TAMPA, FLA. — Capstone Apartment Partners has brokered the $25.5 million sale of Seastone and River Rock Apartments, a two-property, 160-unit multifamily portfolio in Tampa. Jad Richa, Brian Hunsicker, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Trinity Property Group. The buyer, Axcent Investments, bought the apartment properties for about $159,375 per unit. Seastone and River Rock Apartments were built in 1973 and 1974, respectively, on about 8.9 total acres. The properties are approximately 0.3 miles from one another. The properties’ combined occupancy was approximately 96.9 percent at the time of sale. Seastone is located at 11050 Le Jardin Circle. The property offers two-bed/two bath and three-bed/two bath units. Community amenities include a dog park, guest parking, on-call maintenance and a pool. The units offer a balcony or patio, granite countertops, walk-in closets, all-electric kitchen appliances and in-unit washers and dryers. Located at 11301 N. 53rd St., River Rock offers two-bed/two-bath and three-bed/two-bath units. Community amenities include a laundry facility, picnic area, pool, guest parking, on-call maintenance and a play area. Unit amenities include a balcony or patio, dishwashers, pantries, walk-in closets, extra storage and in-unit washers and dryers. Axcent Investments plan to add upon the previous owner’s …
Florida
PORT ST. LUCIE, FLA. — Seefried Industrial Properties is developing a 1.1 million-square-foot build-to-suit warehouse facility in Port St. Lucie for Amazon. The project, which is dubbed Project Midway, is being constructed on 110 acres at Midway Business Park along West Midway Road near Interstate 95. The property will feature tilt-up concrete wall panels, a little over 1 million square feet of warehouse space, 32,457 square feet of office and social space, 1,000 employee parking spaces and 390 trailer stalls. Amazon says the company will hire around 500 full-time employees at its new location, according to the Commercial Observer. Construction is expected to begin late fall 2021 with completion slated for summer 2022. The Conlan Co. is serving as general contractor, Ford & Associates is the architect and Kimley-Horn is the civil engineer for Project Midway.
MIAMI — Federal Realty Investment Trust, The Comras Co. and Grass River Property have signed five new retailers to join the tenant lineup at CocoWalk, a mixed-use shopping center in the Coconut Grove neighborhood of Miami. CocoWalk’s newest retailers include GlossLab, a membership-based nail studio based in New York that is set to open in summer 2022; Antidote Wellness Labs, a boutique fitness studio; Gas Bijoux, a jewelry brand based in Saint-Tropez; Skin Lab by Barba Skin Clinic; and 3D Brow Studio, which is a salon concept specializing in curating eyebrows. Antidote Wellness Labs will occupy about 2,577 square feet on the second floor of CocoWalk, the Barba Skin Clinic will span 2,181 square feet and 3D Brow Studio will occupy 1,062 square feet. Gas Bijoux will be located on the first floor with 562 square feet facing the open-air plaza, and GlossLab will take up a 1,349-square-foot space. In addition, Botanico Gin & Cookhouse is slated to open at CocoWalk later this summer, and Sushi Garage is expected to open this fall. CocoWalk will feature 150,000 square feet of retail space and include local, national and international restaurants and retailers such as Planta, Mister 01 Extraordinary, Salt & Straw, …
FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.
JACKSONVILLE, FLA. — Berkadia has arranged the $40 million sale of Coquina Bay, a 200-unit multifamily property located in Jacksonville. Greg Rainey, Matt Wilcox, Brett Moss, Cole Whitaker and Jason Stanton of Berkadia completed the sale on behalf of the seller, Texas-based InvestRes. The buyer was a New York-based institutional fund advisor. Located at 3709 San Pablo Road S, Coquina Bay features one-, two- and three-bedroom floor plans with wood-burning fireplaces and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, yoga studio, business center, clubhouse, tennis court and a dog park.
