Florida

Berkadia Arranges $10.6M Sale of Apartment Complex Near Jacksonville

by Alex Tostado March 30, 2020

ORANGE PARK, FLA. — Berkadia has arranged the $10.6 million sale of Promenade Park Avenue, a 105-unit apartment complex in Orange Park. The property was originally built in 1974 and offers two-bedroom floor plans. Communal amenities include a swimming pool. The asset is situated at 606 Park Ave., 14 miles south of downtown Jacksonville. Cole Whitaker and Greg Rainey of Berkadia represented the seller, New York City-based Quad Property Group, which acquired the property for $6.7 million in December 2017. The buyer was not disclosed.

March 30, 2020

Acquisitions Florida Mixed-Use Southeast

Marcus & Millichap Brokers Sale of 43,255 SF Mixed-Use Building in Lady Lake, Florida

by Alex Tostado March 30, 2020

LADY LAKE, FLA. — Marcus & Millichap has brokered the $3.1 million sale of Old Dixie Portfolio, a 43,255-square-foot building that features 30 rental townhomes and 7,500 square feet of office space. The property is located at 102 S. Old Dixie Highway in Lady Lake, 50 miles northwest of downtown Orlando. The multifamily community, called Christine’s Place Apartments, offers two- and three-bedroom floor plans averaging 1,192 square feet. The community was built in 1997. The office space, Chelsea Plaza, was built in 1999 and comprises seven suites that are leased to a mix of medical, professional and technology tenants. Casey Babb, Ryan Wooden, Luis Baez and Shawn Rupp of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also procured the buyer, a limited liability company.

March 30, 2020

Acquisitions Florida Retail Southeast

Colliers Negotiates $3.2M Sale of Retail Strip Center in Tallahassee

by Alex Tostado March 30, 2020

TALLAHASSEE, FLA. — Colliers International has negotiated the $3.2 million sale of Villages at Apalachee, a 9,026-square-foot retail strip center in Tallahassee. The property is situated at 1435 E. Lafayette St., two miles east of downtown Tallahassee and across the street from Governor’s Square Mall. Villages at Apalachee was fully leased to Uncle Maddio’s Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon at the time of sale. Mike Milano, Sean Glickman, Chris Smith and Brandon Rapone of Colliers represented the seller, Shuler Properties, in the transaction. EM Real Estate Development Florida LLC, which is affiliated with an investment firm based in California, acquired the asset.

March 30, 2020

Acquisitions Florida Industrial Southeast

JLL Arranges Sale of 297,000 SF Industrial Building in Jacksonville

by Alex Tostado March 27, 2020

JACKSONVILLE, FLA. — JLL has arranged the sale of Grainger Distribution Center, a 297,000-square-foot industrial building in Jacksonville. W.W. Grainger, a distributor of maintenance, repair and operating supplies, fully occupies the facility, which is situated on 75 acres at 6590 Pritchard Road in Jacksonville’s West industrial submarket. The seller and developer, TriGate Capital LLC, delivered the property in December. The center features 32-foot clear heights, 65 dock-high doors, two drive-in doors, ESFR fire suppression and LED high-bay lighting. Britton Burdette, Pete Pittroff, Matt Wirth, Dennis Mitchell, Patrick Nally, Bret Felberg and Luke Pope of JLL represented the seller in the transaction. Further details of the deal were not disclosed.

March 27, 2020

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $3.6M Sale of Firestone-Leased Retail Property Near Tampa

by Alex Tostado March 27, 2020

SPRING HILL, FLA. — Marcus & Millichap has brokered the $3.6 million sale of a Firestone Complete Auto Care in Spring Hill. The property, which comprises 5,789 square feet, is situated at 4833 Commercial Way, 45 miles north of downtown Tampa. The property is triple-net-leased to Firestone. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, FS Spring Hill LLC, in the transaction. David R. David of WA Development represented the buyer, 4 H Ranch LLC. McMinn says the property had multiple offers due to its long-term lease with rental increases and Firestone’s status as an internet-resistant business.

