Florida

Continental Realty Sells Multifamily Property on Florida’s Space Coast for $55.3M

by Alex Tostado January 3, 2020

ROCKLEDGE, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Polo Glen Apartments, a 252-unit multifamily community, to an undisclosed buyer for $55.3 million. Located at 3603 Middleburg Lane in Rockledge, Polo Glen is situated on the Space Coast near Cocoa Beach. Scott Ramey and Patrick Dufour of Newmark Knight Frank’s Multifamily Capital Markets team represented CRC in the transaction. Constructed in 2008, the complex offers one-, two- and three-bedroom floor plans. CRC acquired Polo Glen in 2016 for $38 million from Atlanta-based Pollack Shores Real Estate Group. CRC implemented capital improvements during its ownership, including painting the community exterior and renovating interior units, the clubhouse, leasing office, business center and fitness center, which now features a Peloton bike studio.

January 3, 2020

Development Florida Industrial Southeast Top Stories

Dalfen Industrial Acquires 243 Acres for 2.8 MSF Speculative Development in Orlando

by Alex Patton January 3, 2020

ORLANDO, FLA. — Dalfen Industrial has acquired a 243-acre undeveloped parcel in Orlando, where the company plans to build a 2.8 million-square-foot speculative industrial project. The Class A asset will be situated along State Road 417 near the interchange with Lee Vista Boulevard and Orlando International Airport. Dalfen plans to construct multiple facilities on the site, ranging from 100,000 to 1.5 million square feet. Total construction could exceed 3 million square feet when all phases are complete, according to the developer. The first building is scheduled for completion in the fourth quarter of 2021. The seller and price of the vacant property were undisclosed. “With this project, Dalfen Industrial is satisfying a strong need in Orlando, as there are a limited number of development projects in our market geared toward bulk users,” says Jared Bonshire of Cushman & Wakefield, who represented Dalfen in the land sale transaction. “While there are projects of this scale along the I-4 Corridor in Davenport, Apopka and Lakeland, this development is the first of its kind for Orlando.” Dalfen Industrial is a Dallas-based buyer of industrial real estate, primarily focused on strategically located urban infill warehouses and distribution buildings. The developer recently acquired a 1.9 …

January 3, 2020

Development Florida Industrial Southeast

Seefried to Develop 1 MSF Amazon Fulfillment Center in Central Florida

by Alex Tostado January 2, 2020

DELTONA, FLA. — Amazon has unveiled plans for a new fulfillment center in Deltona, a city situated nearly 30 miles northeast of Orlando. Atlanta-based Seefried Industrial Properties will develop the more than 1 million-square-foot fulfillment center near Interstate 4, where large items will be picked packaged and shipped. Items will include sports equipment, patio furniture, pet food and large household goods. Amazon is expected to create more than 500 new jobs in Deltona. A timeline for construction of the Deltona facility was not disclosed. Currently, Amazon operates facilities in and around Orlando, Miami, Tampa and Jacksonville.

January 2, 2020

Florida Loans Multifamily Southeast

JLL Arranges $127.5M Financing for EON at Flagler Village Apartments in Fort Lauderdale

by Alex Tostado December 24, 2019

FORT LAUDERDALE, FLA. — JLL has arranged $127.5 million in financing for EON at Flagler Village, a two-phase multifamily complex in Fort Lauderdale. JLL worked on behalf of the developer and borrower, Alta Developers LLC, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies LP. Loan proceeds will be used to pay the existing construction loan on Phase I and will fund the construction of Phase II. Brian Gaswirth and Reid Carleton of JLL’s Capital Markets team represented Alta in the transaction. EON at Flagler Village is within walking distance of the new Virgin (formerly Brightline) train station in Fort Lauderdale. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units and 3,320 square feet of retail. Amenities include a pool, outdoor grilling stations, fitness center and yoga room, pet facilities, a game room and lounges. Phase II, which is currently under construction, will consist of 270 residential units and 2,400 square feet of retail space. The second phase is anticipated to open by spring 2021.

December 24, 2019

Acquisitions Florida Retail Southeast

Franklin Street Brokers $8.3M Sale of Regency Point Retail Center in Jacksonville

by Alex Tostado December 23, 2019

JACKSONVILLE, FLA. — Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville. Franklin Street’s Bryan Belk and John Tennant represented the seller, Phoenix-based Sand Capital, in the transaction. The buyer, which plans to hold the property long-term, is a Jacksonville-based private investor. Built in 1981, the Regency Point shopping center includes tenants such as Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Recent capital improvements to the shopping center include the façade, parking lot and property lighting. Regency Point is situated across the street from Regency Square Mall.

