Florida

Estate Cos. Receives $29.5M in Construction Financing for Hotel Redevelopment in South Florida

by Julia Sanders April 13, 2021

HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan. The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space. Construction is underway, and completion is scheduled for the fourth quarter. The Estate Cos. acquired the five-acre site for $15.3 million in August 2020 and received site plan approval in December. The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Community amenities will include a pool with sundeck, fitness center and clubhouse. Monthly rents will start in the $1,200s. Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit. The adaptive reuse development is the first project to be introduced as part of the new Alture brand of The Estate Cos., which focuses on value-add opportunities and repositioning older assets.

April 13, 2021

Acquisitions Florida Mixed-Use Multifamily Restaurant Retail Southeast

Abbhi Capital Purchases One-Acre Development Parcel at Miami Worldcenter for $20M

by Julia Sanders April 13, 2021

MIAMI — Abbhi Capital, a Coral Gables, Fla.-based investment firm, has purchased a one-acre parcel within Miami Worldcenter for $20 million. The seller was Miami Worldcenter Associates, the developer behind Miami Worldcenter doing business as MWC Block A LLC. The $4 billion, 27-acre mixed-use development is now underway in downtown Miami across 10 city blocks. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. The assemblage includes 45,000 square feet of developable space. The property, known as the west parcel of Miami Worldcenter’s “Block A,” is located between Northeast 10th and 11th streets along Northeast 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million. Miami Worldcenter will total 300,000 square feet of retail, restaurant and entertainment space. Other uses include two completed residential buildings, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet …

April 13, 2021

Acquisitions Florida Loans Multifamily Single-Family Rental Southeast

Pintar Investment Secures $9.3M Refinancing for Single-Family Rental Community in Winter Haven, Florida

by Julia Sanders April 13, 2021

WINTER HAVEN, FLA. — Pintar Investment Co. has secured $9.3 million in refinancing for Lake Lucerne, a 56-unit single-family rental home community in Winter Haven. LendingHome, a San Francisco-based lender for residential investors, provided Pintar with the loan. Pintar chose LendingHome in 2019 to supply a $6.3 million acquisition loan, and Pintar selected LendingHome again to refinance the bridge loan. Built in 2019, Lake Lucerne’s homes feature four-bedroom floor plans averaging 1,678 square feet. Each home features a dedicated two-car garage and a lot size that averages 6,500 square feet.

April 13, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $11.3M Sale of Miami Beach Property Leased to 7-Eleven

by Julia Sanders April 12, 2021

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $11.3 million sale of a 4,370-square-foot retail property leased to 7-Eleven in Miami Beach. Alejandro D’Alba and Scott Sandelin of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust known as Armando’s Service Station, Inc. (dba 7/11 Store). The buyer was Power Petroleum Inc, a fuel supplier based in South Florida that distributes multiple brands. The 7-Eleven convenience store is located on 6348 Collins Ave. and has been operating at this location since 2009. The property has a parking lot size of 20,740 square feet.

April 12, 2021

Development Florida Healthcare Southeast

Partnership to Develop 87-Acre Healthcare Campus in Panama City Beach, Florida

by Julia Sanders April 12, 2021

PANAMA CITY BEACH, FLA. — The St. Joe Co., Tallahassee Memorial HealthCare Inc. (TMH) and Florida State University College of Medicine have partnered to develop a healthcare campus in Panama City Beach. The campus’ planned location is on an 87-acre parcel near the intersection of State Highway 79 and Phillip Griffitts Sr. Parkway. The property is planned to be close to the Latitude Margaritaville Watersound community, a 55-and-older community that is planned for 3,500 homes. Future development plans of the healthcare campus include the construction of an emergency center and 100-bed inpatient facility offering services such as gastroenterology, urology, gynecology, cardiology and general surgery, among others. The parties intend to create a local fiduciary governance structure for the planned campus. TMH currently serves 17 counties in Florida and Georgia. This would be its first facility in Bay County. The parties intend to break ground on the project as early as 2022.

