Florida

Mill Creek Starts Construction of 292-Unit Modera Creative Village Multifamily Property in Orlando

by Alex Patton May 15, 2020

ORLANDO, FLA. — Mill Creek Residential, a Florida-based developer, has broken ground on Modera Creative Village, a 292-unit luxury multifamily property in the Orlando. Located at 505 Chatham Ave., the eight-story midrise building will feature studio, one-, two- and three-bedroom units as well as 10,000 feet of ground-floor retail space. Amenities include a fitness center with a yoga area and classes, a pool and an outdoor courtyard lounge. Modera Creative Village is part of a master plan for the 68-acre Creative Village district of downtown Orlando. The project is a redevelopment of the former Amway Center sports and entertainment venue. The full development plans include multiple office, residential, retail, hotel and higher education projects. Modera Creative Village is adjacent to the Lynx Central railway station and the Downtown Recreation Complex at Sunshine Park. Other attractions include a range of museums, restaurants and retail centers, including the Bob Carr Theater, Dr. Phillips Performing Arts Center and several art galleries. “The momentum of Creative Village will produce a dynamic urban infill neighborhood with prime opportunity for immediate growth, and we’re excited to be a part of it,” says Eran Landry, vice president of development for Mill Creek Residential. First move-ins are anticipated …

May 15, 2020

Civic Development Florida Southeast

Skanska USA Delivers $189M Building for University of South Florida Within Water Street Tampa

by Alex Tostado May 14, 2020

TAMPA, FLA. — Skanska USA has delivered University of South Florida (USF) Morsani College of Medicine and Heart Institute, a 13-story, 395,000-square-foot building that will bring 1,800 students, staff and faculty to Water Street Tampa. The building features a 400-seat auditorium, clinical teaching labs and research laboratories, office space and a wellness center. Skanska USA and design firm HOK began construction in August 2017. Additionally, the Morsani College of Medicine is situated a mile from Tampa General Hospital, USF’s primary teaching hospital. Water Street Tampa is a $3 billion mixed-use development in downtown that will offer more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; and two new hotels totaling more than 650 rooms, including the city’s first five-star hotel. Tampa Bay Lightning owner Jeffrey Vinik created Strategic Property Partners LLC to spearhead the project, along with Cascade Investment LLC. The project’s first residential building, 815 Water Street Tampa, is expected to open in late 2020.

May 14, 2020

Florida Industrial Leasing Activity Southeast

Refresco Beverages US Leases 364,084 SF of Industrial Space in Tampa

by Alex Tostado May 13, 2020

TAMPA, FLA. — Refresco Beverages US Inc. has leased 364,084 square feet of industrial space at 5210 S. 16th Ave. in Tampa. The 10-year lease is valued at $18 million. Refresco Beverages US is a North American subsidiary of the Netherlands-based soft drink bottler and distributor. This is Refresco’s third location in Tampa, growing its footprint in the region by 50 percent. The property, located six miles east of downtown Tampa, was previously home to Southern Glazer’s Wine & Spirits. Ryan Vaught and Robyn Hurrell of Colliers International represented the landlord, RealOp Investments, in the transaction. Foundry Commercial represented the tenant.

May 13, 2020

Development Florida Mixed-Use Southeast Top Stories

Rieber Developments Breaks Ground on 10-Story Mixed-Use Project in Suburban Miami

by Kristin Harlow May 13, 2020

AVENTURA, FLA. — Rieber Developments has broken ground on 12|12 Aventura, a 10-story mixed-use project featuring medical office, luxury senior residences and a food hall. The property is situated in Aventura, approximately 20 miles north of Miami. Arquitectonica designed the development, which will include a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of office space and a 160-unit senior living component with a structured parking garage. The roof will feature gardens and micro-parks. Along with its sister project Ivory 214, the development will serve as the epicenter of what the developer is calling the Aventura Health District. Located at 21290 Biscayne Blvd., 12|12 Aventura is less than one mile from Aventura Mall and directly adjacent to Aventura Hospital. “Breaking ground on 12|12 Aventura is a significant milestone for us, especially in these challenging times,” says Bernardo Rieber, principal of Rieber Developments. “Our philosophy in creating this project has always been to bring something new and unique to the neighborhood, melding community, culture, health and wellness to benefit the area.” Cervera Real Estate will serve as the exclusive brokerage for the office condos, 40 percent of which are sold and under contract. Winmar Construction, an affiliate of Coastal Construction, …

May 13, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $71.3M Refinancing Loan for New Multifamily Property in Metro Miami

by Alex Tostado May 12, 2020

NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. Lazul Apartments offers studio to three-bedroom units, which were 89 percent occupied at the time of the transaction. Communal amenities include a clubhouse, package services, picnic area, dog grooming area, fitness center, eight-story parking garage and a pool. The eight-story asset is situated at 2145 NE 164th St., 17 miles north of downtown Miami.