March 27, 2020

Acquisitions Florida Loans Multifamily Southeast

NorthMarq Provides $41.2M Acquisition Loan for Multifamily Community in Orlando

by Alex Tostado March 25, 2020

ORLANDO, FLA. — NorthMarq has provided a $41.2 million Freddie Mac acquisition loan for The Bentley at Maitland, a 324-unit multifamily community in Orlando. The borrowers, Enzo Multifamily and Moneil Investments, received the loan through Freddie Mac’s Green Advantage program. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property is situated at 6750 Woodlake Drive, nine miles north of downtown Orlando. The community offers one- and two-bedroom floor plans and amenities such as a fitness center, business center, pool, playground, clubhouse, a tennis court and grilling stations.

March 25, 2020

Development Florida Multifamily Southeast

BCDC, Ventures Development Break Ground on 185-Unit Multifamily Community in Jacksonville

by Alex Tostado March 23, 2020

JACKSONVILLE, FLA. — Batson-Cook Development Co. (BCDC) and Ventures Development Group have broken ground on a 185-unit multifamily community in Jacksonville’s St. Johns River neighborhood. The property is situated at 841 Prudential Drive, along the bank of the St. Johns River and next to Jacksonville’s medical campus. Communal amenities at the yet-to-be-named complex will include a clubroom, community kitchen, green space, playground, dog park and a pool and deck on the third floor overlooking the river. The developers expect to open the community in early 2022. Niles Bolton is the architect, and Summit Contracting Group is the general contractor. Erik Bjornson and Tyler Nilsson of Newmark Knight Frank (NKF) arranged the land sale of the 2.9-acre plot. Cadence Bank provided a senior construction loan, and Nationwide Realty Investors provided preferred equity. Patterson Real Estate Advisory Group assisted BCDC and Ventures Development with sourcing the debt and equity.

March 23, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $17.8M Acquisition Loan for Apartment Complex in Tampa

by Alex Tostado March 23, 2020

TAMPA, FLA. — Berkadia has provided a $17.8 million Freddie Mac acquisition loan for Southern Cove, a 180-unit apartment complex in Tampa. The property was built in 1974 at 8741 Grove Terrace, nine miles northeast of downtown Tampa. The community offers two-bedroom units and townhomes. Communal amenities include a business center, clubhouse, dog park, swimming pool, tennis courts and a laundry facility. Mitch Sinberg, Wes Moczul and Brad Williamson of Berkadia originated the loan on behalf of the borrower, San Francisco-based 29th Street Capital. The three-year value-add loan offers a floating interest rate.

March 23, 2020

Acquisitions Florida Leasing Activity Retail Southeast

SRS Arranges Sale-Leaseback of Chuck E. Cheese in Central Florida

by Alex Tostado March 23, 2020

ALTAMONTE SPRINGS, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a freestanding retail property in Altamonte Springs leased to Chuck E. Cheese. The seller, Irving, Texas-based CEC Entertainment, will lease back the property on a newly signed, 20-year lease. The property is situated at 541 W. State Road 436, 10 miles north of downtown Orlando. Michael Walseth of SRS represented the seller and buyer, a private Florida-based investor, in the sale-leaseback transaction. Further details were not disclosed.

March 23, 2020

Florida Loans Retail Southeast

Terra Receives $45M Refinancing Loan for Phase II of Shopping Center in South Florida

by Alex Tostado March 20, 2020

PEMBROKE PINES, FLA. — Terra City Center Investments II LLC, an entity sponsored by development firm Terra, has received a $45 million refinancing loan for Phase II of Pines City Center in Pembroke Pines. First Bank of Florida provided the loan. Terra broke ground on Phase II last year and expects to complete the 150,000-square-foot project by the end of this year. Some of Phase II is complete, with 98 percent of the space leased to tenants including anchors Hobby Lobby and UFC Gym, as well as CoreLife Eatery, AT&T, Space Coast Credit Union, Walk-On’s Bistreaux, Chuy’s Tex Mex and McAlister’s Deli. Terra completed the145,000-square-foot first phase of Pines City Center before selling it to TA Realty in December 2018. Pines City Center spans 47 acres.

March 20, 2020

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