PORT ST. LUCIE, FLA. — Sansone Group has broken ground on the second phase of a multi-building industrial park in Port St. Lucie named Legacy Park at Tradition Center. The 425-acre industrial development is situated along Interstate 95 and Becker Road. Sansone is working with NorthBridge Partners on the project. The project’s second phase includes a speculative industrial development on 40.9 acres. The two Class A facilities, a 520,000-square-foot cross-dock building and a 168,000-square-foot rear-load building, will be developed and slated for completion by spring 2022. The two buildings will accompany Sansone’s nearly completed, 245,000-square-foot FedEx sorting center at Legacy Park. Once completed, Legacy Park will include a total of approximately 5.5 million square feet of single- and multi-tenant light industrial and distribution facilities. Peter Crane of Sansone Group was one the brokers involved in the land transaction. Robert Smith and Kirk Nelson of CBRE are the listing brokers.
Flaherty & Collins to Build $66M Mixed-Use Development in Downtown Cape Coral, Florida
by John Nelson
CAPE CORAL, FLA. — Flaherty & Collins Properties plans to develop The Cove at 47th, a $66 million mixed-use multifamily project in downtown Cape Coral. The property will include 285 luxury apartments and 19,000 square feet of commercial space on the ground level, as well as a rooftop pool and lounge. The Cove will prominently feature studios, one- and two-bedroom apartments to attract younger renters. The Cape Coral Community Redevelopment Agency recently approved the development, which is a public-private partnership between the City of Cape Coral and Flaherty & Collins. As part of the agreement, the city is contributing $20 million in sewage upgrades and $10.4 million in incentives to fund the construction of a 525-space parking garage available for public use. The 3.9-acre site is situated at the corner of Cape Coral Parkway East and SE 8th Court near Corksoakers restaurant. Flaherty & Collins purchased the land from an entity doing business as Downtown Village Square LLC. Paulette duCharme Hansen of Miloff Aubuchon Realty Group negotiated the land sale. Flaherty & Collins is aiming to break ground in early 2022, with first units coming in spring 2023. Full project completion is estimated for fall 2023.
MILTON, FLA. — Branch Properties has broken ground on Merganser Commons at Dogwood Estates, a Publix-anchored shopping center in Milton. The grocer will occupy 46,811 square feet and be the first Publix store in the city. Overall, Merganser Commons will span 66,921 square feet and feature retail, dining and service-oriented tenants. Branch Properties’ partner on the project is Merganser Enterprises LLC, a retail developer based in Smyrna, Ga. Branch Properties plans to deliver the center in spring 2022. Merganser Commons is the sixth shopping center in Branch Properties’ development pipeline, including three in metro Atlanta, one in Huntsville and another in Upstate South Carolina.
GROVELAND, FLA. — National supermarket chain Kroger and online grocer Ocado have opened Kroger Ocado Customer Fulfillment Center in Groveland, about 30 miles from Orlando. The high-tech facility spans 338,000 square feet and broke ground in January 2019. The four-story property includes a distribution center, office space, two-story break room and a mezzanine floor. Ryan Cos. is the developer of the asset, which is set to support the packaging and shipment of groceries for home deliveries this summer. The property is unique in that it’s not a store-support facility as Kroger does not currently operate any grocery stores in the region. Ryan Cos., which served as the lead architect, engineer, developer and construction team, has completed 40 automated warehouses exceeding 33 million square feet in 20 states for national brands such as Target, SuperValu and Nestle Purina. The firm also oversaw the Kroger-Ocado fulfillment center that opened near Cincinnati, as well as a Kroger-Ocado facility in suburban Atlanta that will open later this year.
BOCA RATON, FLA. — Grover Corlew, a locally based real estate investment and development firm, has purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton. The undisclosed seller sold the office building in an off-market transaction for $44.6 million. In addition to Bank of America, the building’s tenants include Charles Schwab and Waypoint Residential. Originally built in 1970, the eight-story Bank of America Tower offers onsite management and a building engineer, Wi-Fi access in the lobby, a conferencing facility and free and secure surface and garage parking. Located at 150 East Palmetto Park Road, Bank of America Tower is located 28.7 miles from Palm Beach International Airport and 4.1 miles from Boca Raton Airport. Additionally, the building is adjacent to Royal Palm Place and within walking distance to Mizner Park and the future Brightline Station. Dominic Montazemi, Scott O’Donnell and Mike Davis of Cushman & Wakefield brokered the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing on behalf of Grover Corlew through Wells Fargo Bank.