Florida

ORLANDO, FLA. — SRS Real Estate Partners has arranged the $4.2 million ground-lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL, a brokerage affiliate of NNN Capital LLC, represented the undisclosed seller.

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ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reports that Olive Garden year-over-year sales dipped 19 percent to $829.5 million. LongHorn Steakhouse sales fell 8.9 percent in that same time period to $407.4 million. As of Nov. 29, Darden operated 1,818 restaurants.

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MIAMI — Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot mixed-use development along the Miami River. The Atlanta-based general contractor completed the project on behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group. Matthews Southwest provided owner representative services. River Landing Shops and Residences spans 8.1 acres of riverfront land. The development features a seven-story, 488,000-square-foot retail and commercial space housing national retailers and shops; 142,000 square feet of Class A office space; and two multifamily residential towers above a 12-story, 2,344-space parking garage. River Landing also provides boater access along the Miami River, a waterfront linear park and a 25,500-square-foot restaurant row that will accommodate up to seven fine dining to fast casual restaurants. The design team includes architects BC Architects, McNamara Salvia Structural Engineers and Steven Feller MEPFP engineers. At its peak, the job employed more than 750 Balfour Beatty workers. River Landing Shops and Residences began opening its retailers to the public in early September. The tenant roster includes national retailers T.J. Maxx, Chase Bank, AT&T, Ross Dress for Less, Burlington, Hobby Lobby, Publix, Old Navy and Chick-fil-A.

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DANIA BEACH, FLA. — Aztec Group has arranged a $60.3 million construction loan for Oasis Pointe, a planned 301-unit apartment community in Dania Beach. Cymbal Development received the non-recourse loan from 3650 REIT. The 42-month loan features a fixed interest rate at an 80 percent loan-to-cost ratio. The waterfront community will span 2.4 acres and include structured parking, a 19-slip boat club, waterfront boardwalk, butterfly and meditation gardens and a lap pool. The community will also include COVID-19 protocols, including fresh-air intake throughout the property to sterilize and purify the air. A timeline for completion was not disclosed. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan on behalf of the Miami-based developer. Michael Fleischer and Will Pierce of 3650 REIT originated the financing.

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JACKSONVILLE, FLA. — NorthMarq has provided a $270.5 million Freddie Mac refinancing loan package for a portfolio of five multifamily communities in Jacksonville. The 10-year loans feature fixed 2.72 percent interest rates, five years of interest-only payments and 30-year amortization schedules. The borrower, Jacksonville-based Fort Family Investments, has owned the 1,604-unit portfolio since 1972 and manages it under affiliate Perimeter Realty Inc. Jeffrey Lethig of NorthMarq originated the loans on behalf of the borrower. The largest loan was for Luxor Club, which comprises 464 units and was built in early 2019. The fully occupied asset received an $82.3 million loan. Communal amenities include a pool, outdoor cross-fit area, dog park and a pool for dogs. Palm Bay Club, which has 416 units, received a $68.6 million loan. The asset was built in 2017 and features two pools, outdoor lounge spaces, grilling areas, a 24-hour fitness center, playground, tennis court and a business center. Cabana Club, built in 2012 as Phase I of a two-phase development with Galleria Club, received $42 million in financing. Amenities at the 252-unit community include a pool, semi-private cabanas, 24-hour fitness center and a clubroom. The adjacent Galleria Club, which was delivered in 2015, received a …

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MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion was not disclosed. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. Miami Worldcenter is a $4 billion, 27-acre mixed-use development that has been delivering in phases. Assets that are currently open include RPC’s 60-story Paramount Miami Worldcenter condo tower, which opened across the street from Legacy Hotel & Residences in November 2019; and Caoba, a 444-room apartment tower. Projects currently underway and planned include a 348-room CitizenM hotel, ZOM Living’s 434-unit Bezel apartments, Hines’ 500,000-square-foot office building and MDM Group’s 1,700-room Marriott Marquis and adjacent 600,000-square-foot expo center.

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MIAMI — Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development in Miami’s Coconut Grove neighborhood. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode. The five retailers that are expected to open this month are men’s beachwear retailer Europann, Mr. 01 Extraordinary Pizza, shoe retailer Sportive, Edward Beiner Eyewear and music store The School of Rock. The retail space at CocoWalk spans 150,000 square feet and surrounds the project’s courtyard. CocoWalk also includes a five-story, 185,762-square-foot office building that is 85 percent leased to tenants including Boyne Capital and American Land Ventures LLC.

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MIAMI BEACH, FLA. — Starwood Property Trust, an affiliate of Starwood Capital Group, has topped off construction at its two-building, 144,430-square-foot office building in Miami Beach. Starwood is developing the project in partnership with Integra Investments. Upon full completion, slated for late 2021, Starwood will occupy 55 percent of the six-story east building and part of the west building. The remaining space will be leased to third-party companies. Signed tenants were not disclosed, though the company said the property is “approaching full occupancy.” The asset will house 300 Starwood employees and feature 8,000 square feet of retail space and a 277-space parking garage with valet services. The headquarters is located at 2340 Collins Ave., one block from the beach and one mile north of downtown Miami Beach. Gensler designed the property, Clive Lonstein Inc. designed the interiors and CoastalBrodson is the general contractor. Citizens Bank provided Starwood and Integra with a $76 million construction loan.

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MEDLEY, FLA. — First Industrial Realty Trust has broken ground on First Park Miami, a 2.5 million-square-foot industrial campus in Medley. Phase I will comprise three buildings totaling 600,000 square feet. The facilities will feature 32- to 36-foot clear heights, ESFR sprinkler systems and 120- to 180-foot truck courts. Phase I is expected to be delivered in third-quarter 2021. Butters Construction & Development is the general contractor, while RLC Architects is the designer. At full buildout, First Park Miami will comprise 13 buildings spanning 2.5 million square feet. The property is situated on 126 acres along NW 87th Avenue between NW 80th and 90th streets, nine miles north of Miami International Airport and 14 miles northwest of PortMiami.

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NEW PORT RICHEY, FLA. — Cushman & Wakefield has arranged the $15.6 million sale of Worthington Court, a 152-unit multifamily community in New Port Richey. The property offers one- and two-bedroom floor plans. Communal amenities include a pool, half basketball court, tennis court, playground and a clubhouse. The asset is situated at 7541 Highwater Drive, 32 miles northwest of downtown Tampa. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, HKSK Corp., in the transaction. Birmingham, Ala.-based Engel Realty Co. acquired the property.

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