Florida

Hersha Hospitality Trust Sells 140-Room Hotel in Miami’s Coconut Grove Neighborhood

by Julia Sanders March 12, 2021

MIAMI — Hersha Hospitality Trust has sold the Residence Inn by Marriott, a three-building, 140-room hotel at 2835 Tigertail Ave. in Miami’s Coconut Grove neighborhood. John Crotty, Michael Fay, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the seller in the transaction. AB Asset Management purchased the hotel for an undisclosed price. Situated at the intersection of Tigertail Avenue and Mary Street, the hotel sits on over two acres. The property is 14 miles from Miami Beach and 5.6 miles from Miami International Airport.

March 12, 2021

Acquisitions Affordable Housing Florida Multifamily Southeast

AHIB Arranges $2.5M Sale on Section 8 Public Housing Community in Macclenny, Florida

by Julia Sanders March 11, 2021

MACCLENNY, FLA. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the sale of Baker Manor Apartments at 680 S 6th St. in Macclenny for just over $2.5 million. Kyle Shoemaker of AHIB represented both the California-based purchaser, The Grey Rock Group, and the undisclosed seller to complete the transaction. Built in 1974, the 50-unit Baker Manor features 12 one-bedroom, 26 two-bedroom and 12 three-bedroom units. Rents in the building range from $655 to $924 per month. Amenities include a playground, pool that underwent renovations in 2018, a laundry facility, community room and an onsite management office. Baker Manor is located close to Interstate 10. The community currently has a waiting list of approximately three years.

March 11, 2021

Acquisitions Florida Multifamily Southeast

Dasmen Residential Acquires Five Apartment Properties in Orlando, Tampa for $102M

by Julia Sanders March 10, 2021

ORLANDO AND TAMPA, FLA. — New Jersey-based Dasmen Residential has acquired five apartment communities in Orlando and Tampa for a total of $102 million. Dasmen acquired the portfolio from Amzak Capital Management and The Focus Group using $15 million of equity raised from 275 investors on CrowdStreet. The CrowdStreet offering was oversubscribed, and investors on CrowdStreet pledged $22.9 million in offers in less than 18 hours. The transaction also included $33 million of total investor equity, as well as a $76.4 million Freddie Mac loan provided and serviced by Greystone. With 1,011 units total, the five apartment properties are 92 percent occupied. The names and addresses of the Orlando communities include Addington Place Apartments at 4757 Silver Star Road, Oak Hill Apartments at 4500 Silver Star Road and Oakmont Apartments at 3024 Rio Grande Ave. The properties in Tampa include Jasmine Terrace Apartments at 1250 Skipper Road and Laurel Crossings Apartments at 13101 Aarans Pond Drive. Dasmen plans to give the properties upgrades to individual units and common areas. The capital improvements will include rebranding all five communities. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers in the transaction.

March 10, 2021

Development Florida Hospitality Southeast

SH Hotels & Resorts to Open 62-Story Treehouse Hotel in Miami’s Brickell District

by Julia Sanders March 10, 2021

MIAMI — SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group led by Barry Sternlicht, will open the Treehouse Hotel in Miami’s Brickell district in 2023. Rockwell Group and SHoP Architects are the designers of the development, which will be the first U.S. Treehouse Hotel. The first Treehouse Hotel debuted in London in 2019. Treehouse Brickell will be a 62-story hotel with 191 rooms. The property is filled with repurposed materials and found objects, like reclaimed flooring, wood beams and mismatched lighting. The hotel will feature two rooftop pools, with several bar and snack options. The main dining area will have a designated terrace and private bar. Treehouse Hotel has environmentally conscious features including rainwater harvesting and reuse, low-carbon energy materials, electric car recharging stations and bike parking. JDS Development Group is a team of innovators and builders based in New York. Rockwell Group is an architecture and design firm based in New York.

March 10, 2021

Acquisitions Florida Retail Southeast

JLL Brokers Sale of Winn-Dixie-Anchored Shopping Center in Naples, Florida

by Julia Sanders March 10, 2021

NAPLES, FLA. — JLL Capital Markets has brokered the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot neighborhood shopping center anchored by Winn-Dixie in Naples. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Phillips Edison & Company Inc., a REIT based in Cincinnati. Slate Grocery REIT acquired the asset for an undisclosed price. Completed in 2005, Mission Hills Shopping Center was renovated in 2018 and features 17 service-oriented tenants, with 85 percent deemed “essential.” The center is situated on 18.8 acres at 7550 Mission Hills Drive, about 37 miles from Fort Myers. Toronto-based Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate.

