse units averaging 783 square feet. At the time of sale, 174 units had received interior renovations, including new stainless steel appliances, cabinets, resurfaced counters, vinyl flooring and paint. All of the units feature walk-in closets, breakfast bars, nine-foot ceilings and private patios or balconies. Community amenities include a pool, clubhouse, fitness center, dog park and a barbeque area. The property was 96 percent occupied at the time of sale. Shoreview at Baldwin Park is nearby to many retailers and restaurants along East Colonial Drive, as well as The Cady Way Trail, a paved biking, jogging and walking path with a 2.5-mile trail loop around Lake Baldwin.

October 27, 2021

Development Florida Healthcare Southeast

BayCare Health Breaks Ground on $326M Hospital Project in Plant City, Florida

by Julia Sanders October 26, 2021

PLANT CITY, FLA. — BayCare Health System has broken ground on South Florida Baptist Replacement Hospital, a $326 million expansion project of South Florida Baptist Hospital in Plant City. Built in 1953, the hospital has undergone 12 major expansions and renovations since opening, including the expansion of the Heart and Vascular Center in 2017. The new project includes 150 private patient rooms with the capacity to expand by an additional 30 rooms, two inpatient bed towers, an 85,000-square-foot medical office building, central energy plant and 1,073 parking spaces. There will be no disruptions with the patients, doctors or staff at the current hospital, according to BayCare Health. Barton Malow is the general contractor for the project and is anticipating a construction timeline of 26 months.

October 26, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $15.9M Sale of Shopping Center in South Daytona, Florida

by Julia Sanders October 26, 2021

SOUTH DAYTONA, FLA. — Marcus & Millichap has brokered the $15.9 million sale of Sunshine Plaza, a shopping center in South Daytona. Built in 1970 and renovated in 2002, the 280,000-square-foot shopping center is anchored by Publix and All Aboard Storage. The fully occupied property has about 52 tenants. The center includes both open-air and indoor mall space on approximately 25 acres. Tim Giambrone and Al Taf of Marcus & Millichap represented the seller, 2400 Ridgewood LLC based in Port Orange. The buyer was ORF VII Sunshine Plaza LLC based in Atlanta. Located at 2400 S. Ridgewood Ave., Sunshine Plaza is situated close to Interstate 95 within an Opportunity Zone.

October 26, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $30.6M Sale of Two Apartment Communities in Fort Walton Beach, Florida

by Julia Sanders October 25, 2021

FORT WALTON BEACH, FLA. — Cushman & Wakefield has arranged the sale of Elevate at 604 West and Greens on 5th, two apartment communities totaling 195 units in Fort Walton Beach. Parker Caldwell and Craig Hey of Cushman & Wakefield represented the seller, Lurin Capital, in the transaction. Pedcor acquired both properties for $30.6 million. Elevate at 604 West includes 99 units and offers one- and two-bedroom floorplans that average 678 to 958 square feet. Built in 1971, the units feature walk-in closets, hardwood floors, tub and shower and Wi-Fi. Community amenities include a swimming pool, greenspace, laundry facility and courtyards. Elevate at 604 West was 97 percent occupied at the time of sale. Located at 604 Colonial Drive, the property is situated 8.5 miles from Destin-Fort Walton Beach Airport and 10.7 miles from Destin. The Greens on 5th totals 96 units and offers two- and three-bedroom floorplans that average approximately 830 to 1,200 square feet. Built in 1983, units include washer/dryer hookups, linen closets, carpet and Wi-Fi. Community amenities include a swimming pool, clubhouse, elevator and laundry facilities. The Greens on 5th was 98 percent occupied at the time of sale. Located at 5 Mooney Road NE, the apartment …

October 25, 2021

Acquisitions Florida Industrial Southeast

Coke Florida Purchases 407,000 SF Warehouse in Suburban Orlando

by Julia Sanders October 25, 2021

WINTER HAVEN, FLA. — Tampa-based Coca-Cola Beverages Florida LLC (Coke Florida) has purchased a 407,000-square-foot warehouse within Central Intermodal Logistics Center, an industrial park in Winter Haven. The sales price was $19.6 million, according to the Tampa Bay Business Journal. The seller was not disclosed. The purchase includes 37 acres of land. Coke Florida’s new warehouse is still under construction. The more than $30 million buildout of the new location is expected to conclude in the spring of 2022. The location is home to more than 200 associates, and the company expects to add over 100 additional jobs in the next 12 months. Coke Florida offers jobs in sales, merchandising, warehousing and distribution, and the company currently has openings for drivers, warehouse associates and sales merchandisers.