April 12, 2021

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $15.4M Sale of Three-Property Hotel Portfolio in Florida

by Julia Sanders April 9, 2021

OSPREY AND NOKOMIS, FLA. — Marcus & Millichap has brokered the $15.4 million sale of a three-property hotel portfolio in Florida. The assets include Bentley’s Boutique Hotel (88 rooms) and The Virage Hotel (54 rooms) in Osprey and On The Beach Casey Key Hotel (11 rooms) in Nokomis. David Greenberg, Gabriel Shamay and Christopher Passeggiata of Marcus & Millichap represented the seller, an individual based out of the United Kingdom, and procured the unnamed Florida-based buyer. The new ownership plans to renovate and reposition the three properties as independent resorts.

April 9, 2021

Acquisitions Florida Industrial Southeast

CBRE Negotiates Sale of 154,479 SF Warehouse in Medley, Florida

by Julia Sanders April 8, 2021

MEDLEY, FLA. — CBRE has executed the sale of Medley Light Industrial, a 154,479-square-foot warehouse located at 14001 NW 112th Ave. in Medley. TA Realty, a Boston-based institutional investor, purchased the facility, which was 24 percent leased at the time of sale. Christian Lee, Chris Riley and José Lobón of CBRE represented the seller, a joint venture between EverWest Real Estate Investors and TRX Investments, in the transaction. The sales price was not disclosed. Medley Light Industrial features 32-foot clear heights, a rear loading configuration with dock-high doors, 120-foot truck court depths, ESFR sprinklers and 8 percent overall office finish. Amy Julian, Royce Rose, Devin White and David Albert of CBRE assisted in the transaction.

April 8, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of 710,962 SF Distribution Center in Lakeland, Florida

by Julia Sanders April 7, 2021

LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of Dragstrip Logistics Center, a 710,962-square-foot, Class A distribution center located in Lakeland. Amazon is a tenant at the facility, according to the Tampa Bay Business Journal. Mike Davis, Rick Brugge, Stewart Calhoun, Rick Colon, Casey Masters, Dominic Montazemi and Zachary Eicholtz of Cushman & Wakefield represented the seller, Atlanta-based Ackerman & Co., in the transaction. Led by Steve Centrella, Intercontinental Real Estate Corp. acquired the property on behalf of one of its managed funds. The purchase price was not disclosed. Located at 8100 State-Road 33, Dragstrip Logistics Center is located between Tampa and Orlando and is situated along the Interstate 4 corridor. The building features a cross-dock design with 146 dock-high doors, 40-foot clear heights, 185-foot truck court depths plus 60-foot concrete aprons, 183 trailer drops, 858 van stalls and ESFR fire protection.

April 7, 2021

Florida Loans Multifamily Southeast

Bank OZK Provides $64.8M Construction Loan for Natura Gardens Apartments in Miami

by Julia Sanders April 6, 2021

MIAMI — Bank OZK has provided $64.8 million in construction financing to Terra and New Valley, the development partners of Natura Gardens, a multifamily community in Miami. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction is slated for completion by late 2022. Situated along NW 170th Street between Interstate 75 and Florida’s Turnpike, Natura Gardens will be located close to several employers, including Boeing, Royal Caribbean International, Preferred Freezer Services and The Home Depot. Natura Gardens’ units will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will include balconies, custom shaker-style kitchen cabinetry, built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, walk-in closets and en-suite bathrooms. The community will feature landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community. Community amenities will include a two-story clubhouse with a pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs, tables and …

April 6, 2021

Acquisitions Florida Office Southeast

Aztec Group Arranges $15.4M Sale of Lincoln Square Office Complex in Metro Miami

by Julia Sanders April 6, 2021

MIAMI GARDENS, FLA. — Aztec Group Inc., a real estate investment and merchant banking firm, has arranged the $15.4 million sale of Lincoln Square, a 116,560-square-foot suburban office complex located at 18405 NW 2nd Ave. in Miami Gardens. Peter Mekras and Brell Tarich of Aztec Group led the transaction. Miami-based TM Real Estate Group ran a marketing process to sell the property at the end of 2020. Aztec assisted the seller with selecting the buyer, Preminger Investments, which assumed the existing $11.5 million CMBS loan secured by the property with a fixed interest rate of 4.86 percent and approximately eight more years of amortizing term. Lincoln Square was built in 1980 and features two five-story office buildings situated on 5.8 acres. TM Real Estate Group sold Lincoln Square and the adjacent Washington Square for a combined $21.5 million after acquiring the two-property portfolio in May 2015 for a combined $12.6 million.

April 6, 2021

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