Florida

CBRE Arranges Financing for 133-Unit Apartment Project in Jacksonville

by Julia Sanders April 1, 2021

JACKSONVILLE, FLA. — CBRE has arranged financing for a new 133-unit multifamily project in Jacksonville called The Hendricks at San Marco. The $30 million apartment development in the city’s San Marco neighborhood will be located near the corner of Atlantic Boulevard and Hendricks Avenue. Jeff Kinney and Phil Rachels of CBRE arranged the funding on behalf of the development team, Harbert Realty Services and Corner Lot Development. The financing included a three-year construction loan through First Horizon Bank and joint venture equity from GMC Properties, which will also manage the property upon completion. The Hendricks at San Marco will be located next to the Publix-anchored East San Marco shopping center. Construction on the apartment community is expected to start this month.

April 1, 2021

Acquisitions Florida North Carolina Retail Southeast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders April 1, 2021

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

April 1, 2021

Acquisitions Florida Georgia Industrial Self-Storage South Carolina Southeast

Compass Self Storage Acquires Three Self-Storage Centers Around the Southeast

by Julia Sanders March 31, 2021

CLEVELAND — Compass Self Storage has acquired several self-storage centers that in total added over 183,000 net rentable square feet to the firm’s portfolio. The newest storage units are located at 9085 SW State Road 200 in Ocala, Fla.; 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; and 5A Estate Drive in Bluffton, S.C. These three acquisitions bring Compass’ total property count to 98. Compass Self Storage has plans to upgrade all three properties, including upgraded security by offering smart locks, high definition video, lighting and individual access control. Compass Self Storage will also offer onsite truck rental services. These Compass Self Storage locations, as well as all Compass Self Storage centers nationwide, now offer contactless rentals. Compass Self Storage is a member of Cleveland-based Amsdell Cos. The three Southeast acquisitions were made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The sellers and sales prices were not disclosed.

March 31, 2021

Development Florida Multifamily Southeast Top Stories

Melo Group Breaks Ground on 57-Story Downtown 1st Apartment Tower in Miami

by Kristin Harlow March 31, 2021

MIAMI — Melo Group has started construction of Downtown 1st, a transit-oriented multifamily development at 22 SW 1st St. in Miami’s central business district (CBD). The 57-story tower will include 560 market-rate apartments, 10,000 square feet of office space and 3,000 square feet of ground-floor retail space. Completion is slated for 2022. Downtown 1st will include one-, two- and three-bedroom apartments. Units will feature glass balconies with bay and city views. Building amenities will include two swimming pools, a fitness center, business center, social room/game room, 24-hour concierge/security and a multi-level garage with valet service. The site for Downtown 1st is in close proximity to Miami-Dade County’s Government Center, the Main Public Library, the Miami-Dade County Courthouse, Miami-Dade College’s Wolfson Campus, the New World School of the Arts and Brightline’s MiamiCentral Melo is also building Downtown 5th, twin 52-story apartment towers in Miami’s CBD. Pre-leasing is underway for the 1,042 units, which are slated for completion this summer. The firm is planning a third multifamily project nearby dubbed Downtown 6th that will total roughly 800 units. All told, Melo Group is expected to deliver nearly 2,500 residential units to Miami’s CBD over the next two years. “We’re bullish on downtown Miami’s CBD,” says Carlos Melo, co-principal of …

March 31, 2021

Development Florida Multifamily Southeast

Penler Breaks Ground on 288-Unit Apartment Community in Clermont, Florida

by Julia Sanders March 30, 2021

CLERMONT, FLA. — Penler, an Atlanta-based multifamily real estate investment and development firm, has broken ground on a 288-unit apartment community in Clermont, which is a western suburb of Orlando. Penler expects the project to be open for residents in the spring of 2022. Located directly behind the Publix at East Town Center on West Colonial Drive, the unnamed apartment community will feature one-, two- and three-bedroom floor plans within two-story buildings. The garden-style apartments will allow residents to enter their units directly from the outside without passing through hallways or common stairwells, which is meant to limit exposure to contagions, according to Penler. Outdoor amenities will include a lawn, pool deck, grilling area, dog park and a pond facing the South Lake Trail. The nine-mile trail connects to the 22-mile West Orange Trail. The community will also have a 6,000-square-foot clubhouse with a fitness center, resident lounge, leasing center and a bike shop with storage. Interiors will feature open floor plans, quartz countertops, stainless steel appliances, vinyl plank flooring, high-end lighting and washers and dryers. Average rents are projected to be $1,568 per month, with one-bedroom units starting at $1,367, two-bedrooms at $1,593 and three-bedrooms starting at $1,931.

