Florida

Heritage Insurance Signs 88,643 SF Headquarters Lease in Tampa’s Westshore District

by Alex Tostado October 8, 2020

TAMPA, FLA. — Heritage Insurance has signed a 10-year, 88,643-square-foot office lease to move its headquarters to Westshore City Center in Tampa. The company will fully occupy the building, which is situated in the Westshore District at 1401 N. Westshore Blvd., five miles west of downtown Tampa. The tenant expects to move in in the second quarter of 2021. Heritage Insurance is currently headquartered in nearby Clearwater. Heritage Insurance plans to house 350 employees at the property upon move-in, with plans to expand to 700 employees in the next five years. Tampa-based Ally Capital Group acquired Westshore City Center in 2019 and is currently implementing a $10 million renovation program. Matt Alexander and Chad Rupp of Franklin Street represented the landlord in the lease negotiations.

October 8, 2020

Development Florida Loans Multifamily Southeast

Principal Real Estate Investors Provides $53.5M Construction Loan for Apartment Complex in Metro Miami

by Alex Tostado October 5, 2020

HIALEAH, FLA. — Principal Real Estate Investors has provided a $53.5 million construction loan for the residential portion of Pura Vida Hialeah. The borrower, Coral Rock Development Group, is developing the property, which also features 40,000 square feet of adjacent retail space. The apartment community, dubbed The Residences at Pura Vida, will feature 260 units spanning three eight-story buildings. One of the buildings will offer 11,000 square feet of ground-floor retail. The property will offer studio through three-bedroom floor plans, ranging from 538 to 1,099 square feet. Communal amenities will include a pool, gym, barbecue area, dog park, a biking center and 24-hour security staff. The developer expects to break ground in November and deliver the asset in early 2022. KAST Construction is the general contractor. The asset will be situated at 3051 W. 16th Ave., 13 miles northwest of downtown Miami. Pura Vida Hialeah began opening earlier this summer when Dollar Tree opened. InnovaCare Health will soon open in a 20,000-square-foot space. Construction of the retail portion began in April 2019.

October 5, 2020

Florida Market Reports Office Southeast Southeast Market Reports

Orlando Office Market Remains Strong with Pent-Up Capital Poised for Play

by Alex Tostado October 5, 2020

Economic health at the start of 2020 set a foundation for Orlando’s office market that remains in a good position despite headwinds caused by the global COVID-19 pandemic. Nationally, the United States saw its longest-running period of economic growth before non-essential business was paused. Even with the slowdown in tourism, Orlando continues to see an uptick in local economy-boosting sectors, including defense and technology. Additionally, an increasing number of companies and individuals in the Northeast have eyes on Florida to escape denser urban markets and high state and local taxes, which bodes well for the Central Florida region. Fundamentals stay firm The pandemic significantly curbed a lot of new office leasing activity in Orlando in 2020. However, rents have not experienced a measurable decline to date. As of the second quarter, the total average rental rate was $24.92 full-service. Landlords are generally being patient and are not lowering rents or offering above-market concessions when negotiating new deals. Asking rents will likely stay flat for the coming months until the broader economy kickstarts again or the anticipated new sublease space hits the market and compels landlords to be more competitive. Total net office absorption for the Orlando area posted a negative …

October 5, 2020

Development Florida Multifamily Southeast Student Housing

CTG, Florida A&M University Complete 720-Bed Student Housing Development in Tallahassee

by Alex Tostado October 2, 2020

TALLAHASSEE, FLA. — A public-private partnership between CTG Development Co. (CTG) and Florida A&M University (FAMU) has completed the development of a 720-bed residence hall on the university’s campus in Tallahassee. The new residence hall is Phase I of development on a larger project called Main Street Corridor, which will include a mixed-use building with multifamily units and retail, a new stadium and a field house upon completion. Finfrock is serving as the architect of record and the design-build contractor for the project. The university held a ribbon-cutting ceremony Wednesday, Sept. 30. FAMU is holding classes in a hybrid format for the fall 2020 semester.

