Florida

NorthMarq Negotiates Sale of 264-Unit Lola Apartments in Riverview, Florida

by Julia Sanders June 3, 2021

RIVERVIEW, FLA. — Luis Elorza and Justin Hofford of NorthMarq Tampa’s Investment Sales team arranged the sale of Lola Apartments. Atlanta-based Asia Capital Real Estate acquired the property for an undisclosed price. Lola Apartments is a 264-unit, mid-rise community located at 9960 Jonas Salk Drive in Riverview. NorthMarq represented the seller, a partnership composed of Tampa-based Lindell Investments and Orlando-based Investors Realty. Built in 2019, Lola Apartments is a mid-rise community with air-conditioned interior corridors. The property includes 45 percent one-bedroom, 49 percent two-bedroom and 6 percent three-bedroom units with an average size of 968 square feet. Community amenities include an 8,000-square-foot clubhouse, 24-hour fitness center, poolside cabanas with outdoor TV’s, fire pit and grills, as well as a bark park and pet spa onsite. Unit interiors feature granite countertops, nine-foot to 17-foot ceilings and oversized balconies, patios and windows. The property is adjacent to St. Joseph’s Hospital – South, which recently completed a $130 million expansion. Lola Apartments is also less than 1,000 feet away from Interstate 75, as well as 13 miles from Westfield Brandon Mall, 14 miles from Hillsborough Community College and 17 miles from Alafia River State Park.

June 3, 2021

Development Florida Hospitality Mixed-Use Multifamily Southeast Top Stories

Joint Venture Launches Condominium Sales at $970M Waldorf Astoria Hotel & Residences Project in Downtown Miami

by Katie Sloan June 3, 2021

MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …

June 3, 2021

Acquisitions Florida Industrial Southeast

LRC Properties Purchases 600 Whittaker Road Warehouse in Jacksonville for $29.6M

by Julia Sanders June 2, 2021

JACKSONVILLE, FLA. — LRC Properties has purchased 600 Whittaker Road in Jacksonville for $29.6 million. The 469,830-square-foot warehouse is the New York-based firm’s first industrial acquisition in Jacksonville. LRC Properties partnered on the deal with Machine Investment Group, and Rialto Capital provided $24.7 million debt financing. The seller was not disclosed. The warehouse property is located in the northside submarket of Jacksonville near Interstates 95, 295 and 10. The property features warehouse space, 32-foot clear heights, loading areas and trailer parking. LRC plans to make cosmetic upgrades to the property and improve signage. With this purchase, LRC owns approximately 6 million square feet of commercial properties in the Southeast. The company recently purchased two properties known as the 640,000-square-foot Technicolor Building in Memphis and a 288,000-square-foot industrial property at 2 Dell Parkway in Nashville.

June 2, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $24.5M Sale of Marina Del Rey Apartments in Miami Beach

by Julia Sanders June 2, 2021

MIAMI BEACH, FLA. — Cushman & Wakefield has arranged the $24.5 million sale of Marina Del Rey, a 108-unit waterfront apartment community in Miami Beach. Calum Weaver, Garrett Pordes, Robert Given, Zach Sackley and Troy Ballard of Cushman & Wakefield represented the seller, Finvarb Group, in the transaction. An entity doing business as 1006 Bay Drive LLC was the buyer. Located at 1006-1022 Bay Drive, Marina Del Rey features over 400 feet of direct water frontage with views of Biscayne Bay and downtown Miami.

June 2, 2021

Florida Loans Office Southeast

JLL Secures $19.4M in Financing for Office Complex in Boca Raton, Florida

by Julia Sanders June 1, 2021

BOCA RATON, FLA. — JLL Capital Markets has secured financing for Glades Twin Plaza, a two-building office complex totaling 97,815 square feet in Boca Raton. Chris Drew, Brian Gaswirth, Michael DiCosimo and Reid Carleton of JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan. The non-recourse financing includes initial and future funding totaling $19.4 million. Glades Twin Plaza is situated on 5.3 acres at 2300 Glades Road. The property is part of the larger Glades Plaza mixed-use development, which is also owned by Sterling Organization. Glades Twin Plaza is close to Interstate 95 and is less than three miles away from the Florida Turnpike.

June 1, 2021

Acquisitions Florida Retail Southeast

ALTO Real Estate Funds Purchases Lincoln Road Retail Property in Miami Beach for $18.9M

by Julia Sanders May 26, 2021

MIAMI BEACH, FLA. — ALTO Real Estate Funds has purchased a 7,142-square-foot retail property located in Miami Beach for $18.9 million. The property is situated along Lincoln Road, Miami Beach’s high street retail corridor. The seller was Gombinski Properties, who bought the property in 1985. Ran Ziv and Sean Shahar Ziv of GLT Group Brokerage represented the seller and the buyer. The property comprises two suites located at 900 and 904 Lincoln Road, at the corner of Jefferson Avenue. The corner building underwent a complete renovation in 2016 and now has restored façades, high ceilings and large glass storefronts. The 900 suite is leased to Aerie, the underwear and activewear subsidiary of American Eagle Outfitter. Dallas-based ALTO expects to lease the vacant 904 store by next year. Jonathan Carter of Colliers International South Florida is in charge of leasing. Lincoln Road is a one-mile corridor located close to the Miami Beach Convention Center, hotels, restaurants and beaches. It features brands such as Nike’s only flagship store in Florida, the largest H&M and Zara stores in the Southeast and an Apple store. Lincoln Road features more than 800,000 square feet of retail and restaurants space.