March 30, 2021

Acquisitions Alabama Florida Multifamily Southeast

DLP Real Estate Capital Acquires 1,086-Unit Multifamily Portfolio in Mississippi, Alabama

by Julia Sanders March 26, 2021

ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia. Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups. Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios. Prosper …

March 26, 2021

Company News Florida Southeast

Darden Restaurants Earnings, Revenue Higher Than Wall Street’s Estimates

by Julia Sanders March 26, 2021

ORLANDO — Darden Restaurants reported quarterly earnings and revenue on Thursday that were higher than the Wall Street analysts’ predictions, though they remain down year-over-year. The company’s net income was $128.7 million for its fiscal third quarter that ended Feb. 28, 2021. According to the CNBC, analysts surveyed by Refinitiv had predicted earnings of 69 cents per share, versus the 98 cents that the company received. Net sales decreased by 26.1 percent to $1.73 billion year-over-year, but this number was larger than the expected value of $1.63 billion. Olive Garden accounts for half of Darden’s revenue, and the Italian restaurant saw a same-store sales decline of 25.8 percent. However, LongHorn Steakhouse had a same-store decline of only 12.6 percent. The Darden restaurant chain that was hit the hardest was The Capital Grille, which had same-store sales decline of 45.2 percent. Darden Restaurants is hopeful for the fiscal fourth quarter of the year, as the company is predicting total sales of $2.1 billion and earnings per share up to $1.70. In fiscal 2022, the company predicts to open about 35 restaurants. The company also wants hike wages for its hourly restaurant workers by spending around $17 million in a one-time bonus. …

March 26, 2021

Development Florida Industrial Loans Southeast

Bridge Development Secures $78.2M Construction Financing for Bridge Point AVE Industrial Park in Miami

by Julia Sanders March 25, 2021

MIAMI — Bridge Development Partners has secured $78.2 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and is scheduled to be delivered in the third quarter. Steve Roth of CBRE’s Debt & Structured Finance team arranged the loan through Canadian Imperial Bank of Commerce (CIBC). Bridge acquired the nearly 50-acre development site located within the master-planned AVE, Aviation and Commerce Centre in late 2019. Building 1 will be located at 5590 NW 145th St. and span 199,800 square feet. Building 2 will be located at 14150 NW 56th Court and consist of 110,588 square feet. Lastly, Building 3 will be located at 14250 Aviation Drive and span 279,499 square feet. All three buildings will feature modern amenities and an ESFR fire suppression system. Bridge Point AVE will be bounded by Palmetto Expressway to the north and Gratigny Parkway to the south. Bridge has acquired 493 acres in 16 separate transactions throughout Miami-Dade and Broward counties and delivered approximately 7 million square feet of Class A industrial space across the South Florida region since entering the market in 2012.

March 25, 2021

Florida Mixed-Use Multifamily Southeast Top Stories

Two Large-Scale Residential Developments Underway in Metro Miami for Combined $695M

by Katie Sloan March 25, 2021

PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers. Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge. The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021. Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th …

March 25, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast

Gridline Properties Arranges $5.4M Sale of Former Methodist Church and School in Miami

by Julia Sanders March 24, 2021

MIAMI — Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos represented the sellers, Seth Gadinsky of Gadinsky Real Estate LLC and Samuel Soriero of Group 10 Capital Management LLC, in the transaction. The buyer, The Sanctuary LLC, a client of Elm Spring Inc., plans to adapt the property into restaurant, retail and office space. The sellers acquired the property in 2016 for $3.2 million and entitled the asset into a mixed-use retail, office and event space building prior to selling. No timeline was given on the redevelopment project.

March 24, 2021

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