Florida

CitizenM, Miami Worldcenter Associates Break Ground on 351-Room Downtown Hotel

by John Nelson December 2, 2019

MIAMI — Netherlands-based hotel chain citizenM and developer Miami Worldcenter Associates have broken ground on a new citizenM hotel in downtown Miami. The hotel will be part of a $4 billion mixed-use development called Miami Worldcenter. Owner, operator and developer citizenM and master developer of the mixed-use campus Miami Worldcenter Associates will make the 700 NE 2nd Ave. property into a 12-story, 351-room hotel spanning 128,000 square feet. According to plans from general contractor Suffolk Construction and architectural firm Gensler, the hotel will feature a sundeck and rooftop bar, as well as 1,850 square feet for societyM, citizenM’s branded creative spaces and meeting rooms. The site is located across the street from the MiamiCentral terminal and adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. Miami Worldcenter is a 27-acre “city within a city” delivering in phases. It will feature residential, commercial and hospitality uses, as well as of 300,000 square feet of retail, restaurant and entertainment space. The project’s first phase includes the recently completed Paramount Miami Worldcenter that features 513 upscale condominiums; the 444-unit Caoba apartment tower, which opened earlier this year; and the 434-unit Luma rental tower, now underway. In addition, Hines is preparing to build a new …

December 2, 2019

Development Florida Mixed-Use Office Southeast

Bromley to Develop 70,000 SF Boutique Office Building at Midtown Tampa Project

by John Nelson November 27, 2019

TAMPA, FLA. — Bromley Cos. has unveiled plans for a 70,000-square-foot, standalone office building within its Midtown Tampa project called The Loft at Midtown Tampa. The three-story building will feature ground-floor retail space with boutique office space on the second and third floors. The property will offer 15-foot ceilings, skylights and an outdoor terrace. Located near Midtown Commons park, The Loft will be adjacent to the dual-branded Aloft and Element hotels and 400 planned apartments. The office space will serve as an alternative to three traditional office towers already announced for the $500 million Midtown Tampa project, which will total 750,000 square feet. The first tower, Midtown One, is currently under construction with completion expected in 2021. Robin Bishop of Cushman & Wakefield’s Tampa office is Bromley’s leasing agent for The Loft.

November 27, 2019

Development Florida Industrial Southeast

Miller Breaks Ground on 427,856 SF BMW Collision Center, Garage Complex in Broward County

by John Nelson November 27, 2019

PEMBROKE PINES, FLA. — Miller Construction has broken ground on a six-story, 427,856-square-foot collision center and inventory garage in Broward County for Holman Automotive that will be occupied by franchisee BMW of Pembroke Pines. Immediately west of the Pembroke Pines dealership, the complex will serve as an automotive repair shop and an extension of the BMW showroom. Fort Lauderdale-based FSMY Architects and Planners designed the precast concrete structure, which will feature compressed air systems, car lifts, paint booths, alignment pits, a car wash and a show floor. Floors two through six will provide parking for the dealership’s inventory. Project team members include engineering firms Oakland Park, Fla.-based Winningham & Fradley (civil), Fort Lauderdale-based Bryntesen Structural Engineers (structural) and Deerfield Beach-based FAE Consulting (MEP). Completion is scheduled for fourth quarter 2020.

November 27, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $156.9M Sale of Tampa Office Portfolio

by John Nelson November 26, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of a 756,038-square-foot office portfolio in Tampa for $156.9 million. Angelo Gordon, a New York-based private equity real estate investment firm, and Commercial Florida Realty Partners sold the collection of five office buildings to a joint venture between Partners Group and Parkway Property Investments LLC. Partners Group is a global private markets group based in Zug, Switzerland, and Parkway Property Investments is a real estate investment, development and operating company with assets across the Mid-Atlantic and Sunbelt regions. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield’s Investment Sales Team represented Angelo Gordon and Commercial Florida Realty Partners in the sale. The portfolio includes 501 E. Kennedy Blvd. in downtown Tampa, now known as WeWork Place, and four properties in the Westshore District (Westshore Corporate Center and Cypress Centers I, II, and III). The properties were built between 1981 and 1988, and the overall occupancy was approximately 91 percent at the time of sale. WeWork Place is a 19-story, 295,982-square-foot office tower that houses tenants such as GE Capital, Woodforest National Bank, the Florida Office of the Attorney General and BMO Harris Bank, in …

November 26, 2019

Acquisitions Florida Retail Southeast

IPA Brokers $12.5M Sale of Mango Plaza Shopping Center in Suburban Tampa

by John Nelson November 26, 2019

SEFFNER, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mango Plaza to Continental Realty Corp. (CRC) for $12.5 million. The 166,465-square-foot shopping center is located in Seffner, 11 miles northeast of Tampa. Kirk Olson and Drew Kristol of IPA and James Medefind of Marcus & Millichap represented the seller, a New York- and Boca Raton-based private investment group, in the transaction. Mango Plaza is anchored by a Publix supermarket and Walmart, both long-standing tenants since the center opened in 1986. The asset is located at 11724 E. Dr. Martin Luther King Jr. Blvd. near Interstates 75 and 4.