May 26, 2021

Development Florida Multifamily Southeast Texas Top Stories

Waypoint Residential Acquires Land for $240M in Multifamily Projects in Florida, Texas

by Kristin Harlow May 26, 2021

FLORIDA AND TEXAS — Waypoint Residential LLC, through several subsidiaries, has acquired land for the development of five multifamily projects in Florida and Texas. All told, the Class A, garden-style developments will comprise more than 1,350 units with a total capitalization surpassing $240 million. Four of the projects will be located in Florida, within the markets of Gainesville, Orlando, Stuart and Palm Bay. The Texas project will be located in suburban San Antonio. In Gainesville, Waypoint plans to build a 235-unit property on SW 20th Avenue. The community will be near several retail and entertainment options and seven miles from the University of Florida. Waypoint is planning a 312-unit community along Lake Wilson, about 25 miles south of downtown Orlando. The project will offer convenient access to Interstate 4, Highway 27 and Ronald Regan Parkway. The Stuart project, located directly off US-1, will feature 270 units. Stuart is located on the Atlantic Coast approximately midway between Miami and Orlando. The Palm Bay project will comprise 252 units. Palm Bay is situated within Florida’s “Space Coast” and near employers such as L3 Harris, Northrop Grumman, Lockheed Martin and Health First. The Texas development will be located in Boerne, about 30 miles …

May 26, 2021

Development Florida Industrial Southeast

Parkway Property Investments, Silverpeak Break Ground on 5 MSF Industrial Park in Lakeland, Florida

by Julia Sanders May 25, 2021

LAKELAND, FLA. — Parkway Property Investments LLC and Silverpeak Real Estate Partners have broken ground on Lakeland Central Park, a 740-acre, Class A industrial development near the intersection of Interstate 4 and Polk Parkway in Lakeland. When complete, the property will contain more than 5 million square feet of industrial space suitable for manufacturing and distribution users. The site features one-and-a-half miles of frontage along Polk Parkway. Charles Foschini, Christopher Apone, Michael Weinberg and Alec Fox of Berkadia arranged the $38.3 million construction financing. The first phase of Lakeland Central Park’s construction will include a 708,000-square-foot industrial building and the infrastructure to deliver development-ready sites throughout the project. The first phase is scheduled to open in the fourth quarter of 2022. The project is expected to take two phases, with the entire build out to be complete in seven years. This property is a private investment vehicle managed by Silverpeak, which is jointly capitalized by Silverpeak and an unnamed institutional investor with over $130 billion of real estate assets under management. Parkway will develop and manage Lakeland Central Park. The ownership has tapped JLL to lease the industrial park.

May 25, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $63M Sale of 20 North Orange Office Building in Downtown Orlando

by Julia Sanders May 25, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged the $63 million sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in downtown Orlando’s central business district. Banyan Street Capital, a Miami-based private equity firm, purchased the property in a joint venture with a fund managed by DRA Advisors. The price was disclosed by the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield, with support from colleagues Zach Eicholtz, Ryan Jenkins and Brooke Tulley, represented the selling partnership, which comprised funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital. The new ownership has tapped Robert Kellogg, Todd Davis and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the office building in collaboration with Square2 Capital. Built in 1983, the 16-story building was purchased by the sellers in 2014 when it was 73 percent leased. The previous ownership spent approximately $5.3 million in capital improvements, including streetscape enhancements, updating both lobby areas, modernizing elevator and mechanical systems and renovating all of the common areas. As a result of these enhancements, occupancy improved to 90 percent. New tenants have been added such …

May 25, 2021

Acquisitions Florida Multifamily Southeast

American Commercial Realty Acquires 152-Unit Hampton Forest Apartments in Gainesville, Florida

by Julia Sanders May 25, 2021

GAINESVILLE, FLA. — American Commercial Realty (ACR) has acquired Hampton Forest Apartments, a 152-unit multifamily community in Gainesville. The seller, an entity doing business as Fox Hollow Apartments LLC, sold the property for an undisclosed price. JLL arranged the sale, as well as $14 million in acquisition financing for the buyer. Hampton Forest Apartments has one- and two- bedroom floorplans, with most having private balconies or patios. The community includes 19 two-story concrete block buildings with a leasing office and resident services building, as well as a swimming pool on a nearly 10-acre site. The property was 96 percent occupied at the time of sale. ACR is planning to make a series of improvements at Hampton Forest, including new quartz countertops and cabinets in the kitchens, the addition of modern plank flooring and contemporary fixtures and washers and dryers in many of the units. There will also be new grilling and dining stations, as well as enhancements to the pool area and upgrades to the landscaping. Park Partners, a Boca Raton, Fla.-based renovation management company, is in charge of doing the upgrades to Hampton Forest. Atrium Management will manage the property. Located at 7301 W. University Ave., Hampton Forest is …

May 25, 2021

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