March 10, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $2.6M Sale of Tampa Bay Retail Property

by Julia Sanders March 9, 2021

ST. PETE BEACH, FLA. — Marcus & Millichap has arranged the $2.6 million sale of Mulligan’s Plaza, a 18,750-square-foot retail property located in St. Pete Beach. Evan Cannan and James Medefind of Marcus & Millichap marketed the property on behalf of the seller, a private investor known as Mulligans Plaza LLC. Cannan and Medefind also represented and secured the undisclosed buyer, a private investor. According to Cannan, the property was closed at full list price and at a 5 percent cap rate. Mulligan’s Plaza is located at 9524 Blind Pass Road, approximately 27 miles from Tampa International Airport.

March 9, 2021

Acquisitions Florida Multifamily Southeast

RAS Property Acquires Lofts at Wildlight Apartments in Yulee, Florida for $55.8M

by Julia Sanders March 5, 2021

YULEE, FLA. — RAS Property Group has acquired The Lofts at Wildlight, a new 279-unit apartment complex located in Yulee, for $55.8 million. The seller was not disclosed. Situated approximately 22 miles from downtown Jacksonville, The Lofts at Wildlight include five buildings and offers one-, two- and three-bedroom apartments. Community amenities include a pool with sundeck, outdoor dining spaces and a 24-hour fitness center. The property is part of the 2,900-acre Wildlight community in Nassau County. Upon completion, Wildlight will offer 7 million square feet of office, commercial, medical, industrial and residential space. Adam Bieber of Philips Realty Capital advised RAS on capitalization of the property. RAS Realty Partners, parent company of RAS Property Group, is a real estate investment and development company based in Boca Raton, Fla.

March 5, 2021

Development Florida Industrial Southeast

Automotive Retailer to Open $30M Fulfillment Center, Dealership in Tampa Bay Area

by Julia Sanders March 4, 2021

BRANDON, FLA. — HGreg.com, a pre-owned automotive retailer, has expanded to a 10-acre property in the Tampa Bay Area. The retailer plans to open its new regional fulfillment center and dealership in Brandon this spring. Construction costs are estimated at more than $30 million. Located at 1207 E Brandon Blvd. in Hillsborough County, the new facility will feature a 42,000-square-foot building, a showroom and an inventory of more than 1,000 pre-owned vehicles. The new property will allow HGreg.com to expand its service offering, both digital and onsite, to car buyers throughout Central and West Coast Florida, as well as out-of-state markets. HGreg.com plans to fill 90 jobs in its new facility. HGreg.com is part of HGregoire, a network of 17 pre-owned and 13 new car dealerships throughout Canada and the United States. In December 2020, the company announced the expansion of HGreg.com into the West Coast with a major investment based in the Greater Los Angeles area.

March 4, 2021

Development Florida Southeast

Merlin Entertainments, Hasbro to Build Peppa Pig Theme Park in Central Florida

by Julia Sanders March 4, 2021

WINTER HAVEN, FLA. — Merlin Entertainments and Hasbro have partnered to build the world’s first standalone Peppa Pig Theme Park. Situated within LEGOLAND Florida Resort in Winter Haven, the new park is expected to open in 2022. Merlin has an exclusive multi-territory licensing agreement with Hasbro, owner of the Peppa Pig brand, to build and operate the attractions, which are targeted at the preschool market. Peppa Pig has over 1,000 licensees across 60 countries, and the TV program is broadcast in 180 territories in 40 different languages. Peppa Pig Theme Park will feature multiple rides, interactive attractions, themed playscapes and water play areas and live daily shows. Ride and attraction details for the new Central Florida theme park will be announced this summer. When Peppa Pig Theme Park opens, it will be a separately ticketed theme park from LEGOLAND.

March 4, 2021

Acquisitions Florida Industrial Southeast

Birtcher Anderson & Davis, Belay Investment Group Purchases $17.1M Sunstate Business Park in Tampa

by Julia Sanders March 2, 2021

TAMPA, FLA. — A joint venture between Birtcher Anderson & Davis and Belay Investment Group has purchased Sunstate Business Park in Tampa for $17.1 million. The property’s eight buildings total 180,323 square feet of flex and industrial space and are located at the intersection of West Waters Avenue and Sunstate Street, two miles from Tampa International Airport. Ryan Vaught, Robyn Hurrell and Nathan Lynch of Colliers International represented the seller, Indianapolis-based Citimark. The buyer was self-represented. At the time of the sale, Sunstate Business Park was 91.1 percent leased to 26 tenants, including Freedom Scientific Inc., Cooper Speed, Calta’s Fitness Center and American Technologies Group. The property recently underwent capital improvements to refresh signage, landscaping and exterior paint. Having sold off over 1 million square feet in Tampa-based assets over the past two years, Sunstate Business Park is currently the only property Birtcher Anderson & Davis owns in the Tampa Bay market.

March 2, 2021

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