November 26, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida

by Alex Tostado November 25, 2019

SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 …

November 25, 2019

Development Florida Industrial Southeast

Prologis to Build 1 MSF Amazon Fulfillment Center in Auburndale, Florida

by John Nelson November 22, 2019

AUBURNDALE, FLA. — San Francisco-based industrial developer Prologis plans to build a 1 million-square-foot fulfillment center in Auburndale for e-commerce giant Amazon. Situated in the Lakeland MSA about 50 miles east of Tampa, the new facility will house 500 full-time employees who will pick, pack and ship large customer items including sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and large household goods. Amazon currently employs more than 13,500 full-time associates throughout Florida. Earlier this week, Amazon announced a similar sized fulfillment center that Hillwood will develop in the metro Memphis town of Olive Branch, Miss. A timeline for construction of the Auburndale facility was not disclosed. The Tampa Bay Business Journal reported in August that the new center will sit on a 146-acre site near the Interstate 4-State Road 559 interchange.

November 22, 2019

Development Florida Multifamily Southeast

Mesa to Break Ground on $50M Panama City Beach Apartment Community

by Alex Tostado November 21, 2019

PANAMA CITY BEACH, FLA. — Mesa Capital Partners will break ground in December on The Tyde, a new $50 million multifamily project in Panama City Beach. The Tyde will feature 300 one-, two-, and three-bedroom apartments with varying construction layouts, including two-story carriage homes, three-story walk-ups and four-story, elevator-serviced buildings. The community will be situated at the intersection of Clara Avenue and U.S. Highway 98, less than a mile from the Gulf of Mexico and near retail and local employers Bay Medical Center and Tyndall Air Force Base. The Tyde will include a clubhouse, fitness center, community space, pool, outdoor fireplaces and grill stations. Atlanta-based Mesa Capital Partners plans to have the units available to lease in late 2020. The project team includes architect Gary B. Coursey & Associates Architects Inc. and engineer Robert Carroll, and Mesa Capital Partners is in the process of selecting a general contractor.

November 21, 2019

Development Florida Leasing Activity Retail Southeast

Terra Signs New Retailers for Doral Square Shopping Center Near Miami

by John Nelson November 20, 2019

DORAL, FLA. — Miami-based real estate developer Terra has signed several new retailers for Doral Square, a 150,000-square-foot retail center in Doral, about 17 miles west of Miami. The new development will include anchors 24 Hour Fitness and Marshalls and will be built on the southeast corner of Doral Boulevard and 87th Avenue, near Carnival Cruise Lines’ offices and Trump National Doral Resort. Doral Square is over 42 percent preleased, including restaurant tenants World of Beer and Panda Express. The project is scheduled to break ground by the end of this year, with delivery expected in 2021. Terra’s other projects in Doral include the nearby Doral Commons retail center and in-progress retail developments Atrium Doral and District 79.

November 20, 2019

Acquisitions Florida Industrial Southeast

Avison Young Negotiates $70M Sale-Leaseback of Transformco Distribution Center in Central Florida

by John Nelson November 19, 2019

OCALA, FLA. — Avison Young’s Florida Capital Markets Group has negotiated the sale-leaseback of the approximately 1.9 million-square-foot Transformco Distribution Center located at 655 S.W. 52nd Ave. in Ocala. HFZ-Reich, a partnership between HFZ Capital Group and Reich Brothers, purchased the asset for $70 million. Michael Fay, Jay Ziv, John Crotty, David Duckworth, Brian de la Fé, Berkley Bloodworth and Emily Brais of Avison Young negotiated the sale on behalf of the seller and tenant, Transform Holdco (Transformco). With the sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center supporting Sears, Kmart and Hometown stores in the Southeast United States. The 10-year lease agreement includes a 10-year renewal option for Transformco. In conjunction with the sale of 126,336-square-foot Sears store at 9409 U.S. Highway 19 in Port Richey, Fla., the Transformco deal marks $300 million in sales for Avison Young’s Florida Capital Markets Group in the past two months.

November 19, 2019

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