October 25, 2021

Florida Loans Retail Southeast

MMG Equity Receives $16.8M Refinancing for Shopping Center in Miami Gardens

by Julia Sanders October 25, 2021

MIAMI GARDENS, FLA. — MMG Equity Partners has received $16.8 million to refinance Miami Gardens Shopping Center, located at 18350 NW 7th Ave. in Miami Gardens. Chris Drew, Brian Gaswirth and Reid Carleton of JLL Capital Markets arranged the debt package through Guardian Life Insurance Co. of America. Miami Gardens Shopping Center is a 117,829-square-foot, grocery-anchored development located on the northwest corner of Miami Gardens Drive and NW 7th Avenue. The shopping center was 97 percent occupied at closing and is anchored by Presidente Supermarket. Other tenants include Family Dollar, Humana Health, Subway and Amscot.

October 25, 2021

Acquisitions Florida Multifamily Southeast

Joint Venture Sells Motion at Dadeland Apartments in Miami for $114M

by John Nelson October 22, 2021

MIAMI — Adler Group and 13th Floor Investments, in partnership with Barings LLC, has sold Motion at Dadeland, a transit-oriented multifamily development in Miami. Maryland-based Lerner Enterprises purchased the 25-story property for $114 million. Located at 8400 South Dixie Highway, Motion at Dadeland features 294 market-rate rental apartments and approximately 8,000 square feet of retail space adjacent to the Dadeland North Metrorail station and the Dadeland Station retail center. Built in 2019, Motion at Dadeland was 99 percent occupied at the time of sale. Avery Klann of Newmark represented the seller in the transaction, while Rob Carey and Ted Taylor of JLL, along with Matt Williams and Kassi Saridakis of Newmark’s Debt & Structured Finance team, represented the buyer.

October 22, 2021

Acquisitions Florida Multifamily Southeast

Versity Investments Acquires Apartment Community in Central Florida for $89M

by John Nelson October 22, 2021

CELEBRATION, FLA. — Versity Investments LLC has acquired Astoria, a 306-unit multifamily property located in Celebration, for $89 million. CGI+ Real Estate Strategies sold the 306-unit community in a 1031 exchange. Astoria is the first multifamily acquisition for Versity and was 97.1 percent occupied at the time of sale, according to Blake Wettengel of Versity. Built in 2015, Astoria is situated on 14.4 acres and features one-, two- and three-bedroom units. Community amenities include a pool, clubhouse, elevator access and a fitness studio.

October 22, 2021

Development Florida Industrial Southeast

Foundry, Modlo Break Ground on 495,000 SF Modlo Air Logistics Center in Metro Miami

by Julia Sanders October 21, 2021

DORAL, FLA. — Foundry Commercial, in partnership with Modlo, the logistics platform of GLP Capital Partners, has broken ground on the Modlo Air Logistics Center, a three-warehouse property near Miami spanning over 495,000 square feet. The 23.7-acre site located at 7777 NW 41st St. in Doral once housed a PepsiCo bottling facility. The three structures include Building 1 with 171,254 square feet, Building 2 with 173,716 square feet and Building 3 with 150,103 square feet. The new warehouses will feature insulated glass, R-20 roofs, LED lighting, 36-foot clear heights, 54-foot column spacing and electric car charging stations. The project is slated for completion by the summer of 2022. The site is located within two miles of Miami International Airport’s cargo entrance and is also near major expressways and PortMiami. In addition to Foundry Commercial, which is serving as the fee developer for the build, project collaborators include Miller Construction, Puga & Associates International, DDA Engineers and Kimley-Horn.

October 21, 2021

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