October 2, 2020

Development Florida Multifamily Seniors Housing Southeast

Summit Contracting Breaks Ground on 163-Unit Seniors Housing Community in Central Florida

by Alex Tostado October 1, 2020

DAVENPORT, FLA. — Summit Contracting Group has broken ground on Siena Pointe, a seniors housing community in Davenport. Siena Pointe will be a four-story, wood-frame building situated on a seven-acre site. The property will feature 163 units of seniors housing in a 194,127-square-foot building. The community will be situated near Interstate 4 and U.S. Route 27, 33 miles southwest of downtown Orlando. Construction is slated for completion in fall 2021. The developer is Eastwind Development LLC, and the architect is Forum Architecture & Interior Design Inc.

October 1, 2020

Florida Loans Office Southeast

CIM Group Provides $72.9M Refinancing Loan for SunTrust Plaza in Downtown Orlando

by Alex Tostado September 30, 2020

ORLANDO, FLA. — CIM Group has provided a $72.9 million construction take-out loan for SunTrust Plaza at Church Street Station. The new 28-story, 209,000-square-foot office building is located in downtown Orlando. The borrower, a partnership between Lincoln Property Co. and Mason Capital Partners, delivered the asset earlier this year. Truist Financial Corp., formerly SunTrust Bank, occupies 43 percent of the building through 2030. The asset was 84 percent leased at the time of financing.

September 30, 2020

Acquisitions Florida Retail Southeast

Limestone, Orion Purchase Two Retail Properties in Sarasota, Florida for $15.5M

by Alex Tostado September 30, 2020

SARASOTA, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased two retail properties in Sarasota for $15.5 million. The properties are located at 362 and 371 St. Armands Circle on Lido Key, four miles west of downtown Sarasota. French pastry shop Le Macaron, fashion retailer Breezin’ Up and women’s clothing store Sahara occupy the property at 362 St. Armands. Tommy Bahama occupies the space at 371 St. Armands. Florida-based Ocean Bank provided acquisition financing to the buyers. The seller(s) was not disclosed.

September 30, 2020

Acquisitions Florida Office Southeast

Boutique National Negotiates $8.3M Sale of Four-Building Office Portfolio in Tallahassee

by Alex Tostado September 30, 2020

TALLAHASSEE, FLA. — Boutique National LLC has negotiated the $8.3 million sale of four office buildings within Woodcrest Office Park in Tallahassee. The buildings total 89,284 square feet and are located at 323-325 John Knox Road, three miles north of downtown Tallahassee. At the time of sale, the assets were leased to 26 tenants. Nick Ganey, Tommy Szarvas and Estevan Lamas of Boutique National represented the buyer, an undisclosed private investor, in the transaction. Jimmy Nystrom of NAI Talcor represented the seller, an undisclosed limited liability company.

September 30, 2020

Development Florida Retail Southeast

Whole Foods Market to Open New 40,000 SF Store in Jacksonville Beach Next Week

by Alex Tostado September 29, 2020

JACKSONVILLE BEACH, FLA. — Whole Foods Market will open a 40,000-square-foot store in Jacksonville Beach on Oct. 7. The new grocery store will anchor Pablo Plaza, a 156,755-square-foot shopping center located at 1822 S. Third St., 22 miles east of downtown Jacksonville. Pablo Plaza’s other tenants include Marshalls, HomeGoods, PetSmart and Office Depot. Jax Daily Record reports that J. Raymond Construction Corp. is the general contractor, CPH Engineering is the civil engineer and ELM | Ervin Lovett Miller is the architect. Jacksonville-based Regency Centers leases the property on behalf of the landlord and affiliate, New York-based Equity One Corp.

September 29, 2020

Acquisitions Florida Retail Southeast

CTO Realty Growth Acquires Shopping Center in Metro Miami for $21M

by Alex Tostado September 29, 2020

HIALEAH, FLA. — CTO Realty Growth has acquired Westland Gateway, a 108,000-square-foot shopping center in Hialeah, for $21 million. Aldi, dd’s Discount, Ross Dress for Less and Bed Bath & Beyond occupy the property. Westland Gateway is located at 1460 W. 49th St., 15 miles northwest of downtown Miami. Daytona Beach, Fla.-based CTO Realty purchased the asset through a 1031 exchange. The seller was not disclosed.

September 29, 2020

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