May 12, 2020

Acquisitions Florida Industrial Self-Storage Southeast

JLL Arranges Sale of 636-Unit Self-Storage Property in Miami

by Alex Tostado May 11, 2020

MIAMI — JLL has arranged the sale of 21st Century Self Storage, a 636-unit facility in Miami. The 37,242-square-foot asset features climate-controlled units and 26 parking spaces. The building was originally constructed in the 1950s and was converted to self-storage in 2003. The building is located at 200 NW 79th St., eight miles north of downtown Miami. Steve Mellon, Brian Somoza and Manny de Zárraga of JLL represented the seller, 21st Century Self Storage, in the transaction. Amsdell Cos. and Compass Self Storage purchased the facility for an undisclosed price.

May 11, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Brokers $22.2M Sale of Seniors Housing Community in Stuart, Florida

by Alex Tostado May 11, 2020

STUART, FLA. — Cushman & Wakefield Senior Housing Capital Markets has brokered the $22.2 million sale of The Pointe at Ocean Boulevard, an independent living community in Stuart. Sentio Investments sold the seniors housing asset to an affiliate of Waypoint Real Estate Investments. Arrow Senior Living has been retained to operate the community. The Pointe at Ocean Boulevard features 150 units and is located at 2750 SE Ocean Blvd., a mile west of the Atlantic Ocean and three miles east of downtown Stuart. The property was built in 1986 and was recently renovated. Richard Swartz, Jay Wagner, Tim Hosmer, Chris Remeika and Jack Griffin of Cushman & Wakefield brokered the sale.

May 11, 2020

Development Florida Retail Southeast

Tailwinds Development to Build Publix Grocery Store Near Orlando

by Alex Tostado May 11, 2020

DAVENPORT, FLA. — Tailwinds Development LLC will develop a Publix-anchored shopping center within Champions Crossing in Davenport. The grocery store is slated to open in summer 2021. The new Publix will be located at 1200 Champions Drive, 30 miles southwest of downtown Orlando. Ali Mushtaq of SVN Florida represented the property owner, Savi Tri-County LLC, in the lease negotiations. According to Mushtaq, there is 7,121 square feet available for in-line leasing and 5,415 square feet available at an outparcel at the shopping center development. Champions Crossing is a master-planned development, which upon completion will feature retail, restaurant and office space. The 110-room WoodSpring Suites hotel opened in 2019, as well as the 326-unit Champions Vue Apartments.

May 11, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $37.3M Refinancing Loan for Multifamily Community in Orlando

by Alex Tostado May 8, 2020

ORLANDO, FLA. — Berkadia has provided a $37.3 million Freddie Mac refinancing loan for Advenir at Polos East Apartments, a 308-unit multifamily community in Orlando. The seven-year loan offers a fixed interest rate with interest-only payments for the full term at a 70 percent loan-to-value ratio. The property offers one- through three-bedroom floor plans averaging 877 square feet. Communal amenities include a pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; internet café; and a game room. Advenir at Polos East is situated at 1700 Woodbury Road, 13 miles east of downtown Orlando. Charles Foschini and Christopher Apone of Berkadia originated the loan on behalf of the borrower, Aventura, Fla.-based Advenir Real Estate.

May 8, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $5.6M Sale of New Tampa Bay Retail Property Leased to 7-Eleven

by Alex Tostado May 7, 2020

PINELLAS PARK, FLA. — SRS Real Estate Partners has brokered the $5.6 million sale of a new, 3,109-square-foot convenience store in Pinellas Park. The property was delivered in late 2019 and has 15 years remaining on a corporate-guaranteed triple-net lease with 7-Eleven. The property sold for $1,798 per square foot to an undisclosed investor based in New York City completing a 1031 tax exchange. An undisclosed developer sold the property. The asset is situated at 9401 49th St. N., 20 miles west of downtown Tampa. Frank Rogers and Michael Carter of SRS represented the seller in the transaction.

May 7, 2020

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