Florida

JLL Brokers Sale of 223,588 SF Office Portfolio in Jacksonville

by Julia Sanders September 10, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has brokered the sale of a two-property, Class A office portfolio totaling 223,588 square feet located at 4190 Belford Road and 4345 Southpoint Blvd. in Jacksonville. Hermen Rodriguez, Robbie McEwan, Ike Ojala, Max Lescano, Blake Koletic, Michael Roukis and Matthew McCormack of JLL represented the buyer, Bradford Allen Investment Advisors LLC, in the sales transaction. A joint venture between TriGate Capital and LRC Properties sold the portfolio for an undisclosed amount. The 4190 Belfort Road property spans 119,230 square feet of office space and was 85 percent leased at the time of sale. The 4345 Southpoint Blvd. property has 103,358 square feet and is fully vacant. Overall, the property is leased to 14 tenants across 11 different industries. The office portfolio is located within Enterprise Corporate Park, about eight miles southeast of downtown Jacksonville. The property is situated just east of Interstate 95 and John Turner Butler Boulevard and is adjacent to St. Vincent’s Medical Center.

September 10, 2021

Florida Leasing Activity Office Southeast

Microsoft Signs 50,000 SF Office Lease at 830 Brickell in Downtown Miami

by Julia Sanders September 10, 2021

MIAMI — Microsoft, a Redmond, Wash.-based computer software and electronics retailer, will open a 50,000-square-foot office inside 830 Brickell in downtown Miami. Microsoft is the second major firm to join the tenant roster at 830 Brickell this year, along with private equity firm, Thoma Bravo, which will lease 36,500 square feet on the top two floors in the tower. 830 Brickell, a 55-story office building in the city’s Brickell district, is currently under construction. Slated for delivery in 2022, the 640,000-square-foot tower was designed by architecture firm Adrian Smith + Gordon Gill, with interiors done by Italian architecture and design company Iosa Ghini Associati. Community amenities will include a health and wellness center, restaurant, open-air rooftop lounge, private conference facility for tenants and 24-hour concierge service. Alexander Brown of Colliers International represented Microsoft in the lease negotiations. Andrew Trench, Brian Gale and Ryan Holtzman of Cushman & Wakefield represented the landlord in the transaction on behalf of developers, OKO Group and Cain International. Cushman & Wakefield is serving as the tower’s exclusive leasing agent.

September 10, 2021

Florida Healthcare Seniors Housing Southeast Top Stories

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

by Katie Sloan September 9, 2021

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …

September 9, 2021

Acquisitions Florida Multifamily Southeast Student Housing

CBRE Arranges $31.4M Sale of Boardwalk at Morris Bridge Student Housing Community in Tampa Bay Area

by Julia Sanders September 8, 2021

TEMPLE TERRACE, FLA. — CBRE has arranged the sale of Boardwalk at Morris Bridge, a 146-unit student housing property in the Tampa Bay area. Brooklyn, New York-based NorthEnd Equities purchased the property from Los Angeles-based Buff Management for $31.4 million. Michael Regan and Francesco Carriera of CBRE represented both the buyer and seller in the transaction. Built in 2001, Boardwalk at Morris Bridge is located at 8800 Boardwalk Trail Drive in Temple Terrace. The property is situated 2.9 miles from the University of South Florida and 4.8 miles from James A. Haley Veterans’ Hospital. The property offers two- and four-bedroom units with an average square footage of 1,548 square feet. All units are fully furnished and include living rooms with two sofas, coffee/end tables and a TV mounted to the wall. Community amenities include a swimming pool, fitness center, movie theater, study room, video game room and a hot tub. The property was 89 percent occupied at the end of July, and rents range from $1,360 to $2,400.

September 8, 2021

Acquisitions Florida Retail Southeast

SRS Brokers Sale of Two Wawa-Occupied Convenience Stores in South Florida for $22.4M

by Julia Sanders September 8, 2021

FORT LAUDERDALE AND HIALEAH GARDENS, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of two convenience store and gas stations in South Florida that are leased to Wawa. The properties include a 6,119-square-foot Wawa currently under construction at 7878 N.W. 103rd St. in Hialeah Gardens and a newly built, 5,991-square-foot Wawa located at 6191 N. Powerline Road in Fort Lauderdale. Ferber Co. sold the Hialeah Gardens property for $11.6 million to an entity doing business as Hialeah WW LLC. Brightwork Real Estate sold the Fort Lauderdale Wawa for $10.8 million to an entity doing business as Powerline Wawa LLC. Patrick Nutt of SRS represented the sellers in both transactions.