December 23, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $78M Sale of Newly Built Multifamily Community in Clearwater, Florida

by Alex Tostado December 19, 2019

CLEARWATER, FLA. — Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit multifamily community in Clearwater, 20 miles west of Tampa. Located at 1551 Flournoy Circle W., the property sold for $78 million, according to the Tampa Bay Times. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Advisory Group represented the seller and developer, Columbus, Ga.-based Flournoy Development Co., in the transaction. Suffern, N.Y.-based Castle Lanterra Properties acquired the community, which consists of 11 two- and four-story residential buildings. Built in 2019, Vue at Belleair offers one-, two- and three-bedroom apartments, as well as gated access, elevators, a rooftop terrace, clubhouse, coffee bar, two dog parks, car care center, saltwater pool, fitness center, fire pits and a business center with a conference room, video game room and a billiards table. The property was 93 percent occupied at the time of sale. The Vue at Belleair is located on the east side of U.S. Route 19.

December 19, 2019

Acquisitions Florida Office Southeast

Black Salmon Buys Office Tower in Downtown Orlando for $68M

by Alex Tostado December 19, 2019

ORLANDO FLA. — Miami-based investment firm Black Salmon has acquired a 245,201-square-foot office building located at 111 N. Orange Ave. in Orlando for $68 million. The 21-story building is 94 percent leased to tenants including Regions Bank, UBS, Geico and coworking space provider Regus. Located at the corner of North Orange Avenue and East Washington Street, 111 North Orange is near the LYNX Central and Church Street SunRail stations. The building’s amenities include access to the free LYMMO shuttle service, building security, a common conference center, Nature’s Table Cafe in the building and a fitness center. Ron Rogg of CBRE represented the undisclosed seller in the transaction.

December 19, 2019

Development Florida Industrial Southeast

Miller Construction Completes Two Industrial Buildings Totaling 318,043 SF in Miami Central Commons

by Alex Tostado December 19, 2019

DORAL, FLA. – Miller Construction Co. has completed two buildings for Orlando-based Foundry Commercial, creating 318,043 square feet of industrial space within the Miami Central Commons business park. Located at 2301 NW 107th Ave. in Doral, 11 miles northwest of Miami, Building 1 contains showroom space and Building 2 contains industrial space. Foundry Commercial purchased the business park in 2017 and began the major demolition, renovation and expansion in fall 2018. Designed by RLC Architects, Buildings 1 and 2 provide 32-foot clear heights, 54-foot column spacing and a 60-foot speed bay. Puga & Associates served as mechanical, electrical and plumbing engineers, and Kimley-Horn served as civil engineer. Coral Gables, Fla.-based Fairchild Partners is the property’s exclusive leasing agent.

December 19, 2019

Florida Loans Multifamily ORIX Southeast

Hunt Provides $67.6M Freddie Mac Refinancing for New Multifamily Property in Broward County

by Alex Tostado December 17, 2019

HALLANDALE BEACH, FLA. — Hunt Real Estate Capital has provided a $67.6 million refinance loan for Artsquare at Hallandale, a multifamily property located in Hallandale Beach, approximately 13 miles south of Fort Lauderdale. The borrower is Hallandale Land Ventures LLP, a subsidiary of Integra Investments. The Freddie Mac Lease-Up loan has an 11-year term with four years of interest-only payments, followed by a 30-year amortization schedule. Built in 2018, the 358-unit community is located at 401 N. Federal Highway, less than two miles from the Atlantic Ocean. The property comprises six residential buildings located on a contiguous 2.7-acre parcel. Three of the buildings are walkups and the other three are mid-rises. Artsquare’s amenities include a pool, fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room and a private theater. The property also features six retail spaces totaling 13,500 square feet, as well as 328 covered parking spaces and 210 surface parking spaces. Artsquare’s current retail tenants include Land of a Thousand Hills Coffee and Orangetheory Fitness.

December 17, 2019

Acquisitions Florida Multifamily Southeast Student Housing

Vesper Holdings Acquires 722-Bed Student Housing Community Near University of South Florida

by Alex Tostado December 16, 2019

TAMPA, FLA. — Vesper Holdings has acquired 4050 Lofts, a 722-bed student housing community located at 4050 Rocky Circle, less than a mile from the University of South Florida in Tampa. Built in 2009, the property offers three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include two swimming pools, a tanning dome, fitness center, aqua lounge, coffee bar, clubhouse, outdoor kitchen and a pool table. The new ownership plans to invest $1.4 million in capital improvements, which will include a renovation of unit interiors and shared amenity spaces, as well as extensive enhancements to the property’s exterior and technology upgrades throughout. The seller and terms of the transaction were not disclosed.

December 16, 2019

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