September 8, 2021

Development Florida Multifamily Seniors Housing Southeast

Origin Construction to Build $75M Seniors Housing Community in Port St. Lucie, Florida

by Julia Sanders September 7, 2021

PORT ST. LUCIE, FLA. — Miami-based Origin Construction will build America Walks, an active adult rental community in Port St. Lucie spanning 60 acres and more than 400 residences. The project is expected to cost $75 million to develop and deliver in the third quarter of 2023. Ohio-based America Walks is the developer for the gated community. America Walks will feature both a residential and recreational component, including two four-story apartment buildings with 115 units, as well as 300 villas in 60 buildings surrounding four lakes with walking and biking trails. Each of the 60 buildings will include four to six villas, each with its own garage. The recreational space will include a two-story clubhouse encompassing over 26,000 square feet with a restaurant, exercise facilities, sports bar and a salon. Community amenities will include a pool, spas, pickleball court, bocce, fire pits and an outdoor dining facility.

September 7, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 60,223 SF University Village Shopping Center in Tampa Bay Area

by Julia Sanders September 7, 2021

ST. PETERSBURG, FLA. — CBRE has arranged the sale of University Village, a 60,223-square-foot shopping center in downtown St. Petersburg. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of Bell Partners Inc., which is based in Greensboro, N.C. Publix Super Markets purchased the shopping center for an undisclosed price. Located at 250 Third St. S. and built in 2003, University Village is anchored by a Publix grocery store. Other tenants include CVS/pharmacy, Bank of America and seven other undisclosed retailers.

September 7, 2021

Acquisitions Florida Multifamily Top Stories Walker & Dunlop

Walker & Dunlop Arranges $79.3M Sale of Sunny Lake Apartments in South Florida

by Julia Sanders September 3, 2021

LAUDERHILL, FLA. — Walker & Dunlop has arranged the $79.3 million sale of Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill. Still Hunter and Kaya Suarez of Walker & Dunlop represented the seller, Bar Invest Group. The buyer is a joint venture between East Hill Capital Partners, The Bascom Group and Leste Group, with Leste Group participating as the majority equity investor. Bridge Investment Group provided the debt financing for the acquisition, which Stuart Wernick of Walker & Dunlop arranged. Built in 1988, Sunny Lake Apartments offers one-, two- and three-bedroom units with an average of 719 to 1,129 square feet. Units feature double bathroom vanities; storage units; washers and dryers in unit; walk-in closets; patios and decks; and hardwood floors. Community amenities include a pet play area, car wash, fitness center, pool, clubhouse, business center, playground and tennis court. Located at 2360 NW 56th Ave. on nearly 27 acres, the apartment property is situated in the suburban Broward County area. The property is about 2.8 miles from Sunrise, approximately 7.9 miles from Fort Lauderdale and about 2.9 miles from Plantation. The property is less than two miles from Florida’s Turnpike, which provides fast connectivity to other areas of …

September 3, 2021

Acquisitions Florida Retail Southeast

JLL Arranges $35M Sale of Grocery-Anchored Shopping Center in Orlando

by Julia Sanders September 3, 2021

ORLANDO, FLA. — JLL Capital Markets has arranged the $35 million sale of Shoppes at Nona Place, a 60,557-square-foot neighborhood shopping center in Orlando. Built in 2018 and 2019, Shoppes at Nona Place is anchored by Bravo Supermarkets, a Hispanic grocer, as well as Pet Supermarket, First Watch, Heartland Dental, BurgerFi, Aveda, Lime Fresh, F45 and Pig Tails. Located on 14.6 acres at 13000 Narcoossee Road, the center is situated about 11.2 miles from Orlando International Airport and approximately 23.4 miles from Walt Disney World Resort. The property is located within Lake Nona, a medical city market in southeast Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, a joint venture between North American Development Group and Blackfin Partners Investments. Edward Romanov of Transitional Finance Partners LLC represented the buyer, a private investor group affiliated with Flocchini/Van Wagner Families.

September 3, 2021

Development Florida Multifamily Southeast Student Housing

TREO Group Completes $36M Student Housing Development Near University of Miami

by Julia Sanders September 2, 2021

MIAMI — Miami, Fla.-based The TREO Group has completed Vox Miami, a 326-bed student housing community located at 7202 S.W. 72nd St. in south Miami. The development cost for the 193,250-square-foot project was $36 million. Vox Miami offers a mix of one-, two-, three- and four-bedroom units with a TV in every living room, floor-to-ceiling windows, stainless steel appliances, washers and dryers, walk-in closets in most units, exposed industrial ceilings, furniture and cable and internet included. Community amenities include study lounges, a rooftop terrace and swimming pool, fitness center and parking. The property is fully leased for the 2021 school year. The student housing property is about 1.6 miles from the University of Miami campus. The development is also near retailers and restaurants including Deli Lane Café & Sunset Tavern, Petco, Publix and Shake Shack. Construction for the development started in 2019. The project’s development team included Moss Construction and Perkins & Will.

September 